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Best Balance Transfer Credit Cards for May 2022

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Balance Transfer

1. Compare the best balance transfer credit card offers from our partners
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Excellent/Good (670+)Fair (669 - 580)Poor (Below 579)Limited or None
$100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening

BankAmericard® credit card
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On Bank of America's secure site
Sign Up Bonus
$100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening.
Intro APR
0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. A 3% fee (min $10) applies to all balance transfers
Regular APR
13.24% - 23.24% Variable APR on purchases and balance transfers
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0% Intro APR for 21 months on balance transfers from date of first transfer

Citi® Diamond Preferred® Card
full starfull starfull starfull starfull star

On Citi's secure site
0% Intro Balance Transfer APR
0% Intro APR for 21 months on balance transfers from date of first transfer
0% Intro Purchase APR
0% Intro APR for 12 months on purchases from date of account opening
Citi Entertainment®
With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more
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No Late Fees, No Penalty Rate, and No Annual Fee

Citi Simplicity® Card
full starfull starfull starfull starhalf star

On Citi's secure site
Intro Purchase APR
0% Intro APR for 12 months on purchases from date of account opening
Goodbye to Fees
No Late Fees, No Penalty Rate, and No Annual Fee
Intro Balance Transfer APR
0% Intro APR for 21 months on balance transfers from date of first transfer
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$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

Bank of America® Customized Cash Rewards credit card
full starfull starfull starfull starhalf star

On Bank of America's secure site
Rewards Rate
3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, 1% cash back on all other purchases
Intro APR
0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. A 3% fee (min $10) applies to all balance transfers.
Regular APR
14.24% - 24.24% Variable APR on purchases and balance transfers
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Earn an additional 1.5% cash back your first year

Chase Freedom Unlimited®
full starfull starfull starfull starfull star

On Chase's secure site
Rewards Rate
Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases
Welcome Offer
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
0% Intro APR
Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.24% - 23.99%.
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0% intro APR on Balance Transfers for 18 months

Citi® Double Cash Card – 18 month BT offer
full starfull starfull starfull starhalf star

On Citi's secure site
Rewards Rate
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases
Intro Balance Transfer APR
0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 14.74% - 24.74%, based on your creditworthiness.
Extra Benefits
No annual fee and free access to Citi Entertainment®
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$200 online cash rewards bonus for spending at least $1,000 on purchases in the first 90 days of account opening

Bank of America® Unlimited Cash Rewards credit card
full starfull starfull starfull starhalf star

On Bank of America's secure site
Rewards Rate
1.5% cash back on all purchases
Intro APR
0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. A 3% fee (min $10) applies to all balance transfers.
Regular APR
14.24% - 24.24% Variable APR on purchases and balance transfers
Expand Card Details
5% cash back on purchases in your top eligible spend category

Citi Custom Cash Card
full starfull starfull starfull starhalf star

On Citi's secure site
Rewards Rate
Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
Welcome Offer
Earn $200 in cash back after you spend $750 on purchases in the first 3 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Intro APR
0% Intro APR on Balance Transfers and Purchases for 15 months.
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Balance Transfer Credit Cards

Balance transfer credit cards are for the specific purpose of reducing your credit cards debt. Balance transfer cards allow you to move your existing debt that you’re paying interest on and move it to a new card with a lengthy 0% interest period. Accordingly, these cards are great for paying down your debt since most cards offer twelve or more months of 0% interest. Ideally, by the end of the offer period, you will have paid off all or most of your outstanding balance. To take advantage of this 0% interest period, you will likely have to pay a balance transfer fee of 3-5% of the transferred balance.

The most important factors to consider when looking for a balance transfer card is the length of the 0% balance transfer period and the regular purchase APR that comes after the introductory period ends. The best cards will offer a long introductory 0% interest period and low regular APR.

Typically you will not be able to transfer your balances from one card to a balance transfer card offered by the same bank. Accordingly, if you want to take advantage of a balance transfer offer, it’s best to spend your time comparing cards of banks that you don’t have an existing relationship with.

Why Use a Balance Transfer Card?

The savings! Normal credit card interest rates range from 15 to 25% whereas a balance transfer card will typically provide you with more than a year or 0% interest. Depending on the size of your outstanding balance, the savings can be quite significant.

The average American household has about $6,000 in outstanding credit card debt each year. As an example, the difference between 20% APR on that balance and 0% will save you $1,200 the first year! Instead of losing that money to interest, you can transfer your debt to a balance transfer card and use it to get yourself out of debt.

How to Perform a Balance Transfer

1. Apply for a balance transfer offer above.

2. Let the bank offering your new card know how much debt you want to transfer. Note this cannot exceed the credit limit of the new credit card.

3. Wait until the transfer is complete, which can take 1-2 business days.

4. Keep your old card open but make new purchases on your balance transfer card to avoid interest payments.

5. Pay down your debt by making payments on your balance transfer card.

Credit Requirements for Balance Transfers

Unfortunately, balance transfers are not available to everyone because getting approved depends on your credit score. Usually a Good or Excellent credit score is required to be approved for a balance transfer card.

Apart from credit card accounts, auto loans, student loans and personal loans can also be transferred.

Considerations

Keeping all these details in mind should help you make the best decision in terms of acquiring the ideal balance transfer card. Furthermore, it is also important to note that the amount of debt that can be moved depends on the issuer. Taking factors such as the credit limit on the balance transfer card into account when deciding which balance transfer card best suits your financial needs. In most cases, however, an issuer will only disclose the credit limit of a card after your application has been approved.

A balance transfer card is a great start but you will also need a robust plan as to how you are going to pay back your debt. You can transfer more than just credit card debt to a balance transfer card. Many consumers use balance transfer cards to transfer debt from personal and auto loans too.

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Approval Odds
BestCreditCard calculates your approval odds by comparing your credit profile to other BestCreditCard members who were approved for this product. These approval odds are estimates only and do not guarantee approval. Credit card issuers use a variety of different types of credit scores and criteria to make credit decisions. The TransUnion credit score we provide is based on the VantageScore 3.0 model and may not be the credit scoring model used by financial institutions presenting offers on our website.