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You may have the opportunity to transfer a balance to the Citi Double Cash® Card, even if your credit score is only fair (a FICO Score starting at 580). Plus, after your introductory APR period ends, the Double Cash is a keeper thanks to its fantastic cash-back rewards structure.
Intro APR Offer
Get a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 18.24% to 28.24%, based on creditworthiness. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5).
Why We Like It
Unlike similar cards with intro balance transfer offers, the Double Cash has staying power long past the end of the introductory period thanks to the rewards it earns.
It’s also one of the few cards where even fair credit applicants may be eligible for approval, which is an excellent way to take advantage of intro balance transfer offers and cash-back rewards. It also pairs well with other Citi ThankYou® Points cards.
What We Don’t Like
The card makes it difficult to take advantage of both the welcome offer and the introductory APR on balance transfers simultaneously. It does not extend the intro APR to new purchases and will charge interest on them if you do not pay your total balance—including balance transfers and new purchases—by the specified due date each month. In other words, you’ll want to pay off your balance transfer before making any new purchases to avoid accruing any interest. But since there’s a deadline to earn the welcome bonus, you’ll be strapped for time if you intend to work toward both offers.
This card also offers few additional benefits or protections beyond rewards and charges a foreign transaction fee if you plan to shop abroad.
Who It’s Best For
The Citi Double Cash® Card has a lot to offer beyond a balance transfer. The flat-rate rewards are perfect for anyone who values simplicity yet wants to earn a little extra—but it’s best to pay off your balance before incurring interest from new purchases.
Not everyone wants to chase bonus categories or shuffle cards in their wallet, which makes the Citi Double Cash the perfect ‘set it and forget it’ credit card. It’s one of the only cards around that not only earns cash back, but it also offers a path to using that cash back in the form of more valuable travel points down the road when you’re ready to take the next step.
— Julian Kheel, Credit Card Expert
N/A
$0
17.24%, 23.74%, or 28.99% Variable APR
Excellent, Good (670 - 739)
The Wells Fargo Reflect® Card (rates & fees) extends an intro APR offer to both purchases and balance transfers, so you don’t have to choose.
Intro APR Offer
Get a 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. A 17.24%, 23.74%, or 28.99% variable APR applies thereafter. Balance transfers made within 120 days qualify for the intro APR and a balance transfer fee of 5%, min $5 applies.
Why We Like It
This card gives the gift of time, as you’ll have a generous introductory period. Just make sure to complete the balance transfer within the eligibility window or it won’t qualify for the introductory APR.
Although this card doesn’t offer rewards, it does come with money-saving protections like up to $600 in cell phone protection when you pay your monthly bill with the card (subject to a $25 deductible, two claims maximum per year) and access to roadside dispatch.
What We Don’t Like
This card has a balance transfer fee on the high end and does not earn rewards.
Who It’s Best For
The Wells Fargo Reflect card is best for those who prioritize a longer intro APR period than credit card rewards. There may be restrictions if you have held a Wells Fargo Reflect card in the last 48 months or opened a Wells Fargo-branded card in the last six months.
Up to 4X Reward Rate
Earn 4% cash back on prepaid air, hotel and rental car reservations booked through the Rewards Travel Center
N/A
$0
17.74% - 28.74% Variable
Excellent, Good (670 - 739)
The U.S. Bank Shield™ Visa® Card offers an intro APR to both purchases and balance transfers for an extended period, which is fantastic for a card that includes a few extra credits and rewards.
Intro APR Offer
Get a 0% intro APR on purchases and balance transfers for 18 billing cycles, then a standard 17.74% to 28.74% variable APR applies. A balance transfer fee of 3% ($5 minimum) applies to balances transferred within 60 days of account opening, after that an ongoing fee of 5% ($5 minimum) applies.
Why We Like It
The duration of the intro APR offer gives you an impressively long runway to pay off your balance without interest hanging over your head.
The card also has no annual fee and includes a handful of extra consumer benefits, including a $20 statement credit once per year after making purchases for 11 consecutive months. You’re also eligible for cellphone protection worth up to $600 when you use your card to pay your monthly mobile bill.
What We Don’t Like
Balance transfers carry a fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater. You’ll also need to initiate the balance transfer soon after opening the card to qualify for the intro rate—though new purchases will have an intro APR through the entire introductory period.
The card technically earns rewards, but only for an extremely limited subset of purchases.
Who It’s Best For
The Shield is a strong fit for anyone who needs a long period of time to pay down new purchases or balance transfers without accruing interest.
No Rewards
The Citi® Diamond Preferred® Card does not offer rewards on purchases
N/A
$0
17.24% - 27.99% (Variable)
Excellent, Good (670 - 739)
The outstanding introductory APR period on balance transfers makes the Citi® Diamond Preferred® Card a solid choice, even though its intro APR offer for new purchases is average.
Intro APR Offer
Get a 0% intro APR for 21 months on eligible balance transfers and 0% intro APR for 12 months on purchases from date of account opening. After that, the variable APR will be 17.24% to 27.99%. Balance transfers must be completed within 4 months of account opening. A balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater, applies.
Why We Like It
The Diamond Preferred has one of the most generous time periods of any card on the market from the date you open your account to transfer a balance and still qualify for the intro APR. This may be helpful if you have more debt than your credit limit. You can make a few months of payments and then request an additional transfer.
The Citi® Diamond Preferred® Card doesn’t come with many frills—it has no rewards, for example. But similar to most Citi cards, you can choose the day of the month for your payment due date. You’ll also get special event access through Citi Entertainment®.
What We Don’t Like
The balance transfer fee and penalty rates on this card are uncompetitive. If you still have expenses to cover, there are also cards with a longer intro purchase APR period. We’d recommend that you change to a different card to earn better rewards once your intro balance transfer offer ends.
Who It’s Best For
The Citi Diamond Preferred card is best used as a short-term tool to finance a purchase or transfer a balance, so it’s only good for someone who needs a bridge.
No Rewards
This card does not earn rewards
N/A
$0
18.24% - 28.99% (Variable)
Excellent, Good (670 - 739)
The Citi Simplicity® Card* packs a punch with triple zeros: no annual fee, no penalty interest rate and no late fees. But it also gets a zero rating in the rewards-earning category as the card does not earn any.
Intro APR Offer
Get a 0% intro APR for 21 months on balance transfers from date of first transfer and 0% intro APR for 12 months on purchases from date of account opening. After that, the variable APR will be 18.24% to 28.99%. There is an intro balance transfer fee of $5 or 3% of the amount of the transfer, whichever is greater, for transfers made within 4 months of opening the account. After that, a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater, applies.
Why We Like It
New card members can take advantage of reduced balance transfer transaction fees in addition to the lengthy intro APR. This intro balance transfer fee gives the Citi Simplicity card a significant edge for long-term balance transfers.
Since the card doesn’t have late fees or penalty fees, it can be a good stepping stone for anyone to establish solid credit habits while chipping away at their balance. Just don’t get in the habit of paying late. Even though the card has no late fees, a late payment can still impact your credit score.
What We Don’t Like
The intro APR offer on new purchases is a shorter timeline than it is for balance transfers, which is easy to overlook. However, if you’ve put a hold on spending to pay down debt, this may not be a concern.
Who It’s Best For
The Citi Simplicity’s intro APR period for balance transfers can rival any card on the market. And while we encourage everyone to pay on time, the card can provide a little extra peace of mind that a one-off late payment won’t incur additional costs.
Up to 5% Reward Rate
Earn 5% cash back in categories that rotate quarterly on up to $1,500 when enrolled, 5% on travel purchased throughRead More
Earn a $200 bonus
$0
18.99% - 28.49% Variable
Excellent, Good (670 - 739)
The Chase Freedom Flex®* is well-loved for its combination of rotating bonus categories, easy-to-attain welcome offer and introductory APR.
Intro APR Offer
Get a 0% intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.99% to 28.49% applies. Balance transfer fee of up to 5% (min. $5) of the amount of each transfer applies.
Why We Like It
This card stands out for layering everyday earning bonuses on top of its rotating offers.
It also provides some additional benefits, including purchase protection, extended warranty protection, trip cancellation and interruption insurance, auto rental coverage (secondary) and cellphone protection.
What We Don’t Like
There is a $1,500 spending limit on the 5% cash-back categories each quarter. When your spending aligns with the right category, it can be easy to hit that limit before the quarter ends.
While the card offers a suite of travel-related benefits, it does charge a foreign transaction fee, so it’s not the best choice for use abroad.
Who It’s Best For
The Freedom Flex is even better when combined with other Ultimate Rewards® cards. Pair this card with a Chase Sapphire Preferred® Card, Chase Sapphire Reserve® or Chase Ink Business Preferred® Credit Card for additional travel redemption choices.
Kudos to Chase for always keeping the rotating categories relevant on the Freedom Flex. From Amazon to PayPal and Starbucks to Walmart, you’re almost guaranteed to find at least one quarter every year (or even several) where the 5 bonus points roll in with almost no effort. Just don’t forget to activate the categories every quarter.
— Julian Kheel, Credit Card Expert
Up to 5X Reward Rate
Earn 5X miles on hotels and rental cars booked through Capital One Travel, and earn unlimited 1.25X miles on everyRead More
Earn 20,000 Miles
$0
19.24% - 29.24% (Variable)
Excellent, Good (670 - 739)
If you’re looking for an attainable welcome bonus to cover upcoming travel and could use an intro APR, the Capital One VentureOne Rewards Credit Card may be worth a look (rates & fees).
Intro APR Offer
Get a 0% intro APR on purchases and balance transfers for 15 months, 19.24% to 29.24% variable APR after that; 3% balance transfer fee for the first 15 months, 4% at a promotional APR that Capital One may offer you.
Why We Like It
Those on the go will appreciate that there are no foreign transaction fees. The card also provides auto rental insurance and the ability to reimburse yourself for any travel purchases using Capital One Miles.
What We Don’t Like
Considering the number of cards available, this one isn’t likely to top the list. The rewards rate for purchases is on the low end. To get the elevated rewards for hotels and rental cars, you’ll have to book through Capital One Travel and there’s no bonus for flights. You’ll also get less value if you need to redeem your miles for cash back. Furthermore, to qualify for the VentureOne card, you’ll need good to excellent credit (starting at 670 in the FICO scoring model).
Who It’s Best For
The Capital One VentureOne card is best for those who book hotels and rental cars through Capital One Travel and who could benefit from a balance transfer. It’s also helpful if you plan to redeem your miles for travel.
I recently tried to redeem miles for flights through Capital One Travel, which can be glitchy. I appreciated knowing that I had the backup option to just use my miles to cover past travel purchases paid for with my card. This option is great when you can’t contact customer service.
— Jenn Underwood, Credit Cards Expert
Up to 5X Reward Rate
Earn 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstores and dining, including takeout andRead More
Earn $200 cash back
$0
18.99% - 28.49% Variable
Good, Excellent (670 - 739)
The Chase Freedom Unlimited® card includes a generous balance transfer offer, and its welcome bonus and simple rewards options make it even more appealing.
Intro APR Offer
Get a 0% introductory APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.99% to 28.49% applies. An intro transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies in the first 60 days of account opening. After that, a fee of either $5 or 5% of the amount of each transfer applies.
Why We Like It
For those seeking a balance transfer, the introductory balance transfer fee can help them save even more. The rewards structure offers dependable rewards without needing to activate categories or worry about rewards caps. The card also offers some unexpected travel protections for a card with no annual fee, including trip cancellation/interruption insurance, auto rental coverage and extended warranty protection.
Travelers can potentially extract greater value from redemptions if they pool rewards from this card with other select Chase Ultimate Rewards® cards and take advantage of travel redemptions. But anyone who prefers cash rewards won’t need to consider this.
What We Don’t Like
While it offers respectable travel rewards when booking through Chase Travel℠, the Freedom Unlimited does charge foreign transaction fees. This card also offers lower rewards rates than a 2% cash-back card for all purchases outside of restaurants, drugstores and Chase Travel℠ bookings.
Who It’s Best For
Applicants seeking an introductory balance transfer offer with flat-rate rewards (and a few extras) will appreciate this no-annual-fee card.
While a number of cards from other issuers offer 5% or more on hotel and rental car bookings made through their travel portals, I appreciate that the Freedom Unlimited earns 5% cash back on all reservations made through Chase Travel, including flights.
— Jenn Underwood, Credit Cards Expert
The Blue Cash Everyday® Card from American Express (Terms apply, see rates & fees) is a true winner for most households due to the rewards potential at U.S. supermarkets, online retailers and gas stations.
Intro APR Offer
Get a 0% intro APR for 15 months on purchases and on balance transfers requested within 60 days of account opening, followed by a variable APR of 20.24% to 29.24%. A balance transfer fee of $5 or 3%, whichever is greater, applies.
Why We Like It
The balance transfer fee is lower than other cards on this list, regardless of when you initiate the transfer. In addition to a welcome bonus, you’ll also find long-term value from the Blue Cash Everyday® Card from American Express by earning rewards on items you buy every day (as the name suggests). This card is a great choice for online shoppers and provides access to Amex Offers with enrollment to save even more.
What We Don’t Like
While the rewards caps are generous, most households are likely to be limited by these spending caps, especially for groceries. Also, elevated rewards aren’t earned overseas, so you’ll need to carry an additional card while traveling to maximize reward potential.
Who It’s Best For
The Blue Cash Everyday® Card from American Express is an excellent choice for those who want to combine a balance transfer offer with daily rewards-earning.
Up to 5X Reward Rate
Earn 5% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center, 5% cashRead More
Earn a $200 bonus
$0
18.49% - 28.74% Variable
Good, Excellent (670 - 739)
You can earn up to 5% cash back on select purchases with the U.S. Bank Cash+® Visa Signature® Card*, which is above and beyond what most balance transfer credit cards offer.
Intro APR Offer
Get a 0% intro APR on purchases and balance transfers for 15 billing cycles, then a standard 18.49% to 28.74% variable APR applies. A balance transfer fee of 3% ($5 minimum) applies and balances transferred must be completed within 60 days from account opening.
Why We Like It
This card can make sense as a long-term choice for your wallet, since the benefits extend even after your intro APR window is over.
Cardholders can select two earning categories to receive elevated multipliers each quarter at 5% cash back (and one at 2%). The potential bonus categories are a little unconventional compared to most other cards, which can be a good thing if you’re strategic with your spending, but impractical in some cases.
What We Don’t Like
Your potential earnings are limited, since the 5% bonus rates are capped at $2,000 in spending each quarter. Additionally, you’ll need to manually enroll in your preferred spending categories every quarter.
Who It’s Best For
This card is best for someone looking for cash back rewards on top of a balance transfer offer and is willing to put some thought into optimizing their bonus categories.
Not all balance transfer cards are created equal. To generate our list of the best balance transfer cards, Forbes Advisor reviewed dozens of credit cards with balance transfer options across a broad spectrum of issuers.
To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.
When looking for the right balance transfer card for your circumstances, here are a few key factors to consider:
Also, keep in mind that banks won’t let you move debt from one of their cards to another, so you’ll need to pick a card from a different issuer than the one you’re transferring from.
Finally, you’ll want to consider the credit card’s long-term value. Some cards with balance transfer offers come with rewards and other perks, while others offer little value beyond the intro APR offer.
Balance transfer credit cards are frequently only available to customers who have good to excellent credit, though some cards may also approve applicants with fair credit.
Here are some things that may impact your eligibility for a balance transfer card:
To transfer your credit card balance to another card:
Once you’ve been approved for the new card, get started on your transfer right away. The process isn’t instant: A balance transfer from one credit card to another can take two weeks or more to complete.
If you already have a credit card ready to accept a balance transfer, here’s more information on how to complete a transfer with each bank:
Jannese Torres
Credit Cards Expert
Becky Pokora
Credit Cards Writer
Harlan Vaughn
Credit Card Expert
While you’re paying off the debt you’ve transferred, stick to using debit cards or cash to avoid racking up additional debt. Also, make sure you have a plan to avoid going back into debt, which is usually the reason why people resort to using balance transfers. Finally, consider supplementing your income with a side hustle. Allocating those extra funds toward your balance can help you become debt-free faster.
Credit Cards Expert
Double-check the math before initiating a balance transfer. On balances you expect to pay quickly, it may not be worth paying a balance transfer fee compared to the amount of interest you’d accrue over a few short months.
Credit Cards Writer
I’ve done balance transfers for various reasons: to self-finance a home upgrade, make a big loan payment and pay down debt faster. But you need to keep a close eye on when the 0% APR period ends and budget enough each month to pay your balance in full before it expires. Used carefully, balance transfers are a powerful financial tool.
Credit Card Expert
How much you can save with a balance transfer will depend on a few factors, including:
Use our balance transfer calculator to determine how much you can save by transferring your balance using a card on our list. You’ll need the APR of your current credit card, the balance you intend to transfer and the fees, and the APR and the intro period length of the card you wish to transfer the balance to.
Let’s assume you have a $2,000 balance on a credit card that currently charges 28.00% APR, and you’re making payments of $100 per month. Without making any changes, it would take you 28 months to pay off your balance, and you’d pay $726 in interest over that time.
Now, let’s assume that you decide to transfer the entire balance to a card that offers 21 months of 0% intro APR with a 3% balance transfer fee. If you continued to make $100 monthly payments, you’d pay off your balance in exactly 21 months, which means you’d pay no interest at all. Even after the $60 balance transfer fee, you’d still save over $665.
The debt lasso method is a popular strategy for using balance transfers to pay off debt faster. It involves ‘lassoing’ as many existing card debts as you can to the fewest cards or loans at the lowest possible interest rates. After your balance transfer is complete, you make the minimum payments on all your cards while adding any extra payment amount toward the card that has the highest interest rate. Then you repeat this process after each card’s balance is paid off or you receive a new balance transfer offer.
– Clint Proctor, Forbes Advisor Lead Editor
Balance transfer offers aren’t limitless, which makes timing your card application important. There are generally two timeframes you need to be aware of.
First, look into how long you have to request the transfer at the promotional 0% APR, which is often 30 to 120 days after card approval. Timing your balance transfer application for when you have time to handle the paperwork is essential.
Secondly, consider the length of time your 0% rate applies. Typically, low introductory rates last anywhere from six months to nearly two years, during which customers won’t accrue interest on that balance. To make the most of this period, ensure that time aligns with when you can make extra payments. Every dollar you pay is applied toward the principal, helping you make progress faster.
Balance transfer cards can be a shrewd way to manage your debt, but you’ll want to avoid these balance transfer pitfalls in the process:
While a balance transfer card can be an appealing option for paying down debt, it’s important to consider the pros and cons of balance transfer offers before opening up a new card.
| Pros of Balance Transfer Cards | Cons of Balance Transfer Cards |
|---|---|
| Save on interest by taking advantage of 0% APR for a period of time. | Balance transfer fees of 3% to 5% may limit your savings. |
| Simplify card management and monthly payments by consolidating cards. | Transfer limits may impact your ability to move the balance you wish. |
| Opportunity to switch to a card with better terms or rewards. | Strong credit is usually required for new card approval. |
When I started freelance writing after college, I didn’t have much of an emergency fund saved up. Strategically using 0% APR and balance transfer credit cards allowed me to get my freelance writing career off the ground without ever paying interest.
– Caroline Lupini, Forbes Advisor Managing Editor
Balance transfers aren’t the only pathway to get some breathing room on high-interest debt.
| Debt Strategy | Why To Use It |
|---|---|
| Pay above the minimum payment on your existing card. | If your APR on an existing card is low enough (or if you expect to pay a debt off fast enough), paying as much as you can afford on that card will avoid a balance transfer fee. |
| Consider a personal loan. | A personal or debt consolidation loan may be available to you at a lower interest rate than your credit card APR. |
| Negotiate with creditors. | Contact your creditors directly to negotiate lower interest rates or reduced payments. |
| Meet with a certified nonprofit credit counselor. | A nonprofit credit counselor can help you evaluate debt snowball and debt avalanche and other repayment methods. To schedule a financial review with a certified counselor, you can visit the National Foundation for Credit Counseling website. |
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
To view rates and fees for Blue Cash Everyday® Card from American Express please visit this page.
The maximum amount of debt you can transfer will be determined by the issuing bank based on your creditworthiness.
Balance transfer fees are added to your transfer, and the larger the fee, the more your available debt repayment amount is reduced. The table below shows how the maximum transfer amount for a card with a $10,000 limit would change depending on the balance transfer fee percentage.
| Maximum Balance Transfer for a Card With a $10,000 Credit Limit | |
|---|---|
| Balance Transfer Fee | Maximum Transferred Balance |
| 3% ($300) | $9,700 |
| 4% ($400) | $9,600 |
| 5% ($500) | $9,500 |
Opening a new line of credit can ding your score with the credit inquiry, but it can also give you a boost if your credit utilization decreases. Therefore, if you’re applying for a new balance transfer card, the exact impact can’t be known ahead of time. A balance transfer may also impact your score if the amount you’re transferring to a new card is at or close to the total allowable credit limit on the new card. That’s because your debt-to-available credit ratio plays a significant role in determining your overall score.
If you plan to use a balance transfer to help pay down your debt more quickly than you could without doing a transfer, in the long run, you should end up with less overall debt. That can, in turn, have a positive impact on your credit score.
You may not be eligible for a balance transfer right now due to your creditworthiness and financial situation. But there are several ways to improve your odds of receiving a balance transfer offer in the future:
If your card’s agreement does not specifically mention a balance transfer APR or balance transfer fees in the Schumer box, it likely doesn’t offer balance transfers. You can call the number on the back of your card to find out for sure or contact an issuer before applying for a card to confirm.
There’s technically no set limit to the number of times you can transfer a balance from one issuer to another. Just keep in mind that if you transfer the same balance more than once, you’ll likely pay a balance transfer fee each time, which will diminish your overall savings.
Some balance transfer credit cards have preapproval tools, but that varies by issuer. If you’re looking for how to qualify for a balance transfer card, your best odds are to improve your credit (if necessary) and pay down as much existing debt as possible before applying, so that your credit utilization rate and debt-to-income ratio are at the lowest possible level.
Remember, prequalifying for balance transfer cards is not an official guarantee that your application will be approved. That’s because a formal application considers other factors and information not available through a soft inquiry on your credit.
You do not need to transfer the full balance from your credit card. You can choose how much of the balance you would like to transfer.
*The information for the following card(s) has been collected independently by Forbes Advisor: Citi Simplicity® Card, Chase Freedom Flex®, U.S. Bank Cash+® Visa Signature® Card. The card details on this page have not been reviewed or provided by the card issuer.
