Best Balance Transfer Credit Cards of December 2022

Balance transfer credit cards are a great way to save money while you pay off debt. These types of credit cards offer a low introductory APR -- the best balance transfer credit cards even start with an intro 0% APR. Pay off your balance before the intro period ends, and you can avoid interest fees entirely. On our list of the best balance transfer credit cards, you'll find top choices that offer the longest intro periods and the fewest fees.

Savvy consumers use credit card balance transfer offers to refinance or consolidate credit card debt. And when used correctly, the best balance transfer credit cards can save you hundreds of dollars in interest. To get the best results with these credit cards, it helps to understand how balance transfers work.

Balance transfer credit cards are cards that can receive balance transfers -- a feature not offered by all credit cards. A balance transfer is moving a balance from one account to another. Once you've completed a balance transfer, the original account is paid off, and you make payments on the account that received the transfer.

You're essentially using the balance transfer card to pay off your debt. The best balance transfer credit cards come with a 0% introductory APR -- similar to 0% intro APR credit cards -- on a qualifying balance transfer. This means that you won't pay credit card interest on the balance transferred for the intro period, which can be anywhere from a few months to 20 or more billing cycles. After the introductory APR ends, the card issuer will start charging the card's regular variable APR on any remaining balance. Paying off your balance quickly will help you avoid getting an interest charge when the intro APR period ends.

The type of debt you can transfer depends on your balance transfer card. Sometimes a card issuer will only let you transfer credit card balances, whereas others let you transfer all kinds of debt. Consumers typically use balance transfer cards for credit card debt.

The total amount of the transfer plus any transfer fees must be less than the balance transfer card's credit limit. If it isn't, you'll find your balance transfer denied. You can't transfer a balance between two cards from the same card issuer, either. A balance transfer from a Chase credit card to a Citi credit card is fine, but a transfer between two Chase credit cards wouldn't be allowed.

A balance transfer fee is a fee charged for moving a balance onto a new credit card. The balance transfer fee is charged by the balance transfer card (the card that receives the balance). It's typically between 3% and 5%.

The balance transfer fee is charged as a percentage of the amount transferred and typically added to your overall credit card balance. For example, if you transfer $1,000 to a credit card with a 3% balance transfer fee, you'll be charged a $30 balance transfer fee. Your new balance on the balance transfer card will be $1,030.

Here are a few steps on how to do a balance transfers:

1. Search for one of the best balance transfer credit cards. Try to find a card with a long enough intro period so that you'll be able to pay off your debt within that time frame.
2. Open the card and transfer the balance. You'll need the credit card number of the card with the balance as well as the amount to transfer. Most card issuers let you transfer balances online. So you'll log in to the account for your balance transfer card and look for the balance transfer option. Alternatively, you can call the credit card company and do the balance transfer by phone.
3. Make your payments. You're still required to make payments on the original card until the balance transfer is processed. You'll know that has happened once the original card balance changes. From this point on, you'll make payments on the balance transfer card.

How to do a balance transfer with Chase

Balance transfers with Chase can be completed by logging into your Chase account and doing the following:

1. Click "Transfer a balance." You can find this option in multiple locations. On the Account Summary page, it will be underneath the balance transfer card's available credit. On the credit card's page, it will be available in the "Things you can do" drop-down menu.
2. Select a balance transfer offer. Chase will list any balance transfer offers available for the card you chose. Click on the offer you want, and then click "Next."
3. Enter the required information. You'll need to provide the full card number for the credit card with the balance and the balance transfer amount.
4. Submit the balance transfer.

How to do a balance transfer with Discover

Balance transfers with Discover can be done by going to your online Discover account and following these steps:

1. Click "Balance Transfers." There's a "Manage" option at the top of your account page, and underneath, you'll find the "Balance Transfers" link.
2. Select a balance transfer offer. Depending on which Discover credit cards you have, there may be multiple balance transfer offers available to you.
3. Fill out the form. Discover will ask you for the balance transfer amount and the credit card number of the card with the balance.
4. Submit the balance transfer.

How to do a balance transfer with Wells Fargo

Balance transfers with Wells Fargo are available through your online Wells Fargo account when you follow these steps:

1. Click "Request Balance Transfer." To find this option, place the cursor over "Accounts" and look under the "Manage Cards" heading.
2. Select a balance transfer offer. The offers available will depend on which Wells Fargo credit cards you have.
3. Complete the balance transfer form. Wells Fargo asks for the creditor name, credit card number, and transfer amount.
4. Submit the balance transfer.

Comparing credit cards is all about saving the most money, and choosing one of the best balance transfer credit cards can save you big.

Here are the steps to compare balance transfer offers:

1. Check the length of the offers. Most of the best credit card balance transfer deals have 0% intro APRs, so you can compare them by how long their intro offers last. If you need as much time as possible to pay off debt, pick the card with the longest 0% intro APR.
2. See which cards have balance transfer fees. Free balance transfer credit cards help you avoid extra fees, but they may not have the longest 0% intro offers. You'll need to calculate whether you'll pay less with a longer intro offer or by not paying balance transfer fees. Use our balance transfer calculator to see how much you could save with a balance transfer.
3. Use other features as a tiebreaker. You may find that multiple balance transfer credit cards are dead even. In that case, you can choose one based on other features the cards offer, such as cash rewards or a welcome bonus. For example, the Citi® Double Cash Card – 18 month BT offer is one of the best balance transfer credit cards and one of the best cash rewards credit cards.

Avoiding other fees, such as an annual fee or late fee, is also smart. The Citi Simplicity® Card card doesn't charge a late fee, although you should avoid making late payments as you can lose your 0% intro APR offer. None of the cards on this list charge an annual fee. You should avoid cards with an annual fee, as it can eat into any savings you get from the introductory APR.

To learn more about how to pick the best balance transfer credit card, check out the video below.

Balance transfers can hurt and help your credit. When you use a balance transfer card, it affects three factors used to calculate your credit score:

• New credit (10% of your FICO® Score): The credit card application will cause a hard credit inquiry, which negatively affects the new credit category. It's not a serious issue, though, as most consumers only see their FICO® Scores drop five points or less from a hard inquiry.
• Length of credit account history (15% of your FICO® Score): A new credit card causes your average length of credit account history to decrease, and this can hurt your credit.
• Credit utilization (30% of your FICO® Score): Your new balance transfer card's credit limit will increase your total credit, causing your credit utilization to go down. That's good for your credit score. But your credit utilization on each individual card is also important. If you end up with high credit utilization on the balance transfer card, then that could have a negative impact.

Although your credit score may or may not drop after a balance transfer, it will likely go up as you pay down your credit card debt. After all, building a positive payment history is one of the best ways to rebuild credit. And a balance transfer credit card allows you to do that faster while also saving on interest.

It's important to consider the benefits and drawbacks of doing a balance transfer with a balance transfer credit card. While the best balance transfer credit cards can save you hundreds in interest, they can also end up costing you.

A balance transfer credit card is a good idea if:

• You want a lower interest rate. The biggest perk of 0% intro APR balance transfer credit cards is how much money they can save you. If you have credit card debt that you'll be paying off over six months or longer, then a balance transfer could lead to big savings.
• You want to consolidate debt. When you have debt spread out across multiple credit cards, it can be difficult to manage. A balance transfer card allows you to consolidate debt so you only need to make one payment per month.
• You're trying to boost your credit score. Credit card debt often results in a high credit utilization ratio, a factor that has a big impact on your credit score. Since opening a balance transfer card adds to your total credit, it will lower your credit utilization. That balance transfer could save you money and raise your credit score.

A balance transfer credit card is not a good idea if:

• You don't have a plan to pay off your debt. A balance transfer only helps if you take advantage of the opportunity by paying off as much debt as possible before the intro APR period ends, and you don't overspend now that your debt isn't costing you any interest. Otherwise, you could reach the end of the intro period with the same amount of debt or more.
• You have subpar credit. To qualify for the top balance transfer credit cards, you'll typically need good credit. If your credit is bad or average, it's a good idea to focus on building your credit. That way you don't need to settle for a subpar balance transfer card.
• You could pay off existing credit card debt within a few months. When you're this close to paying off your debt, it's usually better to stick with your current credit card. A balance transfer fee could wipe out anything you'd save on interest. Even if it's a balance transfer credit card with no fee, the credit card application will still take time and cause a small dip in your credit score.

If you're not sure that a balance transfer credit card is the best option for you, consider these alternatives:

Personal loans for debt consolidation

By paying your debts with a personal loan, you'll have a fixed loan term, payment amount, and interest rate. Consolidating debt is a great way to ensure you can afford your monthly payments and get your debt paid off in full. Even though debt consolidation loans don't offer 0% intro APRs, you can find personal loans with low interest rates. You also won't need to worry about the APR going up like it does with balance transfer cards at the end of the intro period.

Home equity loans/home equity lines of credit

Since a home equity loan or a home equity line of credit (HELOC) uses your home as collateral, they tend to offer some of the lowest interest rates you can find. Either is an affordable way to pay off debt, but you will need equity in your home to qualify. The fact that your home is the collateral also adds to your risk.

Nonprofit credit counseling agencies

When you work with a credit counseling agency, it can give you advice on how to budget and pay back your debts. A credit counseling agency can also negotiate a debt management plan with your creditors. This option can be especially helpful if your credit isn't the best, as it's hard to find balance transfer credit cards for bad credit.

Negotiating your credit card debt

Credit card companies are often willing to negotiate your credit card debt with you if you're having trouble making your monthly payments. Some might even have low interest credit cards you can consider. Many offer hardship plans that can reduce your card's interest rate, fees, or minimum payment amount. Even if your card issuer doesn't, you may still be able to negotiate any of those items.