Things to Know About Balance Transfer Credit Cards
- Credit cards with 0% APR introductory periods typically require applicants to have good or excellent credit. Even then, you might not receive a sufficient credit line to transfer all of your outstanding balances.
- You can’t transfer balances between two cards issued by the same bank or credit union. That’s because these offers are designed to attract new customers, and banks don’t want to lose out on interest payments owed by existing account holders.
- To get the most out of a credit card with an interest-free balance transfer offer, you should always try to pay off your entire balance before the promotional financing expires.
- You should never rely on an interest-free balance transfer offer to postpone repayment of your balances. You also shouldn’t count on perpetually avoiding paying interest by receiving additional 0% APR balance transfer offers in the future.
How We Evaluated
I’ve been writing about credit cards, travel rewards, and consumer credit since 2008. As the market for balance transfer credit cards is constantly changing, I looked at the latest offers from all of the major credit card issuers.
When selecting a balance transfer credit card, key factors include the duration of 0% APR financing and the balance transfer fee. You might also want to consider the regular APR, which will apply after the promotional rate ends. While less important in this instance, we also looked at rewards earned from spending and any bonuses offered to new applicants.
Please note: The offers mentioned above are subject to change at any time and some may no longer be available.
Reviewed has partnered with CardRatings for our coverage of credit card products. Reviewed and CardRatings may receive a commission from card issuers.
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Meet the tester
Jason Steele has been writing about credit and credit cards for over 10 years, giving insight and advice on family travel, loyalty programs, and destinations in outlets such as Business Insider, Forbes, Smarter Travel, and The Points Guy. He is also the founder of Card Con, a conference that brings together writers and bloggers in the credit card and consumer credit industries.
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