How does a balance transfer work?

You apply for a new credit card with a 0% intro APR offer, then request to transfer your existing balance from another card to the new one. The new card pays off your old card, and you owe the new card instead — but at 0% interest for the promotional period (typically 12–21 months). A transfer fee of 3–5% is usually charged upfront.

How much can I save with a balance transfer?

On a $5,000 balance at a typical 22% APR, you'd pay about $1,100 in interest per year. Transferring to a 0% card with a 3% fee costs just $150 — saving you $950+ in the first year alone. The larger your balance and the higher your current APR, the more you save.

Does a balance transfer hurt my credit score?

Applying for a new card triggers a hard inquiry (5–10 point temporary dip). However, a balance transfer can actually help your score over time by lowering your credit utilization ratio — you'll have more total available credit. Paying down the balance consistently further improves your score.

What happens when the 0% intro APR expires?

The card's regular variable APR kicks in — typically 17–29% depending on your creditworthiness. Any remaining balance starts accruing interest at the ongoing rate. This is why it's critical to pay off as much as possible during the 0% period. Create a monthly payment plan before transferring.

Can I transfer a balance from the same bank?

Generally no. Most issuers don't allow balance transfers between their own cards. For example, you can't transfer a Chase balance to another Chase card. You need to transfer to a card from a different issuer (e.g., Chase to Citi, or Citi to Wells Fargo).

How does a balance transfer work?

You apply for a new credit card with a 0% intro APR offer, then request to transfer your existing balance from another card to the new one. The new card pays off your old card, and you owe the new card instead — but at 0% interest for the promotional period (typically 12–21 months). A transfer fee of 3–5% is usually charged upfront.

How much can I save with a balance transfer?

On a $5,000 balance at a typical 22% APR, you'd pay about $1,100 in interest per year. Transferring to a 0% card with a 3% fee costs just $150 — saving you $950+ in the first year alone. The larger your balance and the higher your current APR, the more you save.

Does a balance transfer hurt my credit score?

Applying for a new card triggers a hard inquiry (5–10 point temporary dip). However, a balance transfer can actually help your score over time by lowering your credit utilization ratio — you'll have more total available credit. Paying down the balance consistently further improves your score.

What happens when the 0% intro APR expires?

The card's regular variable APR kicks in — typically 17–29% depending on your creditworthiness. Any remaining balance starts accruing interest at the ongoing rate. This is why it's critical to pay off as much as possible during the 0% period. Create a monthly payment plan before transferring.

Can I transfer a balance from the same bank?

Generally no. Most issuers don't allow balance transfers between their own cards. For example, you can't transfer a Chase balance to another Chase card. You need to transfer to a card from a different issuer (e.g., Chase to Citi, or Citi to Wells Fargo).

Balance Transfer Cards

6 Best Balance Transfer Cards of 2026

Stop paying 22%+ interest on credit card debt. These cards offer 0% intro APR for up to 21 months, giving you breathing room to pay down your balance without accruing interest.

Updated April 2026Editorially IndependentExpert Reviewed

21 Mo

Longest 0% APR

Lowest Transfer Fee

$950+

Avg. Interest Saved (yr 1)

Annual Fee (all picks)

No rewards program, no sign-up bonus, limited perks beyond the APR benefit

Side-by-Side Comparison

Feature	Citi Simplicity®	Wells Fargo Reflect®	BankAmericard®	Freedom Unlimited®
0% Intro APR Period	21 monthsBest	Up to 21 mo	18 months	15 months
Balance Transfer Fee	3%Best	5%	3%	3%
Annual Fee	$0	$0	$0	$0
Rewards	None	None	None	1.5–5%Best
Sign-Up Bonus	None	None	None	$200Best
Ongoing APR	18.24%+	17.24%+	16.24%+Best	20.24%+

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How to Make the Most of a Balance Transfer

A balance transfer only saves money if you have a plan. Follow these steps to pay off your debt before the 0% period ends.

Calculate your monthly payment target

Divide your total balance by the number of 0% months to find your monthly payoff target. For a $6,000 balance on an 18-month 0% card, that's $334/month to be debt-free before interest kicks in.

Set up autopay immediately

Missing a payment can void your 0% intro APR and trigger a penalty rate of 29.99%. Set up autopay for at least the minimum payment, then make additional manual payments.

Don't add new purchases to the card

Using a balance transfer card for new purchases complicates payoff. New purchases may not receive the 0% rate and payments are typically applied to the lowest-APR balance first.

Have a Plan B for the remaining balance

If you can't pay it all off in time, look into a second balance transfer before the intro period ends, or consider a personal loan with a fixed rate to avoid the high ongoing APR.