0 Balance Transfer Credit Card Offers

Furthermore, many of the best credit cards for balance transfers are not limited to serving as “balance transfer cards” exclusively. A considerable number of these cards also provide bonuses and rewards that can continue to put money back in your pocket long after the 0% introductory period has expired.Here are some of our selections for the best 0% balance transfer and 0% APR credit cards, complete with their NerdWallet ratings:

1. Discover it® Balance Transfer

NerdWallet rating: 4.9/5

Intro APR: 0% on purchases for 6 months and 0% on balance transfers for 18 months

Regular APR: 17.24%-28.24% variable

Rewards rate: 1%-5% cashback

2. Citi Simplicity® Card

NerdWallet rating: 4.5/5

Intro APR: 0% for 21 months on balance transfers and 12 months on purchases

Regular APR: 19.24%-29.99% variable

Rewards rate: N/A

3. Wells Fargo Reflect® Card

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NerdWallet rating: 4.5/5

Intro APR: 0% for 21 months on purchases and qualifying balance transfers

Regular APR: 18.24%, 24.74%, or 29.99% variable

Rewards rate: N/A

4. Chase Freedom Unlimited®

NerdWallet rating: 5.0/5

Intro APR: 0% for 15 months on purchases and balance transfers

Regular APR: 20.49%-29.24% variable

Rewards rate: 1.5%-5% cashback

5. Citi® Double Cash Card

NerdWallet rating: 4.6/5

Intro APR: 0% on balance transfers for 18 months

Regular APR: 19.24%-29.24% variable

Rewards rate: 1%-2% cashback

These credit cards offer a range of features, from extended 0% periods to cashback rewards, making them versatile options for managing your credit and debt.

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Wells Fargo Active Cash® CardNerdWallet rating:

5.0/5Intro APR: 0% on purchases for 15 months from account opening and 0% on balance transfers for 15 months from account opening on qualifying balance transfers

Regular APR: 20.24%, 25.24%, or 29.99% variableRewards rate: 2% cashback

U.S. Bank Visa® Platinum Card

NerdWallet rating: 4.5/5Intro APR: 0% for 18 billing cycles on purchases and balance transfers

Regular APR: 18.74%-29.74% variable

Rewards rate: N/A

Bank of America® Unlimited Cash Rewards credit card

NerdWallet rating: 4.6/5Intro APR: 0% on purchases for 15 billing cycles and 0% on balance transfers for 15 billing cycles for any balance transfers made in the first 60 days

Regular APR: 18.24%-28.24% variable

Rewards rate: 1.5% cashback

Chase Slate Edge℠NerdWallet rating: 4.8/5Intro APR: 0% for 18 months on purchases and balance transfers

Regular APR: 20.49%-29.24% variable

Rewards rate: N/A

Chase Freedom Flex℠NerdWallet rating: 5.0/5Intro APR: 0% on purchases and balance transfers for 15 months

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Regular APR: 20.49%-29.24% variable

Rewards rate: 1%-5% cashback

Citi® Diamond Preferred® Card

NerdWallet rating: 4.4/5Intro APR: 0% on balance transfers for 21 months and 0% on purchases for 12 months

Regular APR: 18.24%-28.99% variable

Rewards rate: N/ABank of America® Travel Rewards credit cardNerd

Wallet rating: 3.8/5Intro APR: 0% on purchases for 15 billing cycles and 0% on balance transfers for 15 billing cycles for any balance transfers made in the first 60 days

Regular APR: 18.24%-28.24% variable

Rewards rate: 1.5x points

Top Choices for Balance Transfer Credit Cards

When it comes to choosing a credit card that can help you manage your debt or make substantial purchases, it’s crucial to consider factors like introductory APR, rewards, and the recommended credit score. We’ve done the research and have come up with some top picks for you.

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1. U.S. Bank Visa® Platinum Card

Our Rating: 4.5/5-

Intro APR: Enjoy a 0% introductory APR for a whopping 18 billing cycles on both purchases and balance transfers.

Regular APR: After the introductory period, the variable APR ranges from 18.74% to 29.74%.

Rewards: This card doesn’t offer cashback or rewards, but it’s an excellent choice for those with a credit score of 690-850 (Good to Excellent).

2. Chase Slate Edge℠

Our Rating: 4.8/5

Intro APR: Benefit from a 0% introductory APR for 18 months on both purchases and balance transfers.

Regular APR: After the introductory period, the variable APR ranges from 20.49% to 29.24%.

Rewards: Like the U.S. Bank Visa® Platinum Card, this card doesn’t offer rewards but is ideal for those with a credit score of 690-850 (Good to Excellent).

3. Bank of America® Unlimited Cash Rewards Credit Card

Our Rating: 4.6/5

Intro APR: Enjoy a 0% introductory APR on purchases for 15 billing cycles and on balance transfers for 15 billing cycles for any transfers made in the first 60 days.

Regular APR: The variable APR ranges from 18.24% to 28.24%.

Rewards: Earn a flat 1.5% cashback rate, making it a fantastic choice for those with a credit score of 690-850 (Good to Excellent).

4. Citi® Diamond Preferred® Card

Our Rating: 4.4/5-

Intro APR: Get a 0% introductory APR for 21 months on balance transfers and 12 months on purchases.

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Regular APR: The variable APR ranges from 18.24% to 28.99%.

Rewards: This card doesn’t offer rewards, but it’s an excellent choice for those with a credit score of 690-850 (Good to Excellent).

5. Bank of America® Travel Rewards Credit Card

Our Rating: 3.8/5

Intro APR: Benefit from a 0% introductory APR on purchases for 15 billing cycles and on balance transfers for 15 billing cycles for any transfers made in the first 60 days.

Regular APR: The variable APR ranges from 18.24% to 28.24%.

Rewards: Earn 1.5x points, making it a great choice for those with a credit score of 690-850 (Good to Excellent).

More Excellent Choices

BankAmericard® Credit Card: With one of the longest 0% introductory APR periods available, this card provides ample time to manage your debt or finance big purchases.

Wells Fargo Reflect® Card: Boasting one of the longest 0% intro APR periods on the market, this card offers nearly two years of interest-free promotion for both purchases and balance transfers.

Citi Simplicity® Card: With an excellent 0% intro APR period on balance transfers and no annual fee, late fees, or penalty APRs, this card offers straightforward debt management.

Discover it® Balance Transfer: Apart from its generous introductory APR period, this card stands out with ongoing cash-back rewards, making it a great long-term choice.

Citi® Double Cash Card: Offering 2% cash back on all purchases, this card is a top choice for flat-rate cash back, despite not having an introductory APR period.

Wells Fargo Active Cash® Card: This card earns 2% cash back on all purchases, along with a generous introductory APR on both purchases and balance transfers, all with no annual fee.

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Chase Freedom Unlimited®: With bonus rewards on travel, dining, and drugstore purchases, this card complements its 0% introductory APR period, making it a great choice for various spending categories.Before you apply, make sure to confirm all the details on the issuer’s website to make an informed decision.

Selecting the right credit card can greatly impact your financial situation, so take the time to consider your needs and credit score to make the best choice for your unique circumstances.Chase Freedom Flex℠Our Top Pick for 0% Balance Transfers and Purchases, Plus Bonus Cash Back

When it comes to versatile credit cards, the Chase Freedom Flex℠ takes the spotlight. This card offers bonus cash back in quarterly categories that you can activate. It’s not just limited to that; you also earn extra cash back on travel booked through Chase, at restaurants, and at drugstores. While category activation can be a minor hassle, the rewards can be substantial, especially if your spending aligns with these categories. New cardholders can look forward to a fantastic bonus offer and a 0% introductory APR period. For more details, check out our in-depth review.

Understanding 0% Balance Transfers

What is a 0% balance transfer?

A 0% balance transfer is a clever financial move where you shift debt from a high-interest credit card to a new one offering a lower interest rate, preferably one with a 0% introductory period. Essentially, you’re using one card to pay off another. The real advantage is that with reduced interest, you have more funds available to tackle your debt swiftly.

How much can you save with a 0% balance transfer?

The savings from a balance transfer can be substantial, but it hinges on a few factors:

Interest Savings: When you transfer your debt to a card with a 0% introductory APR for balance transfers, you’re essentially saving money on interest. These savings can add up to hundreds or even thousands of dollars, depending on your debt amount.

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For example, the average household with revolving credit card debt, as per NerdWallet’s American Household Credit Card Debt Study in June 2022, had around $5,944 in such debt. Let’s say you had a similar amount on a card with a 17% APR, and you aimed to pay it off over 18 months. If you left the debt on the 17% card, you’d end up paying roughly $800 in interest over those 18 months.If you transferred the debt to a card with a 0% intro APR for 18 months, you’d pay zero interest. Moreover, if you used the money that would have gone toward interest to pay down the balance, you’d become debt-free a couple of months earlier.

Balance Transfer Fee: It’s important to note that most cards with promotional 0% APR periods also come with balance transfer fees, usually ranging from 3% to 5% of the transferred amount. Some cards, however, waive these fees or offer a grace period where they are not charged initially. Before making a transfer, calculate whether the savings on interest will outweigh the transfer fee.

For instance, in the example above, a 3% fee on a $6,741 transfer equates to a bit over $200, while a 5% fee would be approximately $340. If you’re saving $900 in interest, then the fee is well worth it. However, if you planned to pay off the debt in just six months instead of 18, the transfer would save you only about $330 in interest. In this case, a 3% fee would largely negate your savings, and a 5% fee would actually cost you more.

To assess your potential savings from a balance transfer, consider four primary factors:

1. Debt Amount

2. Current Interest Rate on That Debt

3. Balance Transfer Fee

4. Duration of the 0% Period on the New Card

You can input these details into NerdWallet’s balance transfer calculator to get an estimate of how much you could save through a balance transfer.

How to Execute a 0% Balance Transfer

If the math favors a balance transfer for you, here’s what you should do:

1. Apply for a 0% Balance Transfer Card: Cards with introductory 0% APR offers usually provide a limited window (often around 60 days) after opening your account to avail of this offer. Ensure your credit score is good to qualify for a balance transfer card.

2. Check for Balance Transfer Restrictions: Be aware that most issuers don’t allow you to transfer debt from one of their cards to another. For instance, you can’t transfer a balance from one Chase card to another. Ensure you apply for a card from a different bank than the one holding your existing debt.

3. Request the Transfer: Depending on the card, you can request a balance transfer through your online account dashboard or the issuer’s mobile app. Alternatively, you might have to call the customer service number on the back of your new card.

4. Provide Required Information: You’ll need the account number of the debt you wish to transfer and the amount you want to move. Approval for the full amount or a part of it depends on the credit limit of your new card and the issuer’s policies.

5. Keep Paying Old Card: The transfer doesn’t occur instantly, and it might take days or even weeks. Continue paying at least the minimum on your old card until your old card account shows that the debt has been moved. Avoid late fees and potential credit score damage.

6. Monitor Your Accounts: Watch the old card’s debt being paid off and appearing on the new card. Now, start working on paying it down.

7. Retain the Old Card: Cutting up your old card and canceling the account might be tempting, but remember that closing a paid-off credit card can negatively affect your credit score. If the card doesn’t charge an annual fee, it’s usually better to keep it open.

Pros and Cons of a 0% Balance Transfer Card

Pros:-

Faster Debt Payoff: A balance transfer card allows you to pay off your debt more quickly. Use the interest savings to reduce your balance and escape debt.

Streamlined Finances: If you’re managing multiple payments and due dates, consolidating your debt into one lower-interest monthly payment can simplify your finances.

Cons:-

Potential Backfire: If you fail to pay off your debt within the 0% period, you might end up paying interest at an even higher rate than your previous card when the introductory period expires.

Balance Transfer Fee: Most cards come with a balance transfer fee, which can be significant, particularly for larger transfers.

Credit Score Requirement: Qualifying for a balance transfer card typically necessitates good to excellent credit. Repeated credit card applications can also negatively impact your credit score.

Transfer Limits: The new card’s issuer may restrict the amount you can transfer. You might be allowed to transfer only a portion of your debt.Comparing 0% Balance Transfer Cards

Before you choose a 0% balance transfer card, follow these steps:

1. Qualification: Make sure you qualify. Most 0% balance transfer cards require good or excellent credit, typically around a score of 690 or higher.

2. Check Current Debt Issuer: Note that you usually can’t transfer balances among cards from the same bank. This is crucial to prevent acquiring a card you can’t use. Exercise caution, especially with store-branded credit cards that may not clearly indicate the issuing bank.

3. Evaluate 0% APR Periods: Longer 0% APR periods are better as they give you more time to pay down your debt without incurring interest. Keep in mind that longer periods may come with higher transfer fees.

4. Review Transfer Fees: Transfer fees usually range from 3% to 5% on most credit cards, equating to $30 to $50 for every $1,000 transferred. A few cards don’t charge transfer fees or waive them initially, but they are rare and often require excellent credit. Cards without transfer fees also tend to have shorter 0% APR periods.

5. Avoid Annual Fees: A good balance transfer card shouldn’t have an annual fee. While some rewards cards offer 0% introductory periods, they are not the best choice for debt consolidation as their rewards and annual fees can undermine your debt repayment efforts.

Getting the Most from Your 0% Balance Transfer Card

To maximize the benefits of your 0% balance transfer credit card, consider these strategies:

Use the Card Only for Debt: Balance transfer cards that save you the most during debt repayment usually do not offer the best rewards. It’s advisable to use one card for repaying debt over time and another for making new purchases, which you can pay off immediately.

Track Introductory Period End Dates: Be aware that the introductory 0% APR period on your card has an expiration date. In most cases, a $0 transfer fee is available for a limited time. Ensure you transfer your debt and pay it off within these periods to avoid interest and fees.

Make Timely Payments: Late payments can cause your card’s 0% balance transfer APR to disappear. Promotional terms are often voided if your account isn’t in good standing. Avoid late fees and a potentially high penalty interest rate by setting up automatic payments.

Create a Debt Payoff Plan: Assess your debt and determine a strategy for becoming debt-free. Calculate how much extra money you can allocate to paying off your credit card debt each month and track your progress as you chip away at the balance.

Alternatives to a 0% Balance Transfer

If a balance transfer card isn’t suitable for your situation, there are other approaches to tackle your debt:

1. Pay More than the Minimum Due: The minimum monthly payment is often insufficient to make significant progress in paying off your debt. To see substantial interest savings, pay more than the minimum, reducing the principal balance.

2. Use a Debt Payment Calculator: These calculators illustrate potential interest savings by paying down your credit card balance without transferring. Input your balance and select an interest rate, and see how much you could save by reducing the balance by 5% to 50%.

3. Inquire About a Lower Interest Rate: If your credit score has improved since you opened the account, consider asking your issuer to lower your interest rate. You may get a reduction, or your account may be transferred to a card with a lower rate.

4. Consider a Personal Loan: A personal loan can be an effective tool for managing high-interest debt. Personal loans are offered by banks, credit unions, and online lenders. Some loans meant for debt consolidation can be paid directly to your creditors, simplifying the process.Remember that a personal loan makes sense only if its interest rate is lower than what you were paying on your credit card debt. Shop around for the best terms, and keep in mind that credit unions often offer competitive rates, although you may need to become a member to apply. Certain online lenders may charge origination fees, similar to balance transfer cards, which may have balance transfer fees. Ensure you evaluate all the terms before committing to a card.