Balance Transfer Credit Cards
Move high-interest debt onto a card with a 0% or low-APR introductory period.
Balance transfer cards: buy time to pay down existing card debt.
Who these cards fit
Cardholders paying down existing credit card debt who want breathing room from interest.
Overview
Balance transfer credit cards offer a promotional period during which balances moved from another card accrue little or no interest. The value comes from redirecting every payment to principal instead of interest, which can shorten payoff time dramatically. Most issuers charge a balance transfer fee — commonly 3% to 5% of the amount transferred — which must be weighed against the interest you would otherwise pay during the promotional window. To use a balance transfer effectively, calculate a payoff plan that clears the balance before the intro APR ends, stop new purchases on the transferred card (they usually don't share the promotional rate), and confirm the transfer completes within the issuer's stated window (typically 60–120 days from account opening).
How to choose
- Match the length of the intro APR window to how long you realistically need to pay off the balance.
- Weigh the balance transfer fee against interest saved — a longer window with a fee often beats a shorter fee-free window.
- Check whether the promotional APR applies only to balance transfers or also to new purchases.
- Note the go-to APR that applies after the intro period, in case a balance remains.
Frequently Asked Questions
Does a balance transfer hurt my credit score?
Opening a new card triggers a hard inquiry and lowers your average account age, which can dip your score slightly in the short term. However, paying down the transferred balance often reduces overall utilization, which typically produces a net-positive effect over a few billing cycles.
Can I transfer a balance between cards from the same issuer?
Generally no. Nearly all issuers prohibit transfers between two accounts they issue, because doing so would simply move debt without generating any repayment.
What happens if I don't pay off the balance before the intro APR ends?
The remaining balance begins accruing interest at the card's standard variable APR from that point forward. A few issuers use deferred-interest terms that retroactively apply interest to the full transferred amount — always confirm the promotional terms in writing.