Are you looking to save on interest and pay down debt? A balance transfer credit card might be what you need.
What Is a Balance Transfer Credit Card?
A balance transfer credit card lets you move debt from one card to another. You do this to save money on interest.
These cards often come with a low or zero percent introductory rate. This rate is for a set period, after which the standard rate applies.
Benefits of Balance Transfer Credit Cards
- Lower Interest Rates: Save money with low or zero percent introductory rates.
- Debt Consolidation: Combine multiple debts into one for easier management.
- Pay Off Debt Faster: More of your payment goes to the principal balance, not interest.
Things to Consider Before Choosing a Card
- Look for a card with a long introductory period.
- Check the balance transfer fees.
- Understand the card’s regular APR after the intro period.
- Confirm the credit limit is high enough for your needs.
Best Balance Transfer Credit Cards of 2023
Here are our top picks for the best balance transfer credit cards.
| Credit Card | Intro APR Period | Balance Transfer Fee | Regular APR |
|---|---|---|---|
| Card One | 18 months | 3% | 13.99% – 23.99% |
| Card Two | 15 months | 5% | 14.99% – 24.99% |
| Card Three | 12 months | No fee | 15.99% – 25.99% |
Remember to read the terms and conditions for each card.
How to Make the Most of a Balance Transfer
- Transfer balances as soon as you get the card.
- Pay more than the minimum each month.
- Avoid new debt on the card during the intro period.
- Plan to pay off the balance before the intro period ends.
FAQs About Balance Transfer Credit Cards
Do Balance Transfers Hurt Your Credit Score?
It can have a small impact but it’s often short-term.
Can You Transfer Balances From Multiple Cards?
Yes, as long as you stay within the credit limit.
Is There A Limit To How Much You Can Transfer?
Yes, it depends on the card’s credit limit and transfer limits.
Can You Earn Rewards On Balance Transfers?
No, balance transfers do not earn rewards.