Balance Transfer Credit Cards Guide
What Is a Balance Transfer?
A balance transfer moves debt from one credit card to another, usually to a card with a 0% introductory APR. This allows you to pay down debt without accruing interest for a set period.
Best Cards for Balance Transfers
The Citi Simplicity offers 0% for 21 months. Wells Fargo Reflect also provides 21 months with a potential 3-month extension. US Bank Visa Platinum gives 20 months interest-free.
Transfer Fees
Most balance transfers charge a fee of 3% to 5% of the transferred amount. Calculate whether the interest savings outweigh the fee before transferring. Some cards waive the fee for transfers made within the first 60 days.
Strategy
Transfer high-interest debt to a 0% APR card, then pay as much as possible during the promotional period. Avoid new purchases on the card — they may not have the same 0% rate and payments apply to the lowest-rate balance first.