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Best Balance Transfer Credit Cards

Advertiser Disclosure Updated: Jun 28, 2021, 5:03pm

Best Balance Transfer Credit Cards Of July 2021

Robin Saks Frankel

Forbes Advisor Staff

Updated: Jun 28, 2021, 5:03pm

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.

A balance transfer card can be a powerful tool in your debt-busting arsenal. A 0% APR offer on a credit card can save money by having all of your payments go towards knocking out the principal balance instead of some being siphoned away to pay interest charges.

Most balance transfer cards charge a balance transfer fee. Calculate the amount you’re looking to transfer plus any balance transfer fees, along with how many months you’ll need to pay off the debt to find the balance transfer card that makes the most sense for you.

Show Summary

Best Balance Transfer Credit Cards

Citi® Double Cash Card: Best Balance Transfer Card for Cash Back
U.S. Bank Visa® Platinum Card: Best Overall
Citi® Diamond Preferred® Card: Best Balance Transfer Card for Long Transfer Window
Wells Fargo Platinum card: Honorable Mention
Citi Rewards+® Card: Best Balance Transfer Card For Small Purchases
HSBC Gold Mastercard® credit card: Best Balance Transfer Card With Travel Perks
Citi Simplicity® Card: Best Balance Transfer Card for Late Fee Forgiveness
Navy Federal Credit Union Platinum Credit Card: Best for No Transfer Fee

Find the Best Credit Card

Featured Partner Offer

Best Balance Transfer Card for Cash Back

Citi® Double Cash Card

Apply Now

On Citibank's Secure Website

Click Here To Apply Now

Up to 2% Reward Rate

First, you earn 1% unlimited cash back on every purchase you make. Then, as you pay for those purchases, youRead More

Welcome Bonus

None

Annual Fee

Regular APR

13.99% - 23.99% (Variable)

Credit Score

Excellent, Good (700 - 749)

Why We Picked It

The Citi Double Cash card's simple cash back structure and long lasting APR offer make the Citi Double Cash a favorite among those who want to set it and forget it. It offers a solid cashback rate on all purchases, plus a long-lasting 0% intro APR offer, all without an annual fee.

Pros & Cons

Earn up to 2% cash back—1% when the purchase is made and 1% when payment is made on the account
No cash back cap—no limit on the amount of cash back that can be earned
No annual fee
Introductory APR period for balance transfers

Foreign transaction fee
Balance transfer fee
Lack of benefits seen in other no annual fee cards
No introductory 0% APR on purchases

Card Details

Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
To earn cash back, pay at least the minimum due on time.
Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness.
Balance Transfers do not earn cash back.
If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.

Best Overall

U.S. Bank Visa® Platinum Card

Apply Now

On U.S. Bank's Secure Website

Click Here To Apply Now

Rates & Fees

Welcome Bonus

N/A

Annual Fee

$0*

Regular APR

14.49% - 24.49%* (Variable)

Credit Score

Good/Excellent (700 - 749)

Why We Picked It

The U.S. Bank Visa® Platinum Card offers a very lengthy intro APR rate and no annual fee. There are two caveats, which are the balance transfer fee and the lack of a rewards program. Still, the savings on interest during the introductory period can eclipse the fee.

Pros & Cons

No penalty APR
Long 0% intro APR period
Cell phone protection coverage is a handy benefit

Balance transfer fee applies
No rewards program
No welcome bonus
Foreign transaction fee

Card Details

0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 14.49% – 24.49%.
Great offer from U.S. Bank, a 2021 World’s Most Ethical Company® – Ethisphere Institute, February 2021.
No Annual Fee*
Flexibility to choose a payment due date that fits your schedule.
Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S. Bank Visa® Platinum Credit Card. Certain terms, conditions, and exclusions apply.

Best Balance Transfer Card for Long Transfer Window

Citi® Diamond Preferred® Card

Apply Now

On Citibank's Secure Website

Click Here To Apply Now

Welcome Bonus

N/A

Annual Fee

Regular APR

13.74% - 23.74% (Variable)

Credit Score

Excellent, Good (700 - 749)

Why We Picked It

Those looking to consolidate debt and pay it off over time will appreciate the long introductory offer on balance transfers. A $0 annual fee further enhances its frugal appeal. On the downside, this card is light on perks and comes with a heavy balance transfer fee.

Pros & Cons

Long intro APR offer for balance transfers
Special event access through Citi Entertainment®
No annual fee
Free access to your FICO® Score

High balance transfer fees
High penalty APR and penalty fees
3% foreign transaction fee
No welcome bonus or rewards program

Card Details

0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 13.74% – 23.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater
Get free access to your FICO® Score online.
With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions.
The standard variable APR for Citi Flex Plan is 13.74% – 23.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.

Honorable Mention

Wells Fargo Platinum card

Apply Now

On Wells Fargo's Secure Website

Click Here To Apply Now

Rates & Fees

Welcome Bonus

N/A

Annual Fee

Regular APR

16.49%-24.49% (Variable)

Credit Score

Excellent/Good (700 - 749)

Why We Picked It

An 18-month 0% introductory APR period on both purchases and qualifying balance transfers makes the Wells Fargo Platinum card an excellent choice to pay down debt or finance a major purchase. There’s no annual fee, but the balance transfer and foreign transaction fees dampen our enthusiasm a bit.

Pros & Cons

0% introductory APR on qualifying balance transfers and purchases for 18 months from account opening
$0 Annual Fee
FICO score tracking

No rewards program or welcome bonus
High balance transfer fee
High regular APR
3% foreign transaction fee

Card Details

0% intro APR for 18 months from account opening on purchases and qualifying balance transfers, then a 16.49% to 24.49% variable APR; balance transfers made within 120 days qualify for the intro rate and fee
$0 Annual Fee
Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Platinum card
Easy access to your FICO® Credit Score with Wells Fargo Online®
Monitor your spending, purchases and any suspicious activity with text and email alerts and notifications
Convenient tools to help create a budget and manage your spending with My Money Map
Select “Apply Now” to learn more about the product features, terms and conditions

Best Balance Transfer Card For Small Purchases

Citi Rewards+® Card

Apply Now

On Citibank's Secure Website

Click Here To Apply Now

Up to 2X Reward Rate

Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter.Read More

Welcome Bonus

15,000 points

Annual Fee

Regular APR

13.49% - 23.49% (Variable)

Credit Score

Excellent, Good (700 - 749)

Why We Picked It

The Citi Rewards+® Card is an intriguing option as an everyday card for small purchases. In terms of rewards earnings, Citi rounds up all purchases to the next 10 points. Meaning, that $3 coffee just earned you 10 rewards points. Game your rewards further with a 10% redemption bonus plus 2x points on supermarkets and gas — with no annual fee.

Pros & Cons

All purchases rounded up to the nearest 10 rewards points.
10% points bonus added to the first 100,000 points redeemed annually.
No rotating categories to manage.

3% foreign transaction fee.
Potentially high APR depending on your creditworthiness.
3% balance transfer fee (min $5).
Annual $6,000 spending cap on 2x points category.

Card Details

The Citi Rewards+® Card – the only credit card that automatically rounds up to the nearest 10 points on every purchase – with no cap.
Earn 15,000 bonus points after you spend $1,000 in purchases with your card within 3 months of account opening; redeemable for $150 in gift cards at thankyou.com
0% Intro APR on balance transfers for 15 months from date of first transfer and on purchases from date of account opening. After that, the variable APR will be 13.49% – 23.49%, based on your creditworthiness. Balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater.
Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X ThankYou® Points on All Other Purchases.
The standard variable APR for Citi Flex Plan is 13.49% – 23.49%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.

Best Balance Transfer Card With Travel Perks

HSBC Gold Mastercard® credit card *

Click Here To Learn More

Welcome Bonus

None

Annual Fee

Regular APR

13.99% - 23.99% Variable APR on purchases and balance transfers

Credit Score

Good/Excellent (700 - 749)

Why We Picked It

The HSBC Gold Mastercard® credit card comes with a very long 0% intro APR period, no annual fee, and no penalty APR. No rewards program and no welcome bonus make this a pure balance transfer or major purchase card. It could have been a fantastic one, but the 4% balance transfer fee reduces its appeal.

Pros & Cons

No foreign transaction fees
Once-every-twelve-months late fee waiver
No penalty APR
18-month 0% introductory APR, followed by the standard APR

High balance transfer fee (4%)
No welcome bonus
No rewards

Card Details

0% Introductory APR on Purchases and Balance Transfers for the first 18 months from account opening
Late Fee waiver: If your payment is late, we’ll waive the late fee once every 12 months
Tap & go® with any HSBC credit card: Tap & go® contactless payments are faster than swiping or inserting your card for payment
No Foreign Transaction Fees: There are no added costs when using your card to make purchases in a foreign country
Mobile Pay: All HSBC Credit Cards are available with Apple Pay, Google Pay, and Samsung Pay
MasterRental Coverage: Provides protection for physical damage and theft to most rental vehicles
Emergency Card Services: Mastercard Global Service® provides worldwide, 24-hour assistance with Lost and Stolen Card Reporting

Best Balance Transfer Card for Late Fee Forgiveness

Citi Simplicity® Card

Apply Now

On Citibank's Secure Website

Click Here To Apply Now

Welcome Bonus

N/A

Annual Fee

Regular APR

14.74% - 24.74% (Variable)

Credit Score

Excellent, Good (700 - 749)

Why We Picked It

The Citi Simplicity Card offers a very long intro APR offer for balance transfers, with the catch that each transfer incurs a 3% fee ($5 minimum). You'll also get a long intro APR offer on purchases. However, there is no rewards program nor any welcome bonus, making this truly a "simple" card for those looking to hold a balance interest-free for a long period of time.

Pros & Cons

No late fees
No penalty APR
No annual fee
Intro APR offer on purchases and balance transfers
Purchase protection

High regular APR
No rewards program

Card Details

No Late Fees, No Penalty Rate, and No Annual Fee… Ever
0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% – 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
The standard variable APR for Citi Flex Plan is 14.74% – 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.
Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges

Best for No Transfer Fee

Navy Federal Credit Union Platinum Credit Card *

Click Here To Learn More

Welcome Bonus

N/A

Annual Fee

Regular APR

5.99% - 18.00% Variable APR

Credit Score

Average to Excellent (650 - 699)

Why We Picked It

Many people skip credit union cards because they assume they won't qualify. Navy Federal might be easier to join than you realize, and the card doesn't charge a fee for balance transfers, making for a low cost balance transfer option.

Pros & Cons

No annual fee
No balance transfer fees
No foreign transaction fees
Low ongoing interest rates

No promotional interest rate on purchases
No rewards program
There are longer promotional APR periods available

Card Details

0% Intro APR on balance transfers for 12 months
No annual fee
No foreign transaction fee
No balance transfer fees
Zero Liability policy for unauthorized transactions
24/7 access to stateside member reps
Enjoy the ability to freeze and unfreeze your cards
Gain free access to your FICO® Score

Here's a Summary of the Best Balance Transfer Credit Cards

Credit Card

Citi® Double Cash Card

U.S. Bank Visa® Platinum Card

Citi® Diamond Preferred® Card

Wells Fargo Platinum card

Citi Rewards+® Card

HSBC Gold Mastercard® credit card

Citi Simplicity® Card

Navy Federal Credit Union Platinum Credit Card

Credit Card

Best For

Credit Score

Annual Fee

Welcome Bonus

Citi® Double Cash Card

Best Balance Transfer Card for Cash Back

Excellent, Good

None

U.S. Bank Visa® Platinum Card

Best Overall

Good/Excellent

$0*

N/A

Citi® Diamond Preferred® Card

Best Balance Transfer Card for Long Transfer Window

Excellent, Good

N/A

Wells Fargo Platinum card

Honorable Mention

Excellent/Good

N/A

Citi Rewards+® Card

Best Balance Transfer Card For Small Purchases

Excellent, Good

15,000 points

HSBC Gold Mastercard® credit card

Best Balance Transfer Card With Travel Perks

Good/Excellent

None

Citi Simplicity® Card

Best Balance Transfer Card for Late Fee Forgiveness

Excellent, Good

N/A

Navy Federal Credit Union Platinum Credit Card

Best for No Transfer Fee

Average to Excellent

N/A

Methodology

To find the best credit cards for balance transfers we looked across the spectrum of cards with 0% APR offers on shifting debt. Then, we selected the best cards for individual categories such as lack of penalty fees, length of the promotional period and no cost to carry the card.

The best cards were chosen based on what made them stand out from the pack. That said, what is best for the majority of people might not be right for you. Do your research before deciding which cards will best help you achieve your balance transfer goals.

Best Balance Transfer Credit Cards

The Citi Double Cash just so happens to come with a top-notch introductory 0% APR balance transfer offer. In addition, the card also offers a host of Citi perks including concierge services and the ability to combine your earnings with other Citibank rewards cards for a potential increase in value.

Annual Fee: $0

Balance Transfer Offer: Get 0% intro for 18 months on Balance Transfers, then a variable APR of 13.99% – 23.99% based on your creditworthiness.

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Other Benefits and Drawbacks: Unlike similar cards with balance transfer offers, the Citi Double Cash has staying power long past the end of the promotional period. You can earn a generous 2% cash back on all your purchases—1% when you make a purchase and another 1% when you pay the bill. Accumulate at least $25 and take those earnings as a check, redeem for a statement credit or have it deposited into an eligible checking or savings account.

Read the full Citi Double Cash review to learn more.

The U.S. Bank Visa® Platinum Card is Forbes Advisor’s top pick for a balance transfer card. When you’re looking to transfer a balance, the intro APR period should be the main event. And the offer on the U.S. Bank Platinum Visa is a standout. You’ll get a lengthy 0% introductory APR on eligible transfers. And, if you qualify for the lowest end of the APR range, it’s a card worth keeping even after the promotional APR expires.

Annual Fee: $0*

Balance Transfer Offer: 0% Intro APR for 20 billing cycles on balance transfers and purchases. After that, the APR will be 14.49% - 24.49%* (Variable).

Balance Transfer Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater

Other Benefits and Drawbacks: The card comes with another perk: cell phone insurance. When you pay your monthly bill with the U.S. Bank Visa Platinum, you’ll get coverage for damage or theft up to $600, with a $25 deductible, for up to two claims per 12-month period.

Read the full U.S. Bank Platinum Card review to learn more.

Most balance transfer cards require you to make your balance transfer within the first month or two of opening your account in order to qualify for their 0% APR offer. But the Citi® Diamond Preferred® Card has one of the most generous time periods of any card on the market, giving you a full four months from the date you open your account to transfer debt to the card.

Annual Fee: $0

Balance Transfer Offer: Get 0% Intro APR for 18 months from account opening on balance transfers, then a variable APR of 13.74% – 23.74% based on your creditworthiness.

Balance Transfer Fee: Balance transfer fee applies with this offer 3% of each balance transfer; $5 minimum.

Other Benefits and Drawbacks: The Citi Diamond Preferred doesn’t come with a lot of frills, but like most Citi cards, you’ll get access to the Citi Concierge and you can choose which day of the month for your payment due date. You’ll also get special event access through Citi Entertainment®

Read the full Citi Diamond Preferred Card review to learn more.

If you’re looking to pay less interest on your existing debt, the Wells Fargo Platinum card is a straightforward choice. It carries no annual fee and you’ll get a generous 0% introductory period to pay off your balance. There’s also a slew of travel perks and protections not typically found in a basic balance transfer card.

Annual Fee: $0

Balance Transfer Offer: Get 0% Intro APR for 18 months from account opening on qualifying balance transfers, then a variable APR of 16.49% – 24.49% based on your creditworthiness. A balance transfer request must be made within 120 days from account opening to qualify for the introductory APR.

Balance Transfer Fee: up to 5%; min: $5

Other Benefits and Drawbacks: Although there are no rewards with this card, it does come with some money-saving protections. You’ll get secondary car rental collision coverage when you use your card for auto rentals, roadside dispatch, travel accident insurance, travel and emergency assistance services and cell phone protection when you pay your monthly bill with the card.

Read the full Wells Fargo Platinum card to learn more.

If you want a card that you’re likely to use long after the intro APR period, the Citi Rewards+® Card could be a worthy addition to your wallet. The card earns 2 points per dollar spent at supermarkets and gas stations for the first $6,000 per year and 1 point per dollar spent on all other purchases. And, the card will automatically round up to the nearest 10 points on every purchase, potentially snagging you a few extra rewards on every purchase.

Annual Fee: $0

Balance Transfer Offer: Get 0% for 15 months on balance transfers. Transfers must be made within four months of account opening. After that, the APR will be 13.49% – 23.49% based on your creditworthiness.

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Other Benefits and Drawbacks: ThankYou points on this card are only worth half a cent when you redeem for cash or a statement credit and worth one cent when you redeem them for travel. You can also transfer your rewards to one of more than a dozen of Citi’s travel transfer partners for potentially increased value.

Read the full Citi Rewards+® Card review to learn more.

Beyond the intro offer, the HSBC Gold Mastercard comes with some solid perks for travelers not typically found on a card with no annual fee, including zero foreign transaction fees and car rental protections through Mastercard.

Annual Fee: $0

Balance Transfer Offer: Get 0.00% Intro APR for 18 months from account opening on balance transfers. Transfers must be made within 60 days of account opening. After that, the APR will be 13.99% – 23.99% based on your creditworthiness.

Balance Transfer Fee: Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check

Other Benefits and Drawbacks: If your payment is late, you’ll get to skip the late fee once every 12 months. Cardholders also get a discount on Mastercard Airport Concierge service and discounted offers to select golf courses across the country, plus access to events exclusive to Mastercard holders.

If you’re seeking a long runway to chip away at a balance, the Citi Simplicity® Card deserves a look. With no late fees or penalty fees, it’s a solid choice among balance transfer cards when you’re looking to shed debt with a side of extra flexibility.

Annual Fee: $0

Balance Transfer Offer: 0% intro APR for 18 months on purchases from date of account opening and 0% intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.

Balance Transfer Fee: Balance transfer fee applies with this offer 3% of each balance transfer; $5 minimum

Other Benefits and Drawbacks: The Citi Simplicity packs a nice punch of triple zeros: No annual fee, no penalty fees and no late fees. The card also comes with Citi perks including Citi Concierge service and the ability to bypass the endless phone prompt cycle to reach customer service by saying “representative”.

Read the full Citi Simplicity Card review to learn more.

If you qualify to join the Navy Federal credit union—a requirement to apply for the card—you’d be hard-pressed to find another card that offers both a generous 0% intro APR offer on balance transfers and a low ongoing APR that will carry you far beyond any introductory period. Plus, there are no balance transfer fees so it won’t cost you an up front fee to shift your debt to this card.

Annual Fee: $0

Balance Transfer Offer: 0% Intro APR for 12 months on balance transfers. After that, the APR will be 5.99% – 18% based on your creditworthiness.

Balance Transfer Fee: None

Other Benefits and Drawbacks: There are eligibility requirements for membership to Navy Federal Credit Union and you must join before applying for any Navy Federal credit card. That said, eligibility extends to more people than you would imagine since extended family members of veterans also qualify. If that’s not an issue, know that in addition to a sweet 0% introductory APR offer and a low ongoing APR, the card also offers rental car insurance, extended warranty service, travel and emergency assistance and cell phone insurance.

Frequently Asked Questions

What Is A Balance Transfer?

A balance transfer lets you save on existing high-interest debt by transferring your balance to a card with a lower interest rate or one with a 0% APR offer on balance transfers. Sometimes, there is a balance transfer fee to move debt from one card to another, typically between 3% to 5% of the amount being transferred.

This fee will add on to your debt load, so do the math before deciding to transfer your debt to another card. If the amount you’re paying in balance transfer fees is greater than what you’d save on interest by doing the transfer, then it’s probably not a good money move.

How Long Do Balance Transfers Take?

It typically takes anywhere from two to seven days for your transfer request to be completed, but it depends on the issuer of the card you’re seeking to transfer a balance to.

For example, American Express says it typically takes from five to seven days for a transfer from another bank to be completed but it could take as long as six weeks. Citibank says on its site it can take from two to 21 days and Chase says most transfers are complete within two weeks.

The exact time for your transfer will likely depend on both the bank you’re transferring the debt to and the bank you’re transferring the debt from.

How Does A Balance Transfer Card Work?

The main goal of a balance transfer is to save money on existing debt. A balance transfer card can save money by allowing you to transfer your debt to a new credit card ideally with a lower rate. Once you’ve transferred the debt, you’ll make payments to the new card. Ideally, you wouldn’t charge anything to your new balance transfer card so you can focus on paying down the balance.

Since most (but not all) credit cards come with balance transfer fees, it typically only makes sense to make this move if the new card has a lower interest rate than your existing debt or comes with a low promotional offer on the new card.

How Do You Transfer A Balance From One Credit Card To Another?

First, choose the card you want to transfer a balance to. If you’re applying for a new balance transfer card online, you’ll have the option to choose to transfer a balance to the new card during the application process. Otherwise, you can speak to an agent at the issuing bank for your new card to make the transfer.

Be sure to read the card’s fine print and understand the terms and conditions of the card you’re transferring a balance to. Things to look for include:

Is there a balance transfer fee?
How long are the terms of any introductory low or zero-APR offer?
What’s the card’s ongoing interest rate after the intro period expires?

Be aware that you won’t actually find out how much of a credit limit you’ll have on the new card until after you apply. This is important because you may not get approved for a line of credit as large as the amount you’re looking to transfer.

Does A Balance Transfer Affect Your Credit Score

A balance transfer can affect your credit score for two reasons. First, if you’re applying for a new card to transfer a balance to, the credit report an issuer pulls to determine whether or not to approve you can hurt your score.

Additionally, if you’re approved for the card and transfer an amount equal to the maximum credit limit on the new card, it will have an adverse effect on your overall debt-to-available-credit ratio, or credit utilization. In other words, if you max out the new card by doing a balance transfer, that isn’t good for your score either.

How Many Times Can You Balance Transfer From The Same Card?

The number of times you can transfer a balance from the same card will depend on both the offer on the card and how much of a credit limit you have. Most introductory balance transfer offers have a set period of time where you can make a balance transfer.

For example, if the card says it comes with a 0% APR offer on balance transfers made within 45 days of opening the account, you can make as many transfers as you like within 45 days, although you will likely have to pay a balance transfer fee each time you do so.

You also may bump up against your credit limit on the card, which would prevent you from making any more transfers.

Who Can Qualify For A Balance Transfer Card?

Balance transfer offers are typically reserved for those with good to excellent credit. There is a small handful of cards with low interest offers available to those with fair credit, although these are typically through credit unions which have different underwriting criteria then traditional banks. If you’re denied for a balance transfer card and thought your credit was strong enough to get approved, there are steps you can take, including working on improving your credit.

What Should I Look For In A Balance Transfer Card?

Ideally, you’ll search for a balance transfer card with low or no balance transfer fees to minimize the cost when you do a transfer. Also, you’ll need to choose a bank other than the one you’re looking to transfer debt from since banks won’t let you transfer debt from one of their cards to another. Finally, consider the length of your balance transfer. The longer it is, the more time you’ll have to pay off your debt before interest piles up.

Is There A Limit To How Much You Can Transfer?

Yes, but the limit is determined by the issuing bank and your creditworthiness. For example, Chase caps balance transfers at $15,000 within a 30-day limit. But there’s no guarantee on any card that you’ll get approved for a limit on a new card that high. If you’re only approved for, say, a $5,000 limit on a balance transfer card with any bank, then $5,000 is going to be the maximum amount of debt you can carry on the new card.

Also remember that any balance transfer fees will count as your limit and have to be factored in when doing a transfer. So, if you’re approved for a $5,000 credit limit but there’s a 5% balance transfer fee, you’ll only be able to transfer $4,750, since you’ll have to include a $237.50 balance transfer fee.

Other Credit Cards To Be Considered

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Robin Saks Frankel

Forbes Advisor Staff

Robin Saks Frankel is a credit cards and personal finance writer for Forbes Advisor. Previously, she covered credit cards and related content at other national web publications including NerdWallet, Bankrate and HerMoney. She's been featured as a personal finance expert in outlets including CNBC, Business Insider, CBS Marketplace, and has appeared on or contributed to Fox News, CBS Radio, ABC Radio, NPR, International Business Times and NBC, ABC and CBS TV affiliates nationwide. Follow her on Twitter at @robinsaks.

First Published: Jun 28, 2021, 3:22pm

The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This compensation comes from two main sources. First, we provide paid placements to advertisers to present their offers. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market. Second, we also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.

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