Team Clark spent hours reviewing the market for the best balance transfer credit cards and put them to the test using Clark’s guidelines. We considered factors including annual fees, length of introductory APR periods and the balance transfer fees.
This article was updated in January 2024 and I review it every month. Detailed notes on all updates can be found here.
Best Balance Transfer Credit Cards Available Right Now
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Navy Federal Platinum Credit Card
Balance Transfer Period: 12 Months
Balance Transfer Rate: 0.99%
Variable APR: 11.24% to 18.00% (based on creditworthiness and will vary with the market based on the U.S. Prime Rate)
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Citi Double Cash® Card
Balance Transfer Period: 18 months
Balance Transfer Rate: 0%
Variable APR: 19.24% – 29.24%
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U.S. Bank Visa® Platinum Card
Balance Transfer Period: 21 months
Balance Transfer Rate: 0%
Variable APR: 18.74% to 29.74% based on your creditworthiness
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Citi® Diamond Preferred® Card
Balance Transfer Period: 21 months
Variable APR: 18.24% – 28.99%
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Citi Simplicity® Card
Balance Transfer Period: intro APR for 21 months on Balance Transfer
Balance Transfer Rate: 0%
Variable APR: 19.24% – 29.99%
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Discover it® Cash Back
Balance Transfer Period: 15 months
Balance Transfer Rate: 0%
Variable APR: 17.24% to 28.24% based on your creditworthiness.
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Wells Fargo Active Cash® Card
Balance Transfer Period: 15 months
Balance Transfer Rate: 0%
Variable APR: 20.24%-29.99% based on your creditworthiness.
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More on Balance Transfer Credit Cards
Are you in the market for a balance transfer credit card in 2023?
Credit cards with introductory 0% APRs (Annual Percentage Rates) can help you out of a tough financial bind. But you need to be responsible with how you use one.
In this article, I’ll walk you through the best balance transfer cards on the market. I also spoke to money expert Clark Howard to get his advice on using a balance transfer card.
- What Is a Balance Transfer Credit Card?
- Should You Use a Balance Transfer Credit Card?
- Best Balance Transfer Credit Cards Available Right Now
- Methodology for Balance Transfer Credit Cards
What Is a Balance Transfer Credit Card?
A balance transfer credit card carries a promotional offer that encourages applicants to bring the balance from an existing card to a new card.
These offers usually offer either a period of months with 0% APR on the balance of the debt you move or waiving the fees for a balance transfer.
While card issuers offer this to get new customers and potentially make money off interest charges on the debt they transfer, these cards can actually be a great tool for getting out of debt — if you’re responsible when using them.
Should You Use a Balance Transfer Credit Card?
If you have accrued a significant amount of credit card debt, money expert Clark Howard believes that a balance transfer card can be a good way to reduce the interest charges you owe while working toward eliminating that debt for good.
So, the answer is: YES, there are instances in which you should use a balance transfer card — but with some important caveats.
I spoke with Clark about the topic, and here are some key points he wanted me to share with you BEFORE you apply:
1. Use This Card as a Means To “Start the Clock” on Your Debt
Clark says applying for a balance transfer credit card can save you money on interest and help you get rid of your existing credit card debt more quickly.
“The advantage provided by a balance transfer card is obviously the lower interest rate, but it also starts a clock ticking.”
“So if you have 12, 15 or 18 months at 0%, the limitations of that time period can help create the discipline needed to pay that debt off.”
Not only will you get a fresh start on lower rates, but you also get a motivational challenge from that temporary 0% timeline.
It’s important to note that the balance you transfer will be subject to a new (and sometimes high) interest rate after the promotional period ends.
So use the end date as your deadline for successfully ridding yourself of the debt for good.
“The whole idea is that you set a goal to pay that debt off before the rate is going to rise,” Clark says.
2. Stop Making Purchases With Your Old Credit Cards
If you find yourself in a situation where you’re in need of a balance transfer, that likely means your previous spending has left you with a debt fire you’re not able to easily extinguish.
“Balance transfers are only rearranging the deck chairs of the situation unless you stop using the card that balance came from,” Clark says.
So in order to see the desired benefit of a balance transfer, you’ll need to make the commitment to avoiding the kind of spending (and/or exorbitant interest rates) that got you into debt in the first place.
3. Avoid Making Purchases With Your New Balance Transfer Credit Card
You may notice that some of the cards on our list of best balance transfer cards also have promotions that incentivize new spending.
Clark says that’s the biggest danger of applying for a new card!
The main reason to avoid this is how your credit card issuer will likely treat new purchases.
Clark says that every payment you make on the card will apply toward that balance transfer until it’s paid off.
So if you make new purchases on the card, at 18% for example, those purchases will be accruing interest of their own while you’re still trying to get rid of the debt you transferred.
“What happens over time if you use a card that you did a balance transfer to for new purchases, every time you make a payment it goes against the lower interest debt until that card is paid off in full,” Clark says.
“And meanwhile you’re developing a new pile of high interest rate debt.”
Best Balance Transfer Credit Cards Available Right Now
Team Clark spent hours reviewing the market for these cards and put them to the test using Clark’s guidelines. We considered factors including annual fees, length of introductory APR periods and the balance transfer fees.
Consumers often seek out 0% APR credit cards to serve as a temporary tool for financial relief, so we decided to eliminate any card with an annual fee from consideration.
It’s worth noting that balance transfer offers change frequently, so cards may move on and off of this list.
You can read more on our methodology for determining the best balance transfer cards here.
Navy Federal Credit Union Platinum Card
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Annual Fee:
$0.00
Intro APR Period on Balance Transfers:
12 Months
Intro APR Rate on Balance Transfers:
0.99%
Balance Transfer Fees:
No balance transfer fees
Variable APR:
11.24% to 18.00% (based on creditworthiness and will vary with the market based on the U.S. Prime Rate)
Card Issuer:
Navy Federal Credit Union
Card Processor:
Visa or Mastercard
Auto Rental Insurance Coverage:
Yes
Cell Phone Coverage:
No
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Balance Transfer Offer
0.99% APR for 12 months with no transfer fee. Afterward, the variable APR will be 11.24% – 18.00%, based on creditworthiness.
Why We Like It
This is the rare card that offers both an introductory APR period and carries no balance transfer fee. That creates a rare opportunity to get a fresh start on paying off your credit card debt without adding to it at the get-go.
card_name
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Annual Fee:
$0.00
Intro APR Rate on Balance Transfers:
0%
Intro APR Period on Balance Transfers:
18 months
Variable APR:
19.24% – 29.24%
Balance Transfer Fees:
Intro fee 3% of each transfer ($5 min) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 min).
Card Issuer:
Citi
Card Processor:
Mastercard
Auto Rental Insurance Coverage:
No
Cell Phone Coverage:
No
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Balance Transfer Offer
The Citi Double Cash® Card has 0% on balance transfers for 18 months. Afterwards, the (Variable) APR will be 19.24% – 29.24%, based on creditworthiness.
Why We Like It
This is a great card to keep around after you’ve erased that balance transfer debt. The unlimited 2% cash back is a good rate of return for all purchases. Because of that, you’ll find this card in Clark Howard’s wallet.
U.S. Bank Visa® Platinum Card
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Annual Fee:
$0.00
Intro APR Period on Balance Transfers:
21 months
Intro APR Rate on Balance Transfers:
0%
Balance Transfer Fees:
Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
Variable APR:
18.74% to 29.74% based on your creditworthiness
Card Issuer:
U.S. Bank National Association
Card Processor:
Visa
Auto Rental Insurance Coverage:
No
Cell Phone Coverage:
Yes
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Balance Transfer Offer
The U.S. Bank Visa® Platinum Card offers 0% for 18 months on balance transfers. Afterward, the variable APR will be 18.99% – 28.99%, based on creditworthiness.
Why We Like It
If you’re in search of a long-term 0% Intro APR, this is one of the best offers on the market. It’s good for 18 full billing cycles, so you should have adequate time to pay off a significant purchase without accruing any interest. You can read Team Clark’s in-depth review of this card here.
card_name
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Annual Fee:
$0.00
Intro APR Period on Balance Transfers:
21 months
Intro APR Rate on Balance Transfers:
Balance Transfer Fees:
Either $5 or 5% of the amount of each transfer, whichever is greater.
Variable APR:
18.24% – 28.99%
Card Issuer:
Citibank
Card Processor:
Mastercard
Auto Rental Insurance Coverage:
No
Cell Phone Coverage:
No
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Balance Transfer Offer
Why We Like It
If you’re looking for a straightforward, no-frills balance transfer card with a good length of time on the offer, this is a solid candidate.
card_name
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Annual Fee:
$0 (See Rates & Fees)
Intro APR Period on Balance Transfers:
intro APR for 21 months on Balance Transfer
Intro APR Rate on Balance Transfers:
0%
Balance Transfer Fees:
Intro fee 3% of each transfer ($5 min) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 min)
Variable APR:
19.24% – 29.99%
Card Issuer:
Citi
Card Processor:
Mastercard
Auto Rental Insurance Coverage:
No
Cell Phone Coverage:
No
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Balance Transfer Offer
The Citi Simplicity® Card offers 0% intro APR for 21 months on Balance Transfer. Afterwards, the (Variable) APR will be 19.24% – 29.99%, based on creditworthiness.
Why We Like It
This is another straightforward balance transfer card with a 21-month term of 0% for balance transfers. And the late fee policy is nice, though your credit score could still get dinged if you don’t pay on time. You can read Team Clark’s review of this card here.
Discover it Cash Back
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Annual Fee:
$0.00
Intro APR Period on Balance Transfers:
15 months
Intro APR Rate on Balance Transfers:
0%
Balance Transfer Fees:
Limited-time intro 3% fee, after that a 5% fee applies.
Variable APR:
17.24% to 28.24% based on your creditworthiness.
Card Issuer:
Discover Bank
Card Processor:
Discover
Auto Rental Insurance Coverage:
No
Cell Phone Coverage:
No
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Balance Transfer Offer
0% APR for 15 months with a 3% transfer fee. Afterward, the variable APR will be 14.99% to 25.99%, based on creditworthiness, along with up to a 5% fee.
Why We Like It
This card is rated as one of our favorite cash back credit cards thanks to its generous cash back match and the 5% cash back categories. So it has value beyond the 15 months for 0% APR on balance transfers. You can read Team Clark’s review of this card here.
Wells Fargo Active Cash® Card
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Annual Fee:
$0.00
Intro APR Period on Balance Transfers:
15 months
Intro APR Rate on Balance Transfers:
0%
Balance Transfer Fees:
Introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5.
Variable APR:
20.24%-29.99% based on your creditworthiness.
Card Issuer:
Wells Fargo
Card Processor:
Visa
Auto Rental Insurance Coverage:
Yes
Cell Phone Coverage:
Yes
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Why We Like It
This card is rated as one of our favorite 0% APR credit cards thanks to its 15 month period for both balance transfers and new purchases. It also gives 2% cash back on every purchase you make with the card, so there is value to this one as a potential everyday spender once you’ve paid the balance of your transfer in full.
Methodology for Balance Transfer Credit Cards
For the purposes of determining which cards are “best” in this category, we got input from Clark and sought for cards that best fit his credit card strategy.
Team Clark assessed the balance transfer credit cards on the market, using these key factors:
- Annual fees (Clark recommends avoiding them)
- Length of 0% APR offer for a balance transfer
- Fee for transferring a balance from your old card
We also assigned some weight to these secondary card attributes, although these should be considered only after you have paid your transferred balance in full:
- Welcome bonuses
- Length of Introductory APR periods
- Perks offered to cardholders
We did not factor in non-introductory APR as a part of the evaluation, because interest rates will vary based on personal financial circumstances. Clark recommends that you never carry a balance on credit cards, so the non-introductory interest rate shouldn’t matter to you anyway.
We also did not include offerings from local or regional banks and credit unions, because they’re not available to everyone. Often, local institutions will have some really good cards, so we recommend that you compare your local bank or credit union’s balance transfer credit cards to the ones that made this list.
Have you had success with a balance transfer credit card? We’d love to hear about it in the Clark.com community.
Article Updates
- August 2023: Added Wells Fargo Active Cash to the list of best cards thanks to a good introductory APR period and solid rewards program that provides long-term viability as an everyday spender.
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