13 Best Balance Transfer Cards With 0% APR Of June 2024 (2024)

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When evaluating the best balance transfer and low-interest cards, we consider a mix of factors, including how cards score in ourproprietary card rating systemand whether cards offer features that fit the priorities of a diverse group of cardholders.

This includes users who need to carry a balance long term, need as much time as possible to chip away at debt or are looking for maximum long-term value via rewards.

Here’s a quick look at how our rating methodology breaks down for balance transfer cards:

• Intro APR and offer length for balance transfers45%

• Balance transfer, annual and other fees22%

• Intro APR and offer length for new purchases18%

• Ongoing APR15%

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on its introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more to determine whether it belonged in this month’s roundup

Here are some of the key factors that we considered:

A balance transfer card lets you move a balance from one credit card to another. In some cases, you can transfer more than just credit card debt to a balance transfer card, such as personal loans.

Balance transfer cards typically come with an introductory 0 percent APR offer for a set period (typically 12 to 21 months), during which you won’t be charged interest on your transferred balance. This interest-free period allows you to pay off debt more efficiently, since your payments will go toward your principal balance instead of interest charges.

When the intro APR period ends, interest applies to any remaining balance at the end of each billing cycle like a regular credit card. The average intro APR period is 12 to 21 months, with many of the best balance transfer intro periods offering 18 to 21 months.

The amount of time it takes for a balance to transfer from one credit card to another will vary by issuer. The process typically takes five to seven days, but some credit card companies may take up to six weeks to complete balance transfers. Others may take as little as two days. You will typically receive an estimated turnaround time from your card provider in advance. Also, if your new card issuer approves your balance transfer request, it must coordinate the transfer with your current card issuer, which could cause potential delays.

Learn more:How long does a balance transfer take?

Balance transfer terms to know

• Balance transfer fee: In exchange for letting you transfer a balance, the new card typically charges a balance transfer fee. This fee is usually 3 percent to 5 percent of the balance you’re transferring, with a minimum of $5.
• Intro APR offer: This is the time period, usually lasting 12 to 18 months, in which you will not have interest applied to your balance.
• Transfer window: Some balance transfer cards require you to transfer a balance within a designated timeframe to qualify for the intro offer. Common transfer windows are 60 to 120 days.
• Ongoing APR: This interest rate is what applies to any remaining balance you have after the intro period ends. The current average interest rate is about 20 percent.

Dig deeper:What is a balance transfer, and is it a good idea for debt?

• Initiate your balance transfer immediately: Most cards require you to transfer your credit card balance within a set period of time to be eligible for the intro APR offer. Plus, the sooner you transfer the balance, the sooner interest stops accruing on that debt.
• Keep up with payments until your transfer is complete: You don’t want to run the risk of seriously hurting your credit by missing a payment, since payment history is the most significant factor affecting your credit score. Until you have confirmation from your previous issuer that your card balance is zero, keep up with payments on your card to protect your credit.
• Create a payoff strategy: The best way to maximize the value of your balance transfer card is to make sure you pay off your transferred balance within the intro APR period. This allows you to avoid interest charges and provides a clear timeline for you to pay down your debt.
• Don’t miss a payment: Missing a payment on your balance transfer card could void your intro offer, so nailing down a payment plan and sticking to it is crucial to maximizing the offer. You must pay at least the minimum due.

Here’s how a Bankrate expert chose her balance transfer card

When Bankrate writer Seychelle Thomas chose a balance transfer card to help her pay off debt, she prioritized one card detail over others: the 0 percent intro APR length on her transfer.

When I was trying to pay off credit card debt as a freelancer two years ago, I compared balance transfer options and chose to go with the Citi Simplicity® Card. My main priority was finding the longest intro APR period. The Citi Simplicity beat most other options and made it easy for me to pay down my balance on schedule without destroying my fluctuating budget at the time.

Keeping fees to a minimum was next on my list, because every little bit counts when you're paying off debt. When I compared it to the Citi® Diamond Preferred® Card (a card with a similar offer) I noticed that the Citi Simplicity had no late fees, a lower balance transfer fee as an intro offer and no penalty APR rate. That was a no-brainer for me.

The only other advantages of the Diamond Preferred were the FICO score access and Citi Entertainment, but I didn't find them valuable because I had other cards that offered similar features.

— Seychelle Thomas, Writer, Credit Cards

Learn more:How to choose a balance transfer credit card

Bankrate keeps a pulse on how people react to the latest trends in the credit card world and breaks down how everyone can best prepare their finances for these market changes.

The current bulk of online and social media conversation revolves around optimizing credit card reward and sign-up bonus strategies like usual, but inflation rates, snowballing card balances and sky-high APRs certainly seems to affect the discussion around balance transfer cards.

In the face of a tougher economic landscape, driven in part by inflation and Federal Reserve rate increases in 2023, issuers may be tightening credit card approval requirements.

According to Bankrate’s proprietary data, approval rates for balance transfer cards decreased overall for applicants in the back half of 2023 — regardless of credit score. Among Bankrate users who applied for a balance transfer card, approval rates fell 17 percent from August to December 2023.

Although your approval odds for a card depend on your credit profile, these trends suggest that getting your hands on a balance transfer card may be harder now than it once was.

Here’s how balance transfer credit card approval rates for Bankrate users declined in the last few months of 2023.

How much money could you save with a 0% balance transfer?

A 0 percent intro APR offer could save you several hundred dollars if you're paying down a large balance.

Experian’s most recent data shows that the average credit card balance reached $6,501 in the third quarter of 2023. We’ve set up a scenario based on this average, where you would transfer a credit card balance of $6,501 based on the following conditions:

• Balance transfer fee: You would pay the 3 percent to 5 percent balance transfer fee upfront.
• Intro offer: You would pay off the $6,501 balance within the intro offer period for each card.
• Interest and savings: We calculate potential savings with each card by comparing how much interest you would pay on your current card at 20 percent APR (approximately the current average interest rate), minus the balance transfer fee.

In the news: Americans are choosing fun over savings

Ask the experts: What is the biggest mistake people make with balance transfers?