Please note that this page devoted to whether or not it’s smart to transfer a credit card balance is outdated and maintained for archival purposes only.

However, consumer comments below are still relevant and new consumer reviews (by folks like you) are still encouraged. You can view our current 0% introductory offers here.

Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc.

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So, you have a credit card with a balance, and you find that you are paying a good bit of interest every month. What are your options? Well, you can take the easy do-nothing approach and keep the balance with that card and continue paying that interest rate. That is the easiest option.

You can look around and see what kind of balance transfer card offers exist and see about applying for a new credit card and transferring your balance to a card with a lower interest rate. You can find deals for 0% APR balance transfer for up to 21 months, or you can find something like 4.99% for a longer period of time (compare offers and apply online- must have good credit). Which option is better for you depends on your own personal situation and preference.

Whatever circumstances you currently are facing or may be facing down the road, here at BestPrepaidDebitCards.com, we would like to help. Take a look at our balance transfer card information below to see if one of the cards listed can help you in your interest savings goals.

If you have Good or Excellent credit and would like to view some ad additional cards, please click on the link above or below. If you are looking to build your credit, take a look at our Best Secured Credit Building Cards page.

Consumer Tips on How to Save Money with a 0% Balance Transfer

How do you choose the right balance transfer card? If you want to really hammer down on your credit card balance in the short term and save your hard-earned money from interest payments, you may want to look at the 0% APR balance transfer options. If you have a longer term horizon and want to keep your interest rate fixed at a low rate, you may find a card with 4.99% for 48 months may be more to your liking.

Each person shopping for a card has their own unique wants and needs in a credit card. We hope to help point you in the right direction and help you find the best credit card to transfer your current balance(s) over and begin paying them down while reducing your interest payment.

General Tips on What to Look For in Your Next Credit Card:

Here are some other items to look for that may be important in your selection of a credit card that best fits your needs (whether a balance transfer offer or not).

Annual Fee:

 Does the card have an annual fee? If so, is it held back for a while, or is it refunded if a certain spending threshold has been met? Or, it’s even better if there is “No Annual Fee” (but still has the other features and rewards you are looking for, of course.)

Most cards do not carry an annual fee. Typically, cards with certain rewards such as airline miles or special concierge features may carry an annual fee. Look for some great reward cards, if you are in the market for an airline miles card or another type of reward card

Interest Rate:

What is the annual APR of the card? The lower the better if you carry a balance. Usually, the higher your credit score, the better APR you may qualify for. This can help substantially if you are carrying balances on credit cards and in large loans such as mortgages.

Rewards:

There are cards for all of those different savings or rewards plans. There are some great travel cards out there that will help you save on planned vacations. The cash back cards can offer you a return over time that can really pay off the more you use your card. Watch out for special deals in areas that you can get bonus % cash back for certain spending categories such as cash, groceries and restaurants.

What types of penalties and fees are there on the card?

This could be something to look into. Although not much fun, it never hurts to look at the fine print. We do try to take some of that off your plate via our editorial reviews and star ratings. If you want to look at the detailed fees and features, check out the card’s “Terms & Conditions” page; it will typically show the most current data on fees, interest rates and penalties.

Each person shopping for a card has their own unique wants and needs in a credit card. We hope to help point you in the right direction and help you find the best credit card for your needs. Whether it is a balance transfer card or a rewards card or another type of card, we would like to be a part of your research process through this site

How do you define a credit card balance transfer?

Most everyone in today’s world carries some sort of credit card debt.  And with all of this debt piling up, the credit card companies have figured out a way to “win your debt over to them”.  What we mean by this is credit card companies will offer you 0% Interest APR for so many months in order to Transfer your Debt Balance over to their card.  In other words, a credit card balance transfer is the transfer of outstanding debt on a credit card account to an account held by another credit card company.

Example of how it can be smart to transfer a card balance 

Lets say you currently have $10,000 in debt on a credit card.  And your current interest rate is 18% APR.  If you paid the minimum monthly payment of $50 for 18 months your total interest charges would be close to $3,000.  Now paying this additional interest would not be something I would be happy about.  Luckily there is something smart you can do about it.

So you see a commercial or an advertisement of 0% APR Balance Transfer for 18 Months (Promotional Period).  Now is your opportunity to stop getting charged interest on the $10,000 in debt you currently have.  Go to the company or their website and open an account for the 0% APR Balance Transfer Card they advertised about.  There you will be able to open the account and transfer your outstanding balance of $10,000 to the new card with 0% APR for 18 Months.

At this point you have transferred $10,000 worth of debt that you could have been paying close to $3,000 of interest on over the next 18 months to a new card with 0% Interest APR.  This saves you from paying the roughly $3,000 in interest on your old card that you could have been paying if you would have left your debt where it was. 

But instead for the next 18 months you get to pay off the $10,000 in debt without accruing interest.  Although most of these types of Balance Transfer Offers come with Transfer Fees.  So be cognizant of what you are signing yourself up for.

Summary: Is it Smart to Do a Balance Transfer?

With the amount of debt piling up today, balance transfer credit cards can be a good way to relieve you from interest payments temporarily.  With the proper money management skills and being diligent about paying off debt we find most balance transfer to be a smart way to manage your debt.

Just remember balance transfers can be good if you properly manage your debt.  We recommend comparing offers online before you apply. These offers can help you pay your debt down gradually or pay your debt off completely.  However, do NOT use these to acquire more debt that you will not be able to pay off!

Written by Shane Tripcony

BestPrepaidDebitCards.com was launched in March of 2013 by co-founders Curtis Arnold and Shane Tripcony, former CTO of CardRatings.com and a consumer advocate for many years that has been interviewed by various media outlets.

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Consumer Opinions of Whether it’s Smart to Transfer a Balance:

Please leave your rating and/or review below to help empower other consumers!

Other Related Resources:

Ratings of 0% Teaser Rate Credit Cards

*Disclaimer: BestPrepaidDebitCards.com is an independently owned and operated, advertising-supported financial product comparison service. Many of the credit card offers that appear on linked sites are from companies from which BestPrepaidDebitCards.com receives compensation.

Please note that this page devoted to expert opinions of 0% APR credit cards is outdated and maintained for archival purposes only.

However, consumer comments below are still relevant and new consumer reviews (by folks like you) are still encouraged. You can view our current best in class 0% transfer offers here.

Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc.

Unlike almost all card comparison sites that only list cards that advertise with them, 95% of the cards on our site don’t pay us a dime. This site is powered by consumers like you!

If you just started 2017 with a bit of a debt hangover and are looking for some great suggestions on where to transfer that irksome high balance on your credit card or cards, we just published our top picks for 0% balance transfer cards.

It’s easy to fall into the trap of using credit cards more than you should. Getting laid off or facing a health care emergency can easily result in owing thousands of dollars on credit cards that are charging high-interest rates.

Getting out of that debt can be tricky, but there are tricks you can play, too. One of the most common is to transfer your credit card balance to a new card that offers 0% interest for a period.

When you make payments during this period, your entire payment is applied to the principle and you can pay off your debt much faster. Credit card issuers have made it pretty easy to transfer balances and you can start the process quickly and easily by comparing and applying for 0% APR cards online.

Amex EveryDay® Credit Card- Expert Opinon

This card is the best in class for a very simple reason. While its 15-month 0% period is nice, it’s the utter lack of a balance transfer fee that makes this card the best option for those that qualify.

If you qualify, and if you can pay off your balance transfer in 15 months, you can end up paying zero in fees and zero interest. That’s almost unheard of, so if you qualify, this is certain to be your best bet.

Tips Before you Transfer!

There are two things you need to keep in mind when you think about the best balance transfer cards. The credit card companies have to make their money somehow, so cards with long 0% periods often have high fees.

Also, in our expert opinion, you have to honestly assess your ability to pay off your balance during the 0% period. If you do not pay off your balance within the 0% period, you can face additional fees or accrued interest.

The key to successfully executing a balance transfer is in the preparation. You should take these steps to ensure everything goes according to plan.

You’ll want to identify the balances and cards you want to transfer. There is generally a limited time during which you can transfer balances and deadlines have a way of whooshing by if you’re not paying attention. Take some time to look at your credit card balances to identify which ones you’re looking to transfer.

Find the total and keep that number in mind when you’re looking at balance transfer cards.  Also, note your payment due dates and realize that it can take up to 14-17 days before the transfer actually occurs.

It pays off to consider the payment due date when initiating the transfer as you may be able to save a month of interest if you can get the transfer to occur before the next payment is due.  The balance transfer is typically counted as a payment on the current credit card. Pointers:

• Figure out how much you can pay per month. 0% APR balance transfers often include a line in the fine print that says interest will accumulate during the promotional period and will be applied if the balance isn’t paid off. This can be hugely expensive and can completely destroy whatever benefits you get from transferring balances so it’s very important to know how much you can pay per month.
• Check your credit score. This will help greatly when determining which offers to apply for in our expert opinion. A credit score of 720-750 will generally qualify you for cards indicating that excellent credit is required.
• Consider the impact of transferring a balance on your credit score. It will likely lower your credit rating in the short term. That will be more than balanced with an improvement that comes once the balance is paid off, but if you need the highest credit score possible in the short term, you might want to delay the transfer balance until that’s no longer the case.
• Figure out how high a limit you can get on a new card. If you haven’t applied for a card recently, you’ll have no way of knowing this, but if you apply online, you can get an answer pretty quickly. If you’re offered a limit that doesn’t quite cover the balance you need to transfer, contact the bank, explain the situation, and ask for a slight increase. Banks are often very receptive in these situations.

If you’re approved for a limit that doesn’t come close to covering the balance you’re looking to transfer, you might have to apply for a second card. It’s not ideal, but you can make it work as long as you can make both payments every month.

Use a balance transfer savings calculator to determine which offer is the best for you. Cards generally have a balance transfer fee and some have regular annual fees you need to take into account. The devil is often in the details so use an online balance transfer savings calculator to get the best bang for your buck.

Consider going another route. Balance transfer credit cards are a great tool and will generally enable you to pay off your debts with the lowest possible interest rate. That’s great for some people, but others like the predictability of a single monthly payment and a specified end date. If that’s you, consider contacting your bank about a debt-consolidation loan.

Don’t try to transfer balances between cards held by the same bank. Banks offer special rates on balance transfers because they are trying to get more business. Transferring balances from one card to another at the same bank doesn’t get the bank any new business so they don’t allow it.

That said, the name of the issuing bank isn’t always obvious. Read the fine print on the back of the card and you should find the name of the issuing bank. If you have good reason to continue to do business with a particular bank, consider calling their customer service line and explaining the situation. You won’t get a 0% interest rate, but you might well get a reduction that can make a big difference.

Once you’re approved for the new card, get the balance completed as quickly as possible. Not only are you better off paying a lower rate sooner, most balance transfer cards have a balance transfer period of 60 or 90 days beyond which they won’t accept balance transfers. Do it immediately so you don’t forget.

After the 0% APR Balance Transfers- Expert Opinion:

• Planning is often the easy part. Executing the plan can be difficult. It requires careful attention every day for months on end, and that’s difficult even for the best of us. Here’s what you need to remember:
• Make your payment on time every month. This one is obvious and is probably the easiest to remember to do. We mention it because it’s incredibly important.
• If you are late making a payment, you will likely lose the promotional 0% interest rate and you might incur a penalty rate in the neighborhood of 30% that makes it massively harder to pay off the principle. Most credit cards offer the chance to automate your payments. Do it. 
• Don’t use your balance transfer cards for new purchases if you can avoid it. New purchases will accrue interest, even during the promotional 0% interest period, and that will make paying off the balance before the end of the promotional period much harder.
• There are some cards that offer 0% APR on BOTH balance transfers and purchases for a set time.  Consider one of those cards if a larger expense is on the horizon.

Similarly, don’t use your balance transfer card to get cash advances. Not only are cash advances going to get charged an interest rate, there is often a fee associated with them. Cash advances are the worst of both worlds.

Keep your balance transfer card at home, or cut it up entirely. You want to do everything possible not to add a further balance to your balance transfer card until the balance is paid off.  Some people even freeze their credit cards in a block of ice.  That makes it just that much harder for that impulse purchase.

Don’t close your old accounts. This might seem like odd advice, but part of your credit score is based on something called a credit utilization ratio. That’s the percent of available credit you’re using. Having more credit that you’re not using will raise your credit score.

Pay extra when you can. If you get extra hours at work, a holiday bonus, or if your roommate finally pays you back, consider spending part—or all—of your windfall to pay down your debt. You’re probably tired of hearing that “every little bit helps,” but the reason you hear it so often is because it’s true.

When you’re trying to pay down debt, you should be trying to do as much as possible to avoid paying interest. Paying more and paying earlier will always be helpful.

We’ve done some of the research for you and here are some of the best balance transfer cards we found on the market today. That said, this is an industry where change is constant and quick so you’re reading this after the publication date, you’ll want to verify everything yourself before you sign anything.

Amex EveryDay® Credit Card- 0% APR 

This card is the best in class for a very simple reason. While its 15-month 0% period is nice, it’s the utter lack of a balance transfer fee that makes this card the best option for those that qualify.

If you qualify, and if you can pay off your balance transfer in 15 months, you can end up paying zero in fees and zero interest. That’s almost unheard of, so if you qualify, this is certain to be your best bet.

Click here for more information and apply online at our partner site to enjoy 15 months at 0% APR for balances transferred with low balance transfer fees.

Long-Term Balance Transfer Cards

The best-in-class card has the highest eligibility requirements and we can’t all meet those, so here are some cards for the rest of us.

Blue Cash Everyday® Card from AmEx- Expert Opinion

The Blue Cash Everyday® Card from American Express offers a 0% APR on balance transfers for the first 15 months. There is a fee of 3% per transfer, and a 60-day deadline to complete balance transfers.

Wells Fargo Platinum Visa® Credit Card

The Wells Fargo Platinum Visa offers a 0% balance transfer period of 18 months and no annual fee. The balance transfer fee is 3% and is available for the full 18 months, after which there is a balance transfer fee of 5%.

This card ranks highly in part because there are additional benefits for those trying to improve their credit. They make it easy to get your credit score online, and they have a suite of tools that make it easier to make smart financial decisions.

Santander Sphere® Credit Card

The Santander Sphere® Credit Card offers a 0% APR for 18 months on balance transfers with a 4% balance transfer fee that is lower than most. The regular purchase APR can be as low as 13.99% for those with excellent credit, but that interest will apply immediately.

This card is only available to customers in certain states: CT, DC, DE, ME, MD, MA, NH, NJ, NY, PA, RI, or VT.

Discover it Card 0% APR

The Discover it card offers a 0% APR for 14 months and a low APR of 13.49% after the promotional period with a 3% balance transfer fee.

The 0% APR also applies to new purchases made within the 14-month promotional period so if you’re looking for a card that’s good for a balance transfer while also being available for emergencies, this is a good candidate.

Discover also offers cash back rewards that make this card a good candidate to keep once your balance transfer is paid off.

Capital One® Quicksilver® Cash Rewards Credit Card

The Capital One® Quicksilver® Cash Rewards Credit Card offers a 0% balance transfer period of 15 months and no annual fee. The balance transfer fee is 3% and applies for the full 15 months.

There are a number of benefits for continued use of this card after you pay off your balance transfer, but we don’t mention them here because they involve adding to your balance and that’s not what you’re looking for.

Chase Freedom®

The Chase Freedom® card offers a 0% APR on balance transfers for 15 months with a 5% fee. The 0% APR also applies to new purchases made within the first 15 months so if there’s a card to keep in your wallet for emergencies, this is the one.

There are additional cashback features of this card that make it one you’ll want to consider keeping once your balance is paid off.

Chase Freedom Unlimited®

Unsurprisingly, the Chase Freedom Unlimited® card is much like the Chase Freedom® card. It offers a 0% APR on balance transfers and new purchases for 15 months with no annual fee.

The difference is in the cashback rewards. While the Chase Freedom® card offers cash back, there is a limit, and there’s a calendar that limits cash back to particular kinds of purchases. With the Chase Freedom Unlimited® card, you earn 1.5% cash back on every purchase with no cap.

BB&T Bright® Card

Our expert opinion of this 0% card from BB&T-

The Bright® Card offers a 0% APR promotional rate for 15 months that applies to both balance transfers and new purchases making it a good candidate to keep around for emergencies. There is a balance transfer fee of 3% which is lower than most cards.

This card offers several travel-centered benefits, so if travel is your passion, this card is a good one to keep after your balance is paid off.

SunTrust Prime Rewards Credit Card

Our expert opinion of this 0% card from SunTrust-

The SunTrust Prime Rewards Credit Card doesn’t offer a 0% APR promotional period. Instead, it offers a 36-month promotional period during which you’ll be charged the Prime Rate. The Prime Rate is the lowest rate at which the best commercial companies can borrow money from the biggest banks. Other than 0% promotional rates, you just can’t get rates lower than the Prime Rate. It is currently 5.0% but is subject to change.

If you do not think you are going to be able to pay off your balance transfer within the 15-18 month periods offered by other credit cards, this is a deal you should probably consider. The Prime Rate, while variable, is always going to be the lowest rate going. As a general rule, consumers don’t ever get to borrow money at the Prime Rate. Banks make their money by borrowing at (or near) the Prime Rate and lending out at higher than the Prime Rate.

Simmons Bank Visa® Platinum

The Simmons Bank Visa® Platinum card does not offer a promotional period with a low APR. Instead, it offers a permanent APR that is based on the Prime Rate that is much lower than you will find elsewhere.

As of this writing, the APR is 10.00%. That’s calculated by taking the Prime Rate and adding 5%.

There is no balance transfer fee and as there is no promotional period, this is an excellent choice for those with large balances they’re looking to reduce. You won’t be able to avoid interest, but a 10% APR is dramatically lower than most commercial cards.

Getting out of debt can be a long, complicated process, and balance transfer cards are often one of your best options. Whatever your situation, we wish you the best and we hope we have been able to answer the question –

Written by Shane Tripcony

BestPrepaidDebitCards.com was launched in March of 2013 by co-founders Curtis Arnold and Shane Tripcony, former CTO of CardRatings.com and a consumer advocate for many years that has been interviewed by various media outlets.

Consumer (Not Expert) Ratings of 0% APR Credit Cards:

Please leave your rating and/or review below to help empower other consumers!

Other Related Resources:

Ratings of 0% Teaser Rate Credit Cards