6 best balance transfer credit cards of 2024: Pay 0% APR for up to 21 months

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If you have existing credit card debt with high interest rates, a balance transfer card can help. 

Surprisingly, more than a third of U.S. adults with credit card debt don't know balance transfer cards exist, according to a recent Bankrate survey. 

By transferring your balance to a card with a 0% introductory APR, you can save on interest costs and pay off your debt faster. It also allows you to streamline multiple balances into one single monthly payment.

Some of the best balance transfer cards have rewards and other perks, like credit-building tools or cash back. Here are some of the best balance transfer cards on the market and tips to make the most of them.

Best balance transfer credit cards

• Citi Simplicity® Card
• Wells Fargo Reflect® Card
• Chase Slate Edge℠
• Discover it® Balance Transfer
• Capital One Quicksilver Cash Rewards Credit Card
• Bank of America® Customized Cash Rewards credit card

1. Citi Simplicity® Card

If you’re simply looking to consolidate your balances and want some extra time to pay off your debt, consider the Citi Simplicity Card. This card has one of the most extended 0% introductory APR periods for balance transfers on the market.

You'll get 21 months of no interest on transfers made within the first four months of opening an account. You’ll also get a 0% introductory APR on purchases for 12 months (then 19.24%-29.99% after).

As a bonus for those looking to cut costs, this card has no late fee, annual fee, or penalty rate APR. The Simplicity card includes perks like identity theft protection, payment due date flexibility, and $0 liability on unauthorized purchases.

Outside of this, the Simplicity card’s additional perks are limited. You won’t be able to earn a welcome bonus or any rewards, making it a poor long-term option once you’ve paid off your debts. 

2. Wells Fargo Reflect® Card

What makes the Wells Fargo Reflect unique is its 21-month introductory 0% APR offer on both balance transfers and new purchases (then 18.24%, 24.74%, or 29.99% after).

But unlike the Citi Simplicity card, there are late payment fees. You’ll also have to pay a 5% balance transfer fee (minimum $5), higher than that of rival cards.

This card has a couple of extra perks, including cellphone protection, roadside assistance, and emergency card replacement. 

3. Chase Slate Edge℠

The Slate Edge is another solid option to consider. It comes with an 18-month 0% introductory APR on purchases and balance transfers (then 20.49%-29.24% after).

With this card, you’ll get access to two unique features. First, Chase will automatically lower your APR by 2% if you pay on time and spend at least $1,000 by your first account anniversary.

Chase also offers an automatic review for a higher credit limit to responsible cardholders who spend $500 within the first six months. Remember that both these features can encourage more spending, which may not be ideal if you’re using the card to eliminate credit card debt. 

4. Discover it® Balance Transfer

Unlike most balance transfer cards, you can earn cash back rewards with the Discover It Balance Transfer card. You’ll earn 5% cash back on rotating categories each quarter up to $1,500 in spending (then 1%). You’ll earn 1% back on all other purchases.

Discover will also match all the cash back you’ve earned in the first year as a welcome bonus, an exceptional offer compared to other cards.

This card offers a comparable 18-month 0% APR offer for balance transfers. But you'll only get six months of 0% APR for new purchases. There are also late payment fees and returned payment fees (though your first late payment is waived). 

5. Capital One Quicksilver Cash Rewards Credit Card

The Quicksilver Cash Rewards card is an excellent choice to earn straightforward cash back on purchases and save on interest charges.

With this card, you’ll earn 1.5% cash back on all purchases — rare for most other balance transfer credit cards. You’ll also earn 5% back on hotels and rental cars booked through Capital One Travel. You can also earn a bonus after spending a certain amount within the first three months of opening the card.

This card includes a 0% introductory APR offer on new purchases and balance transfers for the first 15 months (then 19.99%-29.99% after). 

6. Bank of America® Customized Cash Rewards credit card

The Customized Cash Rewards card is a versatile choice for those who want to consolidate their debt and earn rewards on their spending.

This card comes with a customizable cash back program, allowing you to earn higher rewards in selected categories of your choice and additional cash back on gas and grocery purchases. You’ll earn up to 3% back on category purchases of your choice, 2% back at grocery stores and wholesale clubs, and 1% back on all other purchases.

Keep in mind there’s a quarterly spending cap of $2,500 in combined 3% and 2% category purchases. Once you meet that cap, you’ll earn 1%.

This card offers a 0% introductory APR on new purchases and balance transfers made in the first 60 days for 15 billing cycles (then 18.24%-28.24% after). 

How do balance transfer cards work?

Balance transfer credit cards allow you to roll debt from other high-interest cards onto a new card with a 0% introductory APR. The initial rate on balance transfer cards lasts anywhere from 12 months to almost two years.

You'll often need to pay a fee when transferring a balance, ranging between 3%-5% of the total amount. For example, if you’re transferring $2,000 to a balance transfer card, you’ll pay a fee between $60 and $100.

Once you get approved for a balance transfer card, you’ll have a limited period of time to execute the transfer, often within the first few months (here’s a step-by-step guide). Depending on your creditworthiness, there may also be a limit on how much you can transfer.

You’re also generally not allowed to transfer balances between cards from the same bank or issuer, like from a Chase card to another Chase card.

Pros and cons of balance transfer cards

There are plenty of benefits associated with balance transfer credit cards

The average credit card interest rate is 20.66% — so if you carry a balance, it can add up quickly. Balance transfer cards can help you save on interest charges and get out of debt faster. But, there are downsides to consider.

How to make the most of your balance transfer card

A balance transfer credit card can be a valuable tool. But the key is understanding how to use the card effectively to avoid making your debt worse over the long run.

1. Have a plan to pay off the debt

The 0% APR period on a balance transfer card won’t last forever. Be sure you have a realistic plan to pay off the balance you’re transferring before that introductory rate expires.

“Divide what you owe by the number of months in your 0% term and try to stick with a level payment plan. Don’t leave it all until the end,” says Ted Rossman, senior industry analyst for Bankrate.

2. Avoid making new purchases

Once you’ve moved debt over to a balance transfer credit card, it can be tempting to use your old card again. But this can lead you to rack up even more costly debt. Changing your spending habits is critical to using balance transfer cards smartly.

Some balance transfer cards come with cash back or welcome bonuses after you spend a certain amount in the first few months. While it may be smart to make new purchases on your balance transfer card to make the spending threshold, make sure you can responsibly pay it off.

3. Make payments on time

Paying your credit card bills on time is the best practice to establish and build a good credit score. But when you’re using a balance transfer card, this can be especially important.

Not only will you likely have to pay a steep penalty fee, but depending on the card, you may lose the 0% promotional APR altogether.

4. Read the fine print

Make sure you understand the rules that come with a balance transfer credit card to maximize its value. Know how long the introductory APR offer is and if there are balance transfer fees, late fees, or other penalties that can take a bite out of the savings you’re hoping to achieve with this new card.

Frequently asked questions about balance transfer cards 

How do balance transfers affect your credit score? 

Applying for a new credit card will typically result in a hard inquiry on your credit report, which can temporarily lower your credit score. However, transferring a balance to a new card can also lower your credit utilization ratio, which could potentially improve your credit score over time.

What happens when the 0% intro APR period ends?

Once the 0% intro APR period ends, the remaining balance on the card will be subject to the regular APR. This is why it's crucial to have a plan to pay off the entire transferred balance before the promotional period expires to avoid accruing high interest charges.

Are balance transfer cards with rewards worth it?

While some balance transfer cards offer cash back or other rewards, it's generally not recommended to focus on rewards when trying to pay off debt. Rewards can incentivize spending, which could lead to accumulating more debt. Prioritize cards with the longest 0% intro APR periods and lowest fees.

Can you transfer balances multiple times?

Yes, it's possible to transfer balances to a new card once you've paid off the initial transferred balance. However, repeatedly opening new cards and transferring balances can negatively impact your credit score over time.

How we rated the best balance transfer credit cards

To determine the best credit cards for balance transfers, we carefully evaluated a wide range of factors, including the card's introductory offer, regular APR, added perks and benefits, annual fees, and overall value for consumers.

Our team analyzed numerous credit card offers and selected the top contenders based on these key criteria:

• Introductory APR offer: The introductory APR offer is the most crucial factor for balance transfer cards because it determines how much you can save on interest while paying off your debt.
• Consumer benefits: Additional benefits like free credit score access and zero liability protection can provide much-needed support as you work to pay off your debt. 
• Regular APR: The ongoing APR after the introductory period ends is important to consider because it affects the cost of any remaining balance or new purchases you make with the card.
• Annual fee: Annual fees can eat into the savings from a balance transfer offer, so it's important to choose a card with a low or no annual fee to maximize your debt repayment. 
• Balance transfer fee: Balance transfer fees are an upfront cost that can slightly reduce the overall savings from a 0% intro APR offer, so it's helpful to compare fees when choosing between cards.

The bottom line

Balance transfer credit cards can offer a cost-effective path out of high-interest debt and allow you to fast-track debt repayment. But before signing on the dotted line, shop around and find the best balance transfer card for your needs. Ideally, that will be a card with the lowest balance transfer fee and the most extended 0% APR. And remember, if you decide to open the card, it’s crucial to have a clear plan to fully repay the balance before that introductory APR rate ends.

Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.