Balance Transfer Cards: How They Work
A balance transfer card can pause the interest on credit card debt for a year or more, which helps you pay it off faster. Here's how they work, what they cost, how to calculate if one is worth it, and the mistakes to avoid.
By Pond.com editors Updated 2 min read
Quick answer
- A balance transfer moves debt from one card to a new card with a low or 0% introductory interest rate.
- Intro periods often last from about 12 to 21 months.
- Most cards charge a transfer fee, often 3% to 5% of the amount moved.
- Divide the balance plus the fee by the months in the intro period to see your monthly payment target.
- You usually need good credit to qualify, and new purchases may not get the 0% rate.
Credit card interest makes debt hard to escape, because so much of each payment goes to interest instead of the balance. A balance transfer card can pause that interest for a while, so every payment goes further. Used with a plan, it can save hundreds or thousands of dollars.
This article is general information, not financial advice.
No-annual-fee cards with the longest 0% intro periods on balance transfers, ordered by how long the 0% lasts.
| Provider | Intro APR on transfers | Transfer fee | Regular APR | Details |
|---|---|---|---|---|
| Citi Diamond Preferred Card, opens in a new tab Also 0% on purchases for 12 months. | 0% for 21 months | 3% (min $5) in the first 4 months, then 5% | 16.74%–27.49% variable | Also 0% on purchases for 12 months. Visit site Citi Diamond Preferred Card, opens in a new tab |
| Chase Slate, opens in a new tab Also 0% on purchases for 21 months. | 0% for 21 months | 5% (min $5) | 18.49%–28.49% variable | Also 0% on purchases for 21 months. Visit site Chase Slate, opens in a new tab |
| U.S. Bank Shield Visa Card, opens in a new tab Also 0% on purchases for 21 billing cycles. | 0% for 21 billing cycles | 5% (min $5) | 17.24%–28.24% variable | Also 0% on purchases for 21 billing cycles. Visit site U.S. Bank Shield Visa Card, opens in a new tab |
| Wells Fargo Reflect Card, opens in a new tab Transfers must be made within 120 days. Also 0% on purchases for 21 months. | 0% for 21 months | 5% (min $5) | 17.74%, 24.24% or 28.49% variable | Transfers must be made within 120 days. Also 0% on purchases for 21 months. Visit site Wells Fargo Reflect Card, opens in a new tab |
| Citi Double Cash Card, opens in a new tab Also earns 2% cash back on purchases (not on transferred balances). | 0% for 18 months | 3% (min $5) in the first 4 months, then 5% | 18.49%–28.74% variable | Also earns 2% cash back on purchases (not on transferred balances). Visit site Citi Double Cash Card, opens in a new tab |
| Citi Simplicity Card, opens in a new tab No late fees or penalty APR. Also 0% on purchases for 18 months. | 0% for 18 months | 3% (min $5) in the first 4 months, then 5% | 17.74%–28.49% variable | No late fees or penalty APR. Also 0% on purchases for 18 months. Visit site Citi Simplicity Card, opens in a new tab |
How we chose these
We included no-annual-fee cards from major US issuers with a 0% intro APR on balance transfers of at least 18 months. Cards are ordered by the length of the 0% period, longest first, then by the lower transfer fee, then by name. We check the issuer's own page and independent card reviews; the terms you're offered depend on your credit. Pond.com isn't paid by any card issuer listed here.
All cards listed have no annual fee. The regular APR applies to any balance left when the intro period ends; you'll get a rate within the range based on your credit. Transfers usually must be made within a set time after opening the account, and you can't transfer a balance between cards from the same bank.
For information only, not a recommendation. Rates and terms change often and may depend on where you live; check the details with the provider before you apply. Pond.com isn't paid by any provider listed here.
How a balance transfer works
- You apply for a card with a 0% or low introductory APR on balance transfers.
- Once approved, you ask the new issuer to pay off your old card's balance, up to your new credit limit.
- The debt moves to the new card, usually with a transfer fee added.
- You pay it down during the intro period without interest building up.
- When the intro period ends, any remaining balance starts charging the regular APR.
Is it worth it? Do the math
Say you owe $5,000 at 24% APR.
- Transfer fee of 3%: $150, so your new balance is $5,150.
- Intro period: 18 months at 0%.
- Monthly payment to clear it: $5,150 ÷ 18 ≈ $287.
Paying $287 a month on the original card at 24% would take about 22 months and cost roughly $1,200 in interest. The transfer saves most of that, as long as you stick to the plan.
How long will your card take to pay off? See your payoff date and total interest, or the payment you need. Open calculatorWho qualifies
The best offers usually require good to excellent credit. Your new credit limit may be lower than the amount you want to move. Use preapproval tools to check your odds without a hard inquiry.
Mistakes to avoid
- Adding new purchases. On many cards, purchases don't get the 0% rate, and payments may go to the 0% balance first.
- Missing a payment, which can end the promotional rate early and add a late fee.
- Only paying the minimum, which leaves a large balance when the regular APR kicks in.
- Running the old card back up. Keep it open for your credit history, but put it away.
Alternatives
- Debt consolidation loan with a fixed rate and term; see debt consolidation: is it a good idea?
- Debt snowball or avalanche on your current cards; see debt snowball vs avalanche
- Nonprofit credit counseling and a debt management plan
Common questions
Applying for a new card causes a hard inquiry and lowers your average account age, which may dip your score slightly. Over time, paying down the debt and lowering your overall balance usually helps your score more.
Usually not. Most issuers don't allow transfers between their own cards, so you'll need a card from a different issuer.
Any remaining balance starts charging the card's regular APR, which is often high. Plan to pay off the full amount before the promotion ends.