9 best balance transfer credit cards: Consolidate your bills and save on interest
Dia Adams is the senior editor leading the credit cards team at Fortune Recommends. Previously, Dia was a managing editor on the credit cards and travel rewards team at Forbes Advisor. She has been featured on national television, radio, print, and online media as an expert in the realms of credit cards, points and miles, Disney and family travel.
Glen Luke Flanagan is a deputy editor at Fortune Recommends who focuses on mortgage and credit card content. His prior roles include deputy editor positions at USA TODAY Blueprint and Forbes Advisor, as well as senior writer at LendingTree—all focused on credit card rewards, credit scores, and related topics.
With interest rates continuing to climb over the past two years, variable-rate debt has become more expensive than ever to own. If you’re looking to give yourself a clean slate, opening a new credit card with an introductory 0% APR balance transfer offer could be a smart strategy.
The Fortune RecommendsTM team evaluated more than 30 balance transfer credit cards available today and ranked them based on factors such as introductory period, annual percentage rate (APR), rewards structure, consumer benefits, and more. See our full methodology here.
Best balance transfer credit cards of July 2024
- Best overall balance transfer card: U.S. Bank Visa® Platinum Card
- Best for no fees: Citi Simplicity® Credit Card
- Best for fair credit: Citi® Double Cash Credit Card
- Best for post-balance transfer APR: BankAmericard®
- Best for cash back: Chase Freedom Flex℠ Credit Card
- Best for travel and consumer protections: Chase Freedom Unlimited® Credit Card
- Best for travel rewards: Amex EveryDay® Credit Card
- Best for choose-your-own-adventure: Bank of America® Customized Cash Rewards
- Best for Preferred Rewards members: Bank of America® Unlimited Cash Rewards
Capital One Quicksilver Cash Rewards Credit Card
Intro Bonus
Earn $200 as a one-time cash bonus once you spend $500 within 3 months from account opening.| Annual Fee | $0 |
| 0% Intro APR | 15 months |
| Rewards | 1.5% cash back on all purchases |
Best overall balance transfer card: U.S. Bank Visa Platinum Card
U.S. Bank Visa® Platinum Card
Intro Bonus
Extended 0% introductory APR period for purchases and balance transfers.| 0% balance transfer term | 21 months |
| Balance transfer fee | 3% |
| Annual Fee | $0 |
| Regular APR | 18.74%–29.74% variable |
- Exceptionally long 21 month 0% introductory APR period for purchases and balance transfers.
- Other perks: Cell phone protection, ID theft protection, Pay over time with a U.S. Bank ExtendPay® Plan
- Foreign transaction fee: 3%
Why we like this card
The U.S. Bank Visa® Platinum Card features an exceptionally long 0% introductory APR period for purchases and balance transfers. After that, the card reverts to a variable APR of 18.74%–29.74%, depending on creditworthiness. Balance transfers also include a fee or 3% of the amount of each transfer, $5 minimum.
This card also comes with a few additional perks, including up to a $600 reimbursement if your cell phone is stolen or damaged when you pay your monthly cell phone bill with your card. Plus, there’s no annual fee, making the U.S. Bank Visa® Platinum Card an economical choice for cardholders looking to minimize their debt.
Best for no fees: Citi Simplicity Credit Card
Citi Simplicity® Card
Intro APR
21-month introductory 0% APR on balance transfers and a 0% intro APR for 12 months on purchases.| 0% balance transfer term | 21 months |
| Balance transfer fee | 3% of each transfer (minimum $5) completed within the first 4 months of account opening; 5% balance transfer fee ($5 minimum) applies if completed after 4 months of account opening |
| Annual fee | $0 |
| Regular APR | 19.24%–29.99% |
- Additional perks: ID theft protection, pay over time with a Citi Flex Pay Plan
- Foreign transaction fee: 3%
Why we like this card
With no annual fee, late fees, or penalty APR, the Citi Simplicity® Credit Card stands out as a consumer-friendly option. It offers an impressive 21-month introductory 0% APR on balance transfers (and a 0% intro APR for 12 months on purchases). The balance transfer fee is 3% of the amount of the transfer, $5 minimum, for transfers completed within four months of account opening. After that, the fee is 5% of each transfer (minimum $5). Once the intro period is over, the APR reverts to a variable 19.24%–29.99%, depending on creditworthiness.
Best for fair credit: Citi® Double Cash Credit Card
Citi® Double Cash Card
Intro Bonus
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months and get an 18-month 0% introductory APR on balance transfers| 0% balance transfer term | 18 months |
| Balance transfer fee | 3% of each transfer (minimum $5) completed within the first four months of account opening. After that, the fee will be 5% of each transfer (minimum $5) |
| Annual fee | $0 |
| Regular APR | 19.24%–29.24% variable |
Rewards Rates
- 2x Unlimited 2% cash back on every purchase—1% at the time of the transaction and 1% when you pay your credit card bill.
- Additional perks: ID theft protection, pay over time with a Citi Flex Pay Plan
- Foreign transaction fee: 3%
Why we like this card
The Citi® Double Cash Credit Card is ideal for those who want a straightforward rewards program without the need to track spending categories or sign up for quarterly bonuses—and without the need for excellent credit to qualify. It offers a generous 18-month introductory 0% APR on balance transfers. The balance transfer fee is 3% of the amount of the transfer, $5 minimum, for transfers completed within four months of account opening. After that, the fee is 5% of each transfer (minimum $5). Once the intro period is over, the APR reverts to a variable 19.24%–29.24%, depending on creditworthiness.
Additionally, the Citi Double Cash card provides 2% cash back on all purchases: 1% cash back when you make a purchase, plus an additional 1% as you pay. There are no category restrictions or enrollment required, and there is no limit on the amount of cash back you can earn. For a limited time card holders also earn 5% total cash back on hotel and car rentals booked on the Citi Travel℠ portal through 12/31/24.
New cardholders also have the opportunity to earn $200 cash back after spending $1,500 on purchases in the first six months of account opening. Plus, the card offers additional perks such as 24-hour fraud protection with no annual fee.
Best for post-balance transfer APR: BankAmericard®
BankAmericard
Intro Bonus
Extended 0% introductory APR period for purchases and balance transfers.| 0% balance transfer term | 18 months |
| Balance transfer fee | 3% |
| Annual Fee | $0 |
| Regular APR | 16.24%-26.24% |
- Long 18 month 0% introductory APR period for purchases and balance transfers.
Pros
- Long 0% APR period
- No annual fee
Cons
- Foreign transaction fee
- No rewards
- Other perks: Free FICO score, Balance Connect® for overdraft protection
- Foreign transaction fee: 3%
Why we like this card
The BankAmericard® is an excellent choice for those who want a card with a long 0% APR period for both purchases and balance transfers, plus a reasonable APR once the intro period is over. It offers a valuable introductory 0% APR for the first 18 billing cycles on purchases, as well as balance transfers made within 60 days of opening your account. After the intro APR offer ends, a variable APR of 16.24%–26.24% applies, depending on creditworthiness. A 3% fee applies to all balance transfers.
Despite its lack of an annual fee, cardholders also enjoy several valuable perks, including free access to their TransUnion FICO score and optional overdraft protection for an eligible Bank of America checking account.
Best for cash back: Chase Freedom Flex Credit Card
Chase Freedom Flex℠
Intro bonus
$200 cash bonus after spending $500 on purchases within your first three months| 0% balance transfer term | 15 months |
| Balance transfer fee | 3% |
| Annual fee | $0 |
| Regular APR | 20.49%–29.24% Variable |
Rewards Rates
- 5% 5% cash back on activated bonus category purchases each quarter (up to $1,500 in purchases, then 1%)
- 5% 5% cash back on travel purchased through Chase Ultimate Rewards
- 3% 3% cash back on dining (including restaurants, takeout and eligible delivery services)
- 3% 3% cash back on drugstore purchases
- 1% 1% cash back on all other purchases
- 5% 5% cash back on Lyft rides (through March 2025)
- Additional perks: Purchase protection, extended warranty protection, trip cancelation/interruption insurance, auto rental collision damage waiver, cell phone protection, complimentary Doordash and Instacart+ membership
- Foreign transaction fee: 3% of the amount of each transaction in U.S. dollars
Why we like this card
The Chase Freedom Flex Credit Card is an excellent option for those seeking high cash back rates and a diverse rewards program. It provides an impressive introductory 0% APR for the first 15 billing cycles on purchases and balance transfers. It also has a generous rewards structure that, when maximized, rivals the best cash-back cards on the market.
Best for travel and consumer protections: Chase Freedom Unlimited credit card
Chase Freedom Unlimited®
Intro bonus
An additional 1.5% on everything you buy (on up to $20,000 spent in the first year), worth up to $300 cash back.| Intro 0% balance transfer term | 15 months |
| Balance transfer fee | $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that: Either $5 or 5% of the amount of each transfer, whichever is greater. |
| Annual fee | $0 |
| Regular APR | 20.49%–29.24% Variable |
at cardratings.com
Rewards Rates
- 6.5% 6.5% on travel purchased through Chase Travel℠
- 4.5% 4.5% cash back on dining including takeout and eligible delivery service
- 4.5% 4.5% cash back on drugstore purchases
- 3% 3% cash back on all eligible purchases (on up to $20,000 spent in the first year)
- 5% 5% cash back on Lyft purchases (through March 2025)
- Additional perks: Purchase protection, extended warranty protection, trip cancelation/interruption insurance, auto rental collision damage waiver, cell phone protection, complimentary Doordash and Instacart+ membership
- Foreign transaction fee: 3% of the amount of each transaction in U.S. dollars
at cardratings.com
Why we like this card
In addition to a lengthy introductory APR period and generous rewards program, the Chase Freedom Unlimited® credit card also offers a host of valuable protections. It offers a competitive introductory 0% APR for the first 15 billing cycles on purchases and balance transfers. Despite its lack of an annual fee, the Chase Freedom Unlimited card also comes with several consumer and travel benefits, including purchase protection, extended warranty protection, cell phone insurance, trip cancellation/interruption insurance, and auto rental collision damage waiver.
Best for travel rewards: Amex EveryDay® Credit Card
Amex EveryDay® Credit Card
Intro Bonus
Earn 10,000 points if you spend $1,000 in first 3 months (Terms apply)| 0% balance transfer term | 15 months |
| Balance transfer fee | $5 or 3% of the amount of each transfer, whichever is greater |
| Annual fee | $0 |
| Regular APR | 18.24%–29.24% variable |
Amex EveryDay® Credit Card is a mediocre and outdated card. Sure, it offers 0% APR for 15 months on both purchases and balance transfers – but so do the Wells Fargo Active Cash® Card, Chase Freedom Flex℠ and Amex’s own Blue Cash Everyday Card, and all three offer better cash rewards, welcome bonuses and redemptions options if you’re looking for a cash-back card.
As a result, this 10-year-old Amex desperately needs an update to compete with rival cash back cards – or even its own Amex stablemates. But if you are looking for a card that lets you dip your toe into travel points, it’s one of the few with no annual fee and points that transfer to travel partners.
Reward Rates
- 2x Earn 2X points per dollar on U.S. supermarket purchases ($6,000 limit on purchases per year, 1% thereafter)
- 2x Earn 2X for every dollar when you use your card to book your trip through American Express Travel
- 1x Earn 1X points per dollar on all other purchases
- All information about the Amex EveryDay® Credit Card has been collected independently by Fortune Recommends™.
- The Everyday card comes with added travel protections such as car rental loss and damage insurance and a Global Assist hotline.
Why we like this card
The Amex EveryDay® Credit Card is particularly well-suited for regular shoppers, especially those who spend a lot on groceries, as well as frequent travelers. It comes with a 0% introductory APR on purchases and balance transfers for 15 months from the date of account opening while earning valuable Membership Rewards points. Plus, the Everyday card comes with added travel protections such as car rental loss and damage insurance and a Global Assist hotline.
Best for choose-your-own-adventure: Bank of America Customized Cash Rewards
Bank of America® Customized Cash Rewards Credit Card
Intro Bonus
Earn $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening and a 0% intro APR for 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.| 0% balance transfer term | 15 months |
| Balance transfer fee | 3% |
| Annual fee | $0 |
| Regular APR | 18.24%–28.24% variable |
Reward Rates
- 3% 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- 2% 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- 1% 1% cash back on all other purchases
- Free FICO score, Balance Connect® for overdraft protection
Why we like this card
The Bank of America® Customized Cash Rewards card is ideal for those looking for flexible reward options, especially in categories where they spend the most, along with additional perks and a competitive sign-up bonus, all without an annual fee. It offers a 0% introductory APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.
This card also stands out for its competitive cash back rewards. First, you choose which category you want to earn 3% cash back in: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings. This selection can be changed in the future.
You also automatically earn 2% cash back at grocery stores and wholesale clubs, and an unlimited 1% cash back on all other purchases. Note that you earn 3% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. Preferred Rewards members earn 25% to 75% more cash back on every purchase.
Best for Preferred Rewards members: Bank of America® Unlimited Cash Rewards
Bank of America® Unlimited Cash Rewards
Intro Bonus
Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening and 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.| 0% balance transfer term | 15 months |
| Balance transfer fee | 3% |
| Annual fee | $0 |
| Regular APR | 18.24%–28.24% variable |
Reward Rates
- 1.5x 1.5% cash back on all purchases
- Free FICO score, Balance Connect® for overdraft protection
Why we like this card
The Bank of America® Unlimited Cash Rewards card is a compelling option for those looking for a straightforward, no-annual-fee cash back credit card—especially for Bank of America Preferred Rewards members who can maximize their cash back returns.
Like the Customized Cash Rewards card, the Unlimited Cash Rewards card from Bank of America offers a 0% introductory APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.
However, these cards differ when it comes to their rewards. The Bank of America Customized Cash Rewards card provides 1.5% cash back on all purchases. There’s no limit to the amount of cash back you can earn and cash rewards don’t expire.
Preferred Rewards members earn 25%-75% more cash back on every purchase, which translates to a cash back rate of 1.87% to 2.62%. Members of the Bank of America Preferred Rewards program enjoy many other exclusive benefits and pricing discounts as well.
What is a balance transfer?
A balance transfer involves moving the outstanding balance from one or more credit cards to another credit card, usually with a lower interest rate. In order to attract new business, some cards may even offer an introductory 0% APR on balance transfers. Cardholders generally choose to transfer a balance in order to consolidate high-interest credit card debt and reduce the amount of interest being accrued, allowing them to save money and pay off the balance faster. Learn more about how balance transfers work.
What is the difference between 0% APR on purchases and a balance transfer?
A balance transfer happens when you take the balance from a higher-interest loan and transfer it to a card with a lower interest rate. 0% APR on purchases allows you to finance a large purchase for a longer period of time without interest. If you are looking to make a large purchase, check out our list of Best 0% APR cards.
How much does it cost to do a balance transfer?
Most credit card issuers charge a balance transfer fee that typically ranges from 3% to 5% of the amount being transferred. For instance, if you transfer $10,000 and the fee is 3%, you would pay a one-time cost of $300.
Also, keep in mind that while some balance transfer credit cards offer a 0% introductory APR for a set period (usually around 12 to 18 months), if you don’t pay off the transferred balance within that period, you will start accruing interest at the card’s standard rate. Before transferring a balance to a new card, be sure to check the fee and APR for balance transfers and understand how long the promotional rate applies.
When should I do a balance transfer?
If you have high-interest credit card debt, transferring the balance to a card with a lower interest rate can save you money. It also makes it easier to pay off your debt faster since 100% of your payments go toward the principal balance. If you find a credit card offering an introductory 0% APR on balance transfers, this can be a great opportunity to pay down your debt without accruing additional interest during the promotional period.
How do I do a balance transfer?
Start by comparing your options and look for a card that offers favorable terms. Key factors to consider include the length of the introductory 0% APR period (if there is one), the regular APR after the introductory period ends, and the balance transfer fee.
Once you’ve chosen a card that fits your needs, you can apply for it. Be sure your credit score aligns with the card issuer’s requirements to ensure you get approved.
After your application is approved and you receive your new card, you can initiate the transfer. This can often be done online through your new credit card account or by calling the card issuer. You’ll need to provide a few details, including the card numbers and amounts you want to transfer from each account.
Frequently Asked Questions
Do balance transfers hurt your credit score?
A balance transfer itself should have a negligible impact on your credit score. However, if you continually open new credit cards and transfer debt around without paying it down, your score can be harmed in the long run.
Is a balance transfer ever a good idea?
A balance transfer can be a good idea if you have a high-interest credit card with a significant balance. Transferring the balance to a new card with a low or 0% APR can help you pay down the debt faster without the added burden of accrued interest.
Is there a catch to balance transfer cards?
There is no catch with balance transfers, but there are a couple of important points to be aware of. The first is that in most cases, you’ll be required to pay a fee of around 3% to 5% when you transfer a balance. However, this fee is usually worth the interest savings. Second, you should pay off your entire balance before the introductory APR is over, otherwise you will start accumulating interest at the regular purchase rate.
Our methodology
To bring you our top picks for the best cash back credit cards, the Fortune Recommends team compared more than 30 balance transfer cards available from major issuers.
We ranked each account in these six core categories:
- Introductory 0% APR balance transfer term (60%): The most heavily weighted factor in our rankings was the length of time that the introductory 0% APR on balance transfers lasts.
- Balance transfer fee (5%): This is the one-time fee associated with each balance transfer. We only considered cards with a balance transfer fee of 3% or less.
- Maximum APR on purchases and balance transfers (10%): To ensure cardholders with an existing balance once the intro period is over aren’t burdened by excessive interest rates, we considered the maximum APR each card charges for balance transfers and purchases.
- Rewards (10%): Cards that also provide rewards (such as cash back or points) on spending were given a boost in our rankings.
- Welcome bonus (5%): It’s common for credit card issuers to entice new customers by offering a bonus when they spend a certain amount of money within a few months after opening an account. Cards that include a welcome bonus were favored in our rankings.
- Consumer benefits (10%): Cards were awarded 0–5 points based on which consumer benefits/protections were included: purchase protection, extended warranty, cell phone insurance, car rental coverage, and trip cancellation/interruption insurance.
Keep in mind that the interest rates, balance transfer terms, and fee structures for the cards mentioned are available for limited periods and subject to change.
Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.
Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
About the contributors
Dia Adams is the senior editor leading the credit cards team at Fortune Recommends. Previously, Dia was a managing editor on the credit cards and travel rewards team at Forbes Advisor. She has been featured on national television, radio, print, and online media as an expert in the realms of credit cards, points and miles, Disney and family travel.
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.