Credit Card Insider is an independent, advertising supported website. Credit Card Insider receives compensation from some credit card issuers as advertisers. Advertiser relationships do not affect card ratings or our Editor’s Best Card Picks. Credit Card Insider has not reviewed all available credit card offers in the marketplace. Content is not provided or commissioned by any credit card issuers. Reasonable efforts are made to maintain accurate information, though all credit card information is presented without warranty. When you click on any ‘Apply Now’ button, the most up-to-date terms and conditions, rates, and fee information will be presented by the issuer. Credit Card Insider has partnered with CardRatings for our coverage of credit card products. Credit Card Insider and CardRatings may receive a commission from card issuers. A list of these issuers can be found on our Editorial Guidelines.
When used responsibly, balance transfers can be a great way to reduce the amount of interest you’re charged as you pay off debt. Many credit cards offer 0% introductory APRs for balance transfers that vary in length. The details change from time to time, but you can find balance transfer intro offers that span nearly two years — giving you quite a while to pay off debt interest-free.
By Brendan Harkness
When scoping out the best balance transfer cards, look at these features:
On a credit card, the balance transfer APR is separate from the purchase APR. In most cases the purchase and balance transfer APRs will be the same rate, but not always.
A 0% APR is the best you can get for balance transfers, so look for these no-interest introductory offers. Many credit cards allow balance transfers, but they aren’t always at zero interest.
Ready to transfer your balance and start saving money? Learn what to do next in How Credit Card Balance Transfers Work.
By Brendan Harkness
Balance transfer credit cards can help you save a lot of money and get out of credit card debt more quickly. If you’re carrying a balance with an interest rate on almost any type of account, you may be able to transfer some or all of it (depending on your credit limit) to a new credit card and pay it off at 0% APR.
Are you carrying a balance on a credit card with an interest rate over 0%? If so, even if your card has a lower-than-average interest rate, you should consider moving it to a card with a 0% APR to save money. If you have personal loans or other installment loans you’re thinking about transferring, this may not be a good idea because they tend to have low interest rates and don’t hurt your credit much compared to revolving debt.
Balance transfers can be a great tactic in your fight to reduce debt. Whether you use the snowball method or the avalanche method, it’s always a good idea to try to reduce the amount of interest charges you end up paying.
Sometimes you’ll get balance transfer offers on credit cards that you already have. For example, our editor’s Bank of America® Cash Rewards Credit Card (Review) recently gave him a balance transfer offer of 0% for 12 months or 1.99% for 15 months. There was a 3% transfer fee for each offer. Card issuers might do this occasionally to encourage you to carry a balance on one of their cards again.
The information related to Amex EveryDay® Credit Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
The information related to Capital One® SavorOne® Cash Rewards Credit Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. Advertiser relationships do not affect card evaluations. Advertising partners do not edit or endorse our editorial content. Content is accurate to the best of our knowledge when it's published. Learn more in our Editorial Guidelines.
The information related to Amex EveryDay® Credit Card, Capital One® SavorOne® Cash Rewards Credit Card, Citi Simplicity® Card - No Late Fees Ever, Amex EveryDay® Preferred Credit Card, and Capital One® Quicksilver® Cash Rewards Credit Card have been collected by Credit Card Insider and have not been reviewed or provided by the issuer or provider of these products.