Best Balance Transfer Credit Cards in 2024

_{American Express is a several.com advertiser.}
 

Balance transfer credit cards can be a great solution to pull you out of the burden of high-interest rates when settling a credit card debt. The process allows you to transfer your credit card debt balance to another card with a lower or zero percent interest rate, allowing you to pay down debt more quickly with much less interest money.

Most balance transfer credit cards charge no annual fees and an introductory zero percent APR period, but that comes at the expense of the hefty rewards you would otherwise earn with cash back or rewards credit cards.

Before you go ahead and choose a balance transfer credit card, there are a few factors you should consider and a few questions to ask yourself.
 

What to Consider?

The first thing you should consider is your credit score. Your credit score needs to be good or excellent to qualify for balance transfer credit cards. The credit company takes a risk by allowing you to transfer your debt balance to their card, and they would want to be sure that you can pay your bills on time.

Speaking of on-time payments, understanding your financial history and income is another factor you should consider when looking for balance transfer credit cards. If you have a steady income, even with an average or good credit score, you could still be eligible for a balance transfer credit card because the credit company will be sure you will pay your dues on time.

Lastly, your best credit card choice depends on your interests and card usage. If your main aim is to lower your debt and pay it faster, then a balance transfer credit card with zero annual fees and a 0% introductory APR is your best choice.
 

Approaches to Follow

After considering these factors, we recommend you perform the following approaches before settling for a balance transfer credit card.

Work out when you want to transfer your balance.

The timing of your balance transfer is crucial. Most balance transfer credit cards offer an introductory zero percent APR period, but you might be limited with performing the balance transfer usually within the first 60 days.
 

Do the math.

You must do your math before opting for any balance transfer credit card. It's best to know how much exactly you will need to pay each month to settle your credit debt on the new card, including any transfer fees.
 

Know your fees.

You should also know how much your new credit card charges for annual and foreign transaction fees, especially if you frequently travel internationally.
 

Know your penalties.

You should also know what to expect if you miss a payment. You may be charged a fee, or your introductory 0% APR will vanish.
 

Know your rewards.

The best reward your balance transfer credit card could offer is a faster and cheaper way to settle your debt. However, if you are looking for point bonuses and other rewards, you may encounter an annual fee that you need to be ready for. You should also note that transferring your balance will not earn you any point rewards.
 

Look for budgeting and debt tools.

Most of the top balance transfer credit cards provide you with budgeting and debt management tools, which allow you to view your credit score and provide you with real-time alerts when a payment is near its due.
 

Common Balance Transfer Credit Card Features

Now that you know what to do when looking for a balance transfer credit card, let us show you the features and perks you should expect to find, so you know what you need when you make your choice.

Foreign transaction fees

If you are a frequent international traveler, we recommend looking out for foreign transaction fees, which is usually 3%. Some credit cards offer zero foreign transaction fees, making them a more suitable option for international travelers.
 

Transferring balances to the same company

Some credit card issuers like Chase usually do not allow you to transfer a balance to a different card from the same company. So you may want to look for another company to open your new card to transfer your balance.
 

Balance transfer fee

This fee is what you pay for transferring your balance from one card to another, it often ranges from 3% to 5%, but some credit cards waive that fee for an introductory period.
 

0% APR on purchases and/or balance transfers

You may also encounter credit cards that offer a zero percent APR period on balance transfers and purchases. Be sure to read the fine print; however, in some cases, balance transfers need to be processed in the first 60 days to have zero percent APR applied to them.
 

Annual fee

The annual fee is what cardholders are charged every year to keep their accounts open. Usually, the annual fee is waived for the first year for cards that offer generous rewards, but they are less common with cards that provide a low or zero percent APR introductory period.
 

Automatic payments

This is perhaps the most important perk, where you get to set up how much you need to pay each month, and have the amount be paid automatically, so you do not miss a payment and settle your debt faster.
 

Free FICO scores

Getting a card that offers free FICO scores will help you keep track of your credit score, these cards that offer free FICO scores sometimes also provide you with real-time alerts when suspicious activity is detected on your card.
 

Best Balance Transfer Credit Cards in 2023

Now that you know what to expect when looking for balance transfer credit cards, let us present you with our top recommendations for balance transfer credit cards in 2023.
 

1. Chase Slate Edge^SM

The Chase Slate Edge^SM card is one of the best balance transfer credit cards to help you quickly and easily settle your credit debt. It offers a 0% introductory APR for 18 months, and then it ranges between 15.24% - 23.99%. You will be charged 3% for the balance transfer fee in the first 60 days and after that 5%.

The Chase Slate Edge^SM card offers a great aid to cardholders if they spend $1,000 by their card's anniversary and pay their monthly statements on time; they earn a 2% APR reduction. Moreover, you also receive helpful financial tools like Chase's Credit Journey and My Chase Plan, which will help you manage your money and savings. 

The Chase Slate Edge will also help you get a credit line increase if you spend at least $500 in the first six months. A credit line increase will help you earn a better credit score as it improves your credit utilization ratio or rate. A higher credit score will eventually earn you lower interest rates for credit cards, auto loans, mortgages, and insurance.

Terms and conditions apply.
 

2. Citi Cards

• Citi^® Diamond Preferred^®

The Citi^® Diamond Preferred^® card offers the most lengthy introductory zero percent APR periods. You get an introductory zero percent APR for new purchases for 12 months, and for balance transfers, you get 21 months! Do note, however, to enjoy this lengthy zero percent APR on balance transfer, you will need to perform your balance transfer in the first four months of account opening.

After the introductory period, the APR will range from 13.74% - to 23.74%. The Citi^® Diamond Preferred^® Card also charges no annual fees for its cardholders but charges a balance transfer fee of 5%, with a minimum balance of 5%.

Moreover, the Citi^® Diamond Preferred^® gifts you with presale tickets and VIP packages to concerts, entertainment, and sporting events through Citi Entertainment.

The Citi^® Diamond Preferred^® charges 3% on foreign transaction fees, making it a less desirable option for frequent international travelers.

Terms and conditions apply.

• Citi Rewards+^® Card

The Citi Rewards+^® Card allows you to enjoy a 0% APR introductory period for 15 months; after that, the APR will vary between 13.49% - 23.49%. The balance transfer fee for the first four months of account opening is 3% and 5% after that.

Its highlight feature is its Round Up program, which earns you bonus points with every purchase, and rounds up to the next $10.

The Citi Rewards+^® Card earns you 2X points for every dollar spent at supermarkets and gas stations, up to $60,000, then 1X point, and 1X point on all other purchases. It also offers 10% redemption points on your first 100,000 ThankYou^® Points each year, so whenever you redeem your points through the ThankYou^® Rewards portal, you get 10% of your points back, so you do not start from scratch again.

Reward redeeming options include travel rewards, gift cards, and discounts at amazon.com and Best Buy.

Terms and conditions apply.

American Express

While American Express does not offer credit cards for the sole purpose of doing balance transfers, it has a few credit cards that offer an introductory 0% APR on balance transfers. Some of these cards are:
 

Blue Cash Everyday^® Card from American Express

• The Blue Cash Everyday® Card from American Express offers cardholders 0% intro APR on purchases for 15 months then 18.99% - 29.99% Variable.
   
• This card also offers $0 on its Buy Now, Pay Later Plan It^® fees on plans created within the first 15 months of account opening. After that period, plan fees will reach up to 1.33% of each purchase amount.
• The Blue Cash Everyday^® Card offers 3% cash back rewards at U.S supermarkets, on up to $6,000 per year in eligible purchases, then 1%.
  • You also get to earn 3% cash back at U.S gas stations.
  • 1% cash back on other eligible purchases.
     
• The Blue Cash Everyday^® Card provides you with Car Rental Loss and Damage Insurance.
  • To receive this benefit, you will need to reserve and purchase your entire rental with the card and decline the collision damage waiver at the Rental Company counter.
     
  • _{Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply.}
  • _{Please visit americanexpress.com/benefitsguide for more details.}
  • _{Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.}
  • _{All information about Blue Cash Everyday® has been collected independently by Several.com.}

• The Blue Cash Everyday^® card offers you exclusive access to ticket presales and card-member-only events. Visit americanexpress.com/entertainment for more information.
   
• You also get exclusive additional services which include:
  • Fraud Protection
  • Amex Send & Split
  • Year-End Summary
  • Pay It Plan It
  • Additional family cards

Terms and conditions apply.

_{All information about Blue Cash Everyday® has been collected independently by Several.com.}

Cash Magnet^® Card from American Express

• This card has a 0% intro APR for 15 months on purchases and balance transfers from the date of account opening. After that, it has an APR of 14.74% to 24.74% Variable.

Terms and conditions apply.

_{All information about Blue Cash Everyday® has been collected independently by Several.com.}

Mastercard^® Titanium Card^™

• This card offers a promo period of a 0% introductory APR on balance transfers for the first 15 billing cycles of account opening. Billing cycles with Mastercard can be anywhere between 28 to 31 days. You must note that you need to complete your balance transfer within 45 days of account opening.
   
• The card imposes balance transfer fees of $5 or 3% of the total amount transferred, typically the greater of the two amounts.
   
• After the 0% APR intro period expires, any balance left will be subject to an ongoing APR of 14.99% (variable).
   
• This card has an annual fee of $195.

Terms and conditions apply.

Final Thoughts

As you go ahead with choosing the balance transfer card that suits you most, we recommend you do not cancel your old credit card as it may hurt your credit score. So to resist the temptation of rewards, instead of canceling, just put it away until you are entirely out of debt and set up a budget plan for settling your debt.

Moreover, we also recommend you set up automatic payments to make sure you never miss a payment and face the consequences, which could include a higher interest rate or extra fees. You could also pay multiple times in a single month if you can afford it so that you can settle your debt even quicker.

A balance transfer could also take up to 10 days to be finalized, so in that period, make sure you still pay your original card balance.

_{Disclaimer: Several.com may receive a commission from card issuers.
This article includes the author's opinions, reviews, and analyses alone that have not been reviewed, endorsed, or approved by any of these entities. Please note that the information regarding each card's offer is believed to be accurate as of the date it was written and as card offers change regularly; reasonable efforts are made to maintain accurate information.}