If you’re staring down credit card debt, a 0 balance transfer might just be your best move. By moving your balance to a card with 0% interest for a while, you can pay off what you owe faster—without interest piling up and making things worse.
You get a real shot at knocking out your debt instead of watching interest eat your payments alive. Some cards even give you up to 21 months of no interest. That’s a lot of breathing room.
You’ll need a decent credit score to qualify for these offers. Lenders want to see you’re responsible with money.
Always read the fine print—fees and the rules around the intro period can trip you up. If you pick the right card and actually use it to pay down debt, you can make a real dent in what you owe.
A good plan means you’ll avoid mistakes like missing payments or racking up new charges. If you’re careful, balance transfers can be a smart tool to help you finally get ahead.
Key Takeways
- You can reduce interest charges by transferring balances to a 0% APR card.
- Qualifying for these offers typically requires a good credit score.
- Careful use of balance transfers helps you pay off debt faster and avoid fees.
What Is a 0 Balance Transfer?
A 0 balance transfer lets you move debt from one credit card to another without paying interest for a set time.
This can cut the cost of debt and give you a window to pay it down without extra fees.
You’ll want to know how the process works, what you really get out of it, and a few common myths people fall for.
How Balance Transfers Work
With a balance transfer, you move debt from a high-interest card to one with a 0% intro APR.
You won’t pay interest on the transferred amount while the promo period lasts.
Most offers give you between 6 and 21 months. During that time, your payments go straight to the balance—no interest piling up.
You usually pay a transfer fee, often 3-5% of what you move. If you don’t clear the balance before the 0% ends, regular interest kicks in on what’s left.
To qualify, you typically need good credit and must follow the card’s terms. Late payments can end the 0% deal early.
Key Benefits of a 0 Balance Transfer
The biggest perk is saving on interest, sometimes hundreds of dollars.
You get a set timeline to pay off debt without extra charges, which makes it easier to budget and stay focused.
Every payment chips away at the balance—unlike regular cards where interest takes a chunk.
It’s also handy for rolling multiple balances into one payment.
But if you miss a payment or go over your limit, you can lose the 0% rate and get hit with high interest.
Common Misconceptions
A lot of folks think there are no fees at all. Most cards charge a balance transfer fee, so watch for that.
Another myth: all your spending on the card gets the 0% rate. Nope—new purchases usually rack up regular interest.
Some people think interest builds up during the promo period. For 0% transfers, you won’t pay interest while the offer lasts.
Miss a payment, though, and you could lose your deal.
You can get more details on how these transfers work at Forbes Advisor’s page on the best balance transfer credit cards with 0% APR offers.
How to Qualify for a 0 Balance Transfer
Getting approved for a 0 balance transfer means knowing your credit, picking the right card, and handling the application right.
Each step matters if you want the best deal and no nasty surprises.
Eligibility Criteria
Your credit score is the big one. Most cards want to see a score of 670 or higher.
A few cards accept lower scores, but those offers are rare.
Lenders also check your income, debts, and payment history. Stable income helps.
No recent missed payments or defaults on your credit report boosts your odds.
The longest 0% deals usually require stronger credit.
Selecting the Right Card
Look for a card with a long 0% intro period—18 to 21 months is great.
Check the balance transfer fee, usually 3% to 5%. Do the math to see if the savings beat the fee.
Some cards don’t charge a transfer fee but might give you less time at 0%.
Other perks like rewards or welcome bonuses can be nice, but focus on the transfer terms first.
Compare a few offers to find what fits your needs. Sites like Forbes Advisor are helpful for this.
Account Opening Process
You’ll fill out an application with your income, Social Security number, and debts.
The bank checks your credit, which can ding your score a little.
Once approved, you get the card and can request the transfer—usually within 60 days to get the 0% APR.
Transfers can take up to two weeks, so keep paying your old card until the balance clears.
If you follow these steps, you’ll set yourself up for the best shot at a 0% balance transfer.
Top Credit Cards for 0 Balance Transfers
When you’re hunting for the best zero percent balance transfer cards, focus on the length of the 0% APR, the fees, and any rewards or perks.
Visa, American Express, and Discover all offer something a little different.
Visa Options
Visa cards often give you long 0% periods—sometimes up to 21 months.
You’ll usually pay a 3% transfer fee, but the long no-interest window can make up for it.
Most Visa balance transfer cards skip the annual fee.
Some throw in rewards like cash back or points, which can be handy if you use the card for purchases too.
Look for cards that offer 0% on both transfers and purchases if you want extra flexibility.
American Express Choices
American Express cards usually give you 0% interest for about 12 to 15 months.
You’ll probably pay a 3% transfer fee, but Amex sometimes adds perks like rewards points or purchase protection.
If you want rewards while you pay off debt, Amex could be worth a look.
Just double-check the 0% period—it’s often shorter than Visa’s.
Discover Balance Transfer Cards
Discover cards are a solid pick for balance transfers.
Most offer at least 14 months at 0% APR, and sometimes you’ll find no transfer fee during promos.
They also give cash back rewards, especially on everyday stuff.
You can use one Discover card for both your balance transfer and regular spending, which is pretty convenient.
Comparing Popular Offers
Here’s what to look for:
- 0% APR duration: Longer is usually better.
- Transfer fees: Lower is better, obviously.
- Rewards and annual fees: Some cards offer cash back or points; watch for annual fees.
| Card Type | 0% APR Length | Transfer Fee | Annual Fee | Rewards |
|---|---|---|---|---|
| Visa | Up to 21 months | Typically 3% | Often $0 | Cash back/points available |
| American Express | Around 12-15 months | Usually 3% | Varies | Points and purchase perks |
| Discover | 14-18 months | Often 0% during promos | $0 | Cash back rewards |
Always check your credit score and read the fine print before you apply.
Pick the card that fits how long you need to pay off debt and what extras matter to you.
For more info on best balance transfer credit cards, check out trusted review sites.
Understanding Introductory and Variable APR
When you use a balance transfer card, two rates matter: the introductory APR and the variable APR.
The intro APR is a special low or 0% rate that lasts for a set time.
After that, the card switches to a variable APR, which can change depending on your credit and market rates.
Knowing both rates helps you plan payments and dodge extra costs.
Introductory APR Explained
The introductory APR is a temporary 0% (or low) rate you get when you open a balance transfer card.
It usually lasts 12 to 21 months, depending on the card.
During this time, you pay little or no interest on your transferred balance.
This can save you a ton if you pay it off fast.
You usually have to transfer your balance within a few months of opening the card to get the deal.
Keep in mind: the 0% APR often only applies to balance transfers, not new spending.
Miss a payment, and you could lose the intro rate.
Balance transfer fees (3% to 5%) usually still apply.
Transition to Variable APR
Once the intro period ends, your card moves to the variable APR.
This rate depends on your credit and the prime rate.
Variable APRs for balance transfers usually range from about 16% to 30%.
The rate can change over time as the economy shifts.
If you still have a balance, this is the rate you’ll pay.
You’ll find the variable APR in the card’s terms and conditions.
How APR Impacts Your Payments
APR affects how much interest you pay each month.
A 0% intro APR means you can knock down your balance without interest for a while.
Once the variable APR kicks in, interest adds up daily.
If you only pay the minimum, most of your payment could go to interest.
Try to pay off your balance before the intro rate ends.
If not, be ready for higher payments once the new rate starts.
Knowing both APRs helps you avoid surprises on your bill.
You can read more about how a 0% intro APR works and how it affects your transfer.
Balance Transfer Fees and Other Costs
When you move debt to a new credit card, you’ll probably face some fees.
These can add to your costs, so it’s smart to know what to expect.
The main one is the balance transfer fee, but there are a few other charges that might pop up on your statement.
What Are Balance Transfer Fees and How Can You Avoid Surprises?
Balance transfer fees usually range from 3% to 5% of the amount you move. If you’re not careful, these fees can sneak up and shrink your savings, so it’s smart to check all the fine print before you make a move.
Most balance transfers come with a fee. For example, if you transfer $3,000 with a 3% fee, that’s $90 right away.
Some cards charge a flat fee, often between $5 and $10, no matter how much you transfer. A few go as high as $75, which feels steep.
The fee gets added to your new credit card balance immediately. If you don’t watch for it, you might think you transferred less debt than you actually did, which is a classic gotcha.
Other Associated Charges
You might spot extra costs on your credit card statement besides the balance transfer fee.
- Cash advance fees: Sometimes, banks treat balance transfers like cash advances, which means higher fees and interest.
- Foreign transaction fees: If your balance comes from a foreign card, expect a 3% fee.
- Expedited payment fees: Want the transfer to go faster? That’s another $15 to $30.
- Returned payment fees: If your payment bounces, you could see a $30 to $40 charge.
These extra charges can eat into your savings from the transfer.
Hidden Costs to Consider
Some fees are less obvious but still matter.
Cards with no balance transfer fee might hike up annual or foreign transaction fees. That can erase any benefit from skipping the transfer fee.
If you don’t pay off your balance before the 0% interest period ends, you’ll see interest charges—often between 16% and 26%. That’s a rough wake-up call.
Check minimum spend rules, too. Some cards only waive fees if you transfer a certain amount within a set time.
For more on fees, check out this guide on balance transfer fees.
How Do You Actually Do a Balance Transfer?
You’ll need to pick the right card, grab your details, and know how long the process might take. Being ready makes the whole thing smoother.
Transferring Between Cards
To kick off a balance transfer, apply for a new credit card with a low or 0% intro APR on transfers. Once you’re approved, ask for the transfer—either during the application or by contacting your new card issuer.
You’ll need info about the card you’re transferring from: account number and amount. The new card issuer moves the balance over, usually as a statement credit.
Most banks don’t let you transfer between cards from the same issuer. If you want to combine several balances, you can—just stay under your new card’s credit limit.
Required Information and Documents
Before you request a transfer, gather your credit card statements or log in online. Here’s what you’ll need:
- Credit card account numbers
- Exact balances to transfer
- Your new card details
You’ll also need proof of identity—Social Security number, income, and other personal info.
Remember to factor in those transfer fees, usually 3% to 5% of what you move. That gets added to your new balance.
Expected Timeframes
Balance transfers aren’t instant. Processing usually takes 5 to 7 business days, but some banks drag it out for up to 6 weeks.
Keep paying your old credit card until the transfer finishes. If you stop early, you risk late fees or a dinged credit score.
Once the transfer posts, you’ll see a statement credit on your new card. Double-check your new statement to confirm it’s done.
For more on timing, see how to do a balance transfer at Credit Karma.
Can You Get Rewards or Bonuses from Balance Transfers?
You can squeeze extra value from your balance transfer card if you focus on points, rewards, or travel perks. Used right, these offers can add up to real savings.
Earning Bonus Points
Lots of balance transfer cards throw in a bonus if you spend a certain amount—say, $500 to $1,500—in the first few months. That’s a nice jump-start.
You earn points or miles on stuff like groceries, gas, and dining. Some cards give you more for certain categories.
Keep tabs on how many points you earn per dollar. A typical deal is 2 points per $1 on select categories. Use the card for planned expenses, but don’t overspend chasing points.
Redeeming for Gift Cards or Cash Rewards
Once you rack up points, you can redeem them for gift cards or cash rewards. Most programs let you swap points for cash back, usually at 1 cent per point.
Gift cards work well if you like shopping rewards. They cover major stores and restaurants, and sometimes you get a better deal redeeming for them.
Cash rewards often show up as statement credits, lowering your balance directly. Make sure you know the redemption rules—some cards have minimums or quirks.
Travel Benefits: Hotels and Car Rentals
Some balance transfer cards toss in travel perks. You might get hotel discounts or car rental upgrades when you book with points.
Points can sometimes transfer to hotel loyalty programs for free nights. Car rental perks might mean waived fees or insurance coverage, which is handy.
Look for cards that partner with airlines or travel companies. Bonus miles can turn into hotel stays or car rentals, making your points more flexible.
For more details, see the best 0% APR and bonus offers at Forbes Advisor.
Does a Balance Transfer Affect Your Credit Score?
Using a 0 balance transfer credit card can change how your credit utilization looks. How you manage these shifts can impact your credit score.
Effect on Credit Score
Opening a balance transfer card usually drops your score a bit, thanks to a hard inquiry and a lower average account age. But moving your balances to a card with a higher credit limit can lower your overall utilization rate.
Credit utilization is just the percent of your available credit you’re using. Lower is better—under 30% is ideal. Zero balances on old cards after the transfer can give your score a nice bump.
Paying down your transferred balance during the 0% period helps even more.
Smart Credit Utilization Strategies
Keep your utilization low by paying on time and using less than 30% of your total credit limit. Check your statements each month to keep an eye on things.
Don’t add new purchases to your balance transfer card while you’re paying it down. That just bumps up your utilization and can erase your 0% benefit.
Autopay helps you stay current, which protects your payment history. Also, don’t open a bunch of new cards at once—too many hard pulls can hurt.
Deciding to Keep or Close Accounts
Closing old cards after a transfer can hurt your score by shrinking your total available credit and shortening your credit history.
It’s usually smarter to keep older cards open, especially if they don’t have annual fees. They help keep your credit limit and account age up.
If you’ve got a card with a high annual fee you never use, try downgrading to a no-fee version instead of closing it. That way, you keep your credit benefits without paying extra.
What Pitfalls Should You Watch Out for with Balance Transfers?
A 0% balance transfer credit card can save you a lot, but there are traps that can mess things up. Paying attention to how you manage payments and what balances you’re moving is crucial.
Paying Only the Minimum
If you only pay the minimum each month, you probably won’t clear your balance before the 0% period ends. Then you’ll get hit with regular interest—often sky-high.
Figure out your monthly payment by adding up your transfer and fees, then dividing by the promo period months. Stick to that number.
Minimum payments mostly go to interest and fees, not the principal. Only paying the minimum keeps you in debt longer.
Missing Payments During the Intro Period
Miss a payment and you’re in trouble. Most cards yank your 0% APR if you pay late, and your balance starts racking up interest at the penalty rate.
Late payments also bring fees—sometimes up to $41—and can drop your credit score. Set up automatic payments for at least the minimum to avoid this.
Keep a close eye on due dates. One slip can cost you a lot.
Using Cash Advances
Cash advances don’t qualify for the 0% rate. If you take out cash, interest starts right away—no grace period.
Cash advances usually have their own fees, either a flat amount or a percentage. These add up fast.
It’s best to avoid using your balance transfer card for cash advances. Use another card or debit for cash needs.
Transferring Ineligible Balances
Not all debts can be transferred. Most banks won’t let you move balances between their own cards.
Some balances—like store cards, personal loans, or cash advances—don’t qualify. And you might be limited to a percentage of your new card’s credit limit.
Check what counts as a qualifying balance before you start. Focus on transferring high-interest debts first.
For more on mistakes to avoid, see 10 balance transfer credit card mistakes.
How Can You Pay Off Debt Faster with a 0% Balance Transfer?
Want to get the most from a 0% balance transfer? You’ll need a plan to pay down your debt before the promo ends.
Using Payment Calculators
Payment calculators can help you figure out the monthly payment needed to clear your balance within the 0% period. Enter your total balance and the promo months.
The calculator tells you what to pay each month to wipe out your debt. Paying more each month shortens your debt time.
You can find free balance transfer calculators online.
Building a Repayment Plan
Make a budget based on your monthly payment. List your income and expenses to see what you can realistically pay.
Prioritize fixed payments to your balance transfer card. Treat it like a bill you can’t skip.
If you can, set aside extra money to pay the balance early. Avoid new purchases on your cards while you’re paying down debt.
Monitoring Your Progress
Track your payments and balance every month. If your balance isn’t dropping, tweak your plan.
Set reminders or alerts to avoid missing payments. Missing just one can kill your 0% offer and hit you with interest.
If your finances change, adjust your payments or talk to a financial advisor. Staying on top of things helps you avoid surprises.
Learn more about using a balance transfer at NerdWallet.
What Should I Know Before Choosing a Balance Transfer Card?
You’ll want to pay close attention to the interest rate, fees, and credit limit when picking a balance transfer card. The length of the 0% offer and your odds of qualifying can make a big difference in how much you actually save.
Timing really matters here. Most 0% balance transfer offers run for about 12 to 18 months.
If you know that window, you can plan how quickly you’ll need to pay off your debt. That’s huge if you’re trying to avoid extra interest.
You can often transfer balances from multiple cards onto a single 0% balance transfer card. Just double-check that your new card’s credit limit will cover the amount you want to move.
Most of these cards charge a fee of 3% to 5% of the transferred amount. Some cards might have lower fees—or even none at all—so it’s worth reading the fine print.
Once the intro 0% period ends, the regular interest rate kicks in. Usually, that rate jumps much higher, so it’s smart to pay off your balance before the promo expires.
You’ll usually need good to excellent credit to qualify for a 0% balance transfer card. Lenders look at your credit score and history before they make a decision.
For more info, check out How Do Balance Transfers Work? An Ultimate Guide.
