If you’re looking for the best balance transfer credit cards, where can you find them? There are tons of 0% APR offers out there and it’s hard to know which one is right. We’ve created this guide so that you don’t have to do any more research.
The “best balance transfer cards no-fee” is a credit card that does not charge any interest. The best part about these cards is the 0% APR for the first 12 months.
CNN Underscored assesses the total worth of financial items such as credit cards and bank accounts. If you apply for and are accepted for a card via the LendingTree affiliate network, we may get a commission, but our reporting is always impartial and unbiased.
If you’re like most Americans, you’ve probably accumulated a significant amount of debt in the previous few years. Even today, you could be struggling to make your monthly credit card payments. Instead of going further into debt, try consolidating your debt using a balance transfer credit card.
On current balances transferred from previous credit cards, balance transfer credit cards provide an initial 0% annual percentage rate (APR). This promotional rate is valid for 15 to 20 months after you initially open the card and applies to the transferred debt. That means you may avoid paying interest on your loan until 2023 if you transfer your amount today.
Some debt transfer credit cards also provide excellent rewards on daily purchases, and a few even include practical advantages like mobile phone or travel insurance. So, if you’re looking to reduce your credit card debt, take a look at our list of the top balance transfer credit cards to see which one best suits your requirements.
For balance transfers, the Citi® Diamond Preferred® Card is the best option. Bank of the United States of America Long-term balance transfers are best with the Visa® Platinum Card. Best for flat-rate cash back is the Citi® Double Cash Card. Chase Freedom FlexSM is ideal for bonus categories that change often. For minor expenditures, the Citi Rewards+® Card is the best option. Best for travel coverage is the Wells Fargo Platinum® Card.
CNN Underscored independently gathered the facts about the Wells Fargo Platinum card. The card issuer has not approved or supplied the information on this page.
Why did we choose these cards as the best balance transfer credit cards for the year 2022? To discover which cards will possibly deliver you the most value, CNN Underscored’s rigorous credit card methodology analyzes every feature of each balance transfer credit card to our “benchmark credit card.” So join us in delving into the intricacies of each card to see how they stack up.
Why it’s amazing in a nutshell: If lowering your interest payments is your primary goal, the Citi Diamond Preferred provides a 0% APR on balance transfers accomplished during the first four months after you get the card (the interest rate rises to a variable 13.74 percent to 23.74 percent after the introductory period ends).
This card is ideal for: Those who wish to consolidate their debt over a longer period of time, with a 21-month introductory rate and a long term to complete any balance transfers while still receiving the promotional rate.
Highlights:
- On debt transfers done in the first four months after you get the card, you’ll get a 0% introductory APR for 21 months (13.74 percent to 23.74 percent variable afterward).
- For the first 12 months, all purchases get a 0% introductory APR (13.74 percent to 23.74 percent variable APR afterward).
- There is no yearly charge.
There is no sign-up incentive.
What we like about the Citi Diamond Preferred: If you need a little more time to get your finances in order, this is the card for you. It has a long introductory rate on balance transfers, so you may be able to simplify your life by consolidating all of your debt onto one credit card and then paying off what you owe for the remainder of 2022 and a significant portion of 2023.
After you initially open the Citi Diamond Preferred, you have four months to complete any balance transfers and still qualify for the promotional APR deal. Keep in mind that the 21-month clock begins on the date of your first transfer, so if you have many transfers to complete, it’s better to accomplish them all at the same time.
The Citi Diamond Preferred card also includes a free FICO credit score and enables you to select your payment due date, which is ideal for those who pay their credit card bills around their income schedule and want maximum flexibility.
One item that might be improved: The Citi Diamond Preferred card does not provide any rewards. This means you won’t get any travel points or miles, nor will you get any cash back on purchases. This is a squandered opportunity since many credit cards provide cash back on all purchases, which you may use to pay down your credit card amount.
Any balance transfers to the Citi Diamond Preferred will additionally incur a 5% charge (with a $5 minimum), which is greater than normal for a balance transfer fee. The longer time you’ll have without paying interest on your balance transfers, on the other hand, may make the increased cost worthwhile.
Where it outperforms our benchmark card: A 21-month introductory interest rate on balance transfers.
Where the Citi Double Cash outperforms our benchmark card: The Citi Double Cash offers easy-to-redeem cash back on all transactions.
Learn about about the Citi Diamond Preferred and apply today.
In one statement, here’s why it’s great: The U.S. Bank Visa Platinum offers a 20-billing-cycle introductory balance transfer term and is one of the few balance transfer cards that includes mobile phone insurance as a perk.
This card is ideal for: Those who want mobile phone protection as well as more time to pay off balance transfers.
Highlights:
- On debt transfers done in the first 60 days after you get the card, you’ll get a 0% introductory APR for 20 payment cycles (14.49 percent to 24.49 percent variable afterward).
- For the first 20 payment cycles, all purchases get a 0% introductory APR (14.49 percent to 24.49 percent variable afterward).
- Coverage for your cell phone.
- There is no yearly charge.
There is no sign-up incentive.
What we enjoy about the Visa Platinum from the United States Bank: One of the finest features of this card is that it includes mobile phone insurance. This means that if you use your card to pay your mobile phone bill, you’ll be covered for up to $600 in damage or theft per claim, with a $25 deductible, and up to two claims each year.
This card also offers a 0% APR for 20 billing cycles on balance transfers, which is one of the longest introductory offers currently available (though the rate jumps to a variable 14.49% to 24.49% when the introductory offer ends). That’ll give you extra time to pay down your debt without incurring interest, saving you money, especially since the card also has There is no yearly charge.
Even better, the promotional interest rate applies to purchases made on the card during the first 20 billing cycles, which may be beneficial if you’re planning a significant purchase.
One thing that might be better: The U.S. Bank Visa Platinum has no sign-up bonus or rewards program, so you won’t earn anything just by using it as a normal credit card. As a consequence, the initial balance transfer and purchase incentives, as well as the mobile phone protection, should be your major uses for this card.
You also have just 60 days from the time you create the account to transfer balances from other cards and take advantage of the promotional interest rate. That’s a little less than some of the other cards on our list, but not by much. In addition, any balance transfers made to the U.S. Bank Visa Platinum will incur a 3% charge (with a $5 minimum), which is standard for balance transfer offers.
Where it outperforms our benchmark card: A lower initial interest rate on purchases, a longer introductory balance transfer term of 20 billing cycles, and mobile phone protection.
Where our benchmark card outperforms the competition: The Citi Double Cash card offers easy-to-redeem cash back on all transactions and allows you to complete any initial balance transfers over a four-month period.
Learn more about the U.S. Bank Visa Platinum card and apply today.
Why it’s great in one sentence: The Citi Double Cash card is extremely simple, since you earn 2% cash back on every purchase — 1% when you buy, 1% when you pay your statement — all for There is no yearly charge.
This card is ideal for: Those looking for a debt transfer option as well as the chance to earn cash back without the hassle of bonus categories or travel rewards programs.
Highlights:
- On debt transfers done in the first four months after you get the card, you’ll get a 0% introductory APR for 18 months (13.99 percent to 23.99 percent variable afterward).
- Earn 2% cash back on all purchases – 1% when you buy and 1% when you pay it off — with no upper limit.
- When paired with the Citi PremierSM Card, cash back may be converted to Citi ThankYou travel points at a rate of 1 cent per point.
- There is no yearly charge.
There is no sign-up incentive.
What we appreciate most about the Citi Double Cash Card is how simple it is to use. You won’t have to keep track of bonus categories or figure out which credit card to use at which retailer. Instead, you receive the same 2% cash back on all purchases – 1% when you buy and 1% when you pay it off — regardless of where you spend.
The Citi Double Cash also has an 18-month introductory 0% APR on balance transfers (13.99 percent to 23.99 percent variable after that), which is a wonderful method to pay off debt. You have up to four months from the time you open the account to make your first balance transfer and still be eligible for the promotional offer.
However, this card is also a good match for one of Citi’s premium ThankYou credit cards, such as the Citi Premier or Citi Prestige. Because if you have a premium ThankYou card, you can convert your Citi Double Cash cash back into Citi ThankYou points, which you can then transfer to one of Citi’s airline partners and possibly receive even more value for.
One feature that may be improved is the Citi Double Cash’s lack of privileges, such as travel or purchase coverage. Balance transfers are also levied a 3 percent fee with a $5 minimum, which is identical to many other cards. This isn’t the card to use for international purchases since you’ll be charged a 3% foreign transaction fee, which will more than cancel out any benefits you could earn.
The following are the reasons why it is our “benchmark” credit card: The Citi Double Cash is now CNN Underscored’s “benchmark” credit card because of its simplicity of use and obvious top-of-market cash back earning rate. We use it as a comparison card to see how other credit cards stack up in terms of features and if they’re better or worse overall.
More information on our benchmark credit card idea can be found in our credit card methodology guide, or you can read our full evaluation of the Citi Double Cash.
Learn more about the Citi Double Cash Card and apply today.
Why it’s amazing in a nutshell: When linked with the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, the Chase Freedom Flex comes with a decent balance transfer offer and also enables you to earn cash back that can be converted into travel rewards.
This card is ideal for: Those want to earn flexible rewards on their purchases while simultaneously reducing their debt.
Highlights:
- For the first 15 months, all purchases and debt transfers will get a 0% introductory APR (14.99 percent to 23.74 percent variable afterward).
- Earn 5% cash back in rotating bonus areas, up to $1,500 in purchases every quarter.
- Earn 5% cash back on travel purchases made via Chase Ultimate Rewards, 3% on dining and pharmacy purchases, and 1% on everything else.
- When you combine the Freedom Flex with a Chase Sapphire Preferred or Reserve card, you may turn the cash back into flexible travel points.
- There is no yearly charge.
Sign-up bonus: Get $200 in bonus cash back after spending $500 in the first three months after establishing the account, plus 5% cash back on grocery store purchases (excluding Target and Walmart) on up to $12,000 in the first year.
What we like about the Chase Freedom Flex: If you want cash back today but want to try something new in the future, the Chase Freedom Flex may let you have the best of both worlds.
For starters, the Chase Freedom Flex offers a 0% introductory APR on purchases and balance transfers for the first 15 months after you establish the account, which is ideal for debt reduction. After that, the rate jumps to a variable 14.99 percent to 23.74 percent, so be sure you pay off your loan before the intro period ends.
The Chase Freedom Flex, on the other hand, offers cash back in three permanent bonus categories: 5% cash back on Chase Ultimate Rewards travel purchases, 3% cash back on eating (including takeout and delivery), and 3% cash back at drugstores.
Then you’ll get 5% cash back on purchases up to $1,500 in bonus areas that change every quarter. Grocery shops and eBay are the categories for January through March, but the categories for each quarter are different. If you’re a first-time cardholder, you’ll earn 5% cash back on food purchases for the first 12 months, up to $12,000 in total spending.
For a cash back credit card, that’s already a really good deal. You may convert your cash back to points at a rate of 1 cent per point when you combine the Chase Freedom Flex with the Chase Sapphire Preferred or Chase Sapphire Reserve. Then you may use the Chase travel site to redeem your points for travel at a higher value of 1.25 to 1.5 cents per point, or transfer them to one of Chase’s 14 airline and hotel loyalty partners for possibly much more value.
What’s more, although the permanent bonus categories have no limit, the rotating bonus categories only allow you to receive additional cash back on up to $1,500 every quarter. After that, you’ll only receive a 1% return, so keep note of how much you’ve spent in those areas throughout the course of the quarter.
In order to receive 5% cash back on the rotating bonus categories, you must remember to activate them each quarter. While you may activate them virtually any time throughout the quarter and still earn the additional cash back on previous purchases, it’s critical not to miss the deadline or you’ll miss out on a key feature of the card.
Where it outperforms our benchmark card: Sign-up bonus, purchase and cell phone safeguards, and a 15-month introductory rate on purchases.
Where the Citi Double Cash outperforms our benchmark card: The Citi Double Cash gives a greater total cash back rate.
Learn more about the Chase Freedom Flex and apply now.
In one statement, here’s why it’s great: The Citi Points+’s “round-up” function earns additional rewards, which is excellent if you use your credit card for a lot of modest purchases, and its introductory balance transfer offer may help you pay off your current debt while saving money.
This card is ideal for: Those who want to earn more points for minor purchases while still reducing credit card debt.
Highlights:
- On balance transfers done in the first four months after you open the card, there is a 0% introductory APR for 15 months (13.49 percent to 23.49 percent variable afterward).
- For the first 15 months, all purchases get a 0% introductory APR (13.49 percent to 23.49 percent variable afterward).
- For the first $6,000 each year, earn 2 ThankYou points for every dollar spent at supermarkets and petrol stations (1x ThankYou point thereafter).
- On all other purchases, earn 1 ThankYou point for every $1 spent.
- Every purchase is automatically rounded up to the closest tenth of a percent.
- For the first 100,000 points you redeem every year, you’ll get 10% back in points.
- There is no yearly charge.
Sign-up incentive: After spending $1,500 in your first three months, you’ll get 20,000 bonus points.
What we like about the Citi Rewards+: The Citi Rewards+ has three characteristics that make it worth considering. To begin, the points you earn for every purchase you make with the card are rounded up to the closest ten points. On pricey things, this won’t make much of a difference, but a $2 pack of gum yields 10 points instead of 2, a 400 percent increase. A lot of these little purchases might rapidly pile up.
Second, on up to 100,000 points every year, you’ll earn 10% of your points back when you redeem them. That implies that if you spend 2,500 points to get a $25 gift card, you’ll get 250 points back in your account soon enough to redeem again. Because you may earn up to 10,000 points every year, that’s practically an additional $100 in gift cards.
The Citi Rewards+ is also the only card on our list that offers a sign-up bonus, and the 20,000 extra points you’ll receive after reaching the minimum spending criteria may be redeemed for gift cards or direct cash back.
However, even though the Citi Rewards+ card earns points that can be redeemed for gift cards, cash back, or through Citi’s Shop with Points program, if you also have a Citi Premier card, you can transfer your points to your other card and unlock a whole new world of possibilities, such as redeeming points for future travel or transferring them to Citi’s travel partners.
One feature that may be improved is the Citi Rewards+’s 15-month introductory interest rate on balance transfers, which is on the lower end of our list of cards. However, you will receive points on your purchases if you use this card, which is not often the case with balance transfer cards.
If you don’t link the card with one of the premium Citi ThankYou cards, the highest value you can obtain for your points when redeeming for gift cards is 1 cent per point. If you redeem points for cash back, the value is just 0.5 cents per point, so you’d be better off with our benchmark Citi Double Cash card’s flat-rate cash back.
Where it outperforms our benchmark card: Sign-up bonus, 10% back on redemptions up to 100,000 points per year, and a 15-month buy introductory offer.
Where our benchmark card outperforms the competition: On balance transfers, the Citi Double Cash offers a longer introductory interest rate duration of 18 months.
Learn more about the Citi Rewards+ Card and how to apply.
In one statement, here’s why it’s great: On purchases and debt transfers, the Wells Fargo Platinum Card provides an excellent 18-month introductory interest rate term, as well as mobile phone protection, travel accident insurance, and a vehicle rental collision damage waiver.
This card is ideal for: Those who want an extended payment period to pay off pending purchases or debt transfers while still requiring minimal travel coverage.
Highlights:
- On debt transfers done during the first 120 days after you get the card, you’ll get a 0% introductory APR for 18 months (16.49 percent to 24.49 percent variable afterward).
- For the first 18 months, all purchases get a 0% introductory APR (16.49 percent to 24.49 percent variable afterward).
- Rental car collision damage waiver, travel accident insurance, and roadside assistance are all available.
- Protection for your cell phone.
- There is no yearly charge.
There is no sign-up incentive.
The Wells Fargo Platinum card features the one-two punch you’re searching for if you want a credit card with basic travel insurance and a large introductory interest rate term on both purchases and debt transfers.
While 18 months isn’t the longest introductory period available, it is on the upper end of the spectrum, and since it applies to both purchases and balance transfers, you may be able to consolidate all of your debt onto this one card if your credit limit is high enough.
With the Wells Fargo Platinum, you’ll also receive some typical trip safeguards, including as vehicle rental collision coverage, travel accident insurance, and roadside assistance. Plus, if you pay your mobile phone bill using this card, your phone will be covered up to $600 with a $25 deductible for up to two claims per 12-month period if it is destroyed or stolen.
One thing that might be better: Other credit cards provide either cash back or travel benefits on most, if not all, of your transactions, so there’s no need to maintain using the Wells Fargo Platinum card for anything other than your mobile phone bill or travel expenditures. In the first 120 days after you obtain the card, you’ll also be charged a 3% fee (with a $5 minimum) for any balance transfer, but this is a very standard price.
It outperforms our benchmark card in the following areas: travel insurance, mobile phone insurance, and a zero percent introductory interest rate on purchases.
Where the Citi Double Cash outperforms our benchmark card: The Citi Double Cash offers easy-to-redeem cash back on all transactions.
Because not everyone is aware with how and when to use a debt transfer credit card, we’ve compiled a list of the most frequently asked questions and answers.
When you apply for a credit card with an introductory balance transfer offer, you’ll be given a certain amount of time — generally between 60 and four months — to transfer any existing debt from another credit card. By transferring the debt within the given time period, you may benefit from the promotional offer’s reduced interest rate, decreasing your monthly credit card payment.
The duration of the introductory rate term is the most crucial element of a balance transfer credit card. The longer it is, the more time you will have before the interest rate climbs to a credit card-like rate.
You should also keep a look out for balance transfer fees. Costs for balance transfers are normally 3% of the amount with a $5 minimum, however other cards may charge greater or lower fees.
Other features to look for in a debt transfer credit card include if it generates rewards, such as cash back or travel miles, whether it has any additional safeguards, and whether it also provides an introductory deal for new purchases in addition to balance transfers.
It might take up to a week for your debt to be moved from your old credit card to your new one after you file a balance transfer (which is typically best done online). So, to avoid being charged a late fee, continue to make the minimum monthly payment on your old card until the debt has been formally moved.
Even while you won’t be charged interest on your transferred debt for the first few months, the introductory period will eventually expire, and you’ll need to either have your debt paid off by then or be prepared to transfer it to another credit card with a fresh promotional balance transfer offer. Otherwise, you’ll be left paying exorbitant interest rates on the balance of your loan.
Also, even if you’re in the midst of your introductory balance transfer period, don’t forget to make the minimum monthly payment required on the card each month. If you skip a payment, you risk losing the remaining time on your offer, as well as your interest rate, which might cost you future interest savings.
Finally, bear in mind that you can’t usually transfer a balance from one bank’s credit card to another bank’s credit card. So, if you have a balance on one of your Wells Fargo cards that you’d want to transfer to receive a better rate, don’t pick a Wells Fargo balance transfer offer since you won’t be able to transfer that amount from one Wells Fargo card to another.
Transferring debt from one credit card to another will have no negative impact on your credit score. In fact, acquiring a new credit card with a balance transfer offer might help you boost your credit score. That’s because your “credit usage ratio,” or how much debt you have compared to how much credit you have, is a key element in determining your credit score.
You increase your total credit when you get a new credit card, but you don’t increase your overall debt by moving it from one card to another. Your credit usage ratio should improve and continue to improve over time if you don’t accumulate additional debt after moving your balance since you’ll be paying less interest owing to the introductory APR on your new card.
While balance transfer credit cards may help you reduce the amount of interest you pay on your debt so you can start paying it down, a personal loan is another alternative. Personal loans are simpler to qualify for than balance transfer credit cards, but typically come with higher interest rates. Whether you don’t qualify for a debt transfer credit card, read our advice on how to acquire a personal loan to determine if a personal loan is a better alternative for you.
If you’re paying outrageous interest on your credit card debt or having difficulties making your monthly credit card payments, a balance transfer credit card may be a good option for you since it will help you get your debt under control.
To qualify for a new credit card, you’ll need a good credit score, and even if you’re accepted for a balance transfer credit card, the credit limit on your new card may not be big enough to transfer all of your old debt.
Looking for a new credit card but don’t want to transfer your balance? CNN Underscored has compiled a list of the top credit cards for 2022.
CNN Underscored Money has the most up-to-date personal financial offers, news, and advice.
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The “no balance transfer fee” is a phrase that many credit cards offer. They are designed to help people with high interest rates find the best balance transfer card for them.
Frequently Asked Questions
Do balance transfers hurt your credit?
A: Balance transfers do hurt your credit but they also help because you are increasing the amount of available credit on the account.
Is 0% APR good for your credit?
A: No, 0% APR is not good for your credit.
Why are there no balance transfer offers?
A: All of the balances on this website are fully paid for, so we do not have any balance transfer offers.
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