Best balance transfer credit cards of 2024

Of course, there are hundreds of credit cards on the market, and some are much better than others. So to help you narrow down the best options, the Fortune Recommends^TM team evaluated more than 30 balance transfer credit cards available today and ranked them based on factors such as introductory period, annual percentage rate (APR), rewards structure, consumer benefits, and more. Read on to see our top picks.

See our full methodology here.

All interest rates, terms, and fees are subject to change.

Best balance transfer credit cards

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Best overall balance transfer card:  U.S. Bank Visa Platinum Card

Why we like this card 

The U.S. Bank Visa® Platinum Card features an exceptionally long 0% introductory APR period for purchases and balance transfers. After that, the card reverts to a variable APR of 18.74%–29.74%, depending on creditworthiness. Balance transfers also include a fee or 3% of the amount of each transfer, $5 minimum.

This card also comes with a few additional perks, including up to a $600 reimbursement if your cell phone is stolen or damaged when you pay your monthly cell phone bill with your card. Plus, there’s no annual fee, making the U.S. Bank Visa® Platinum Card an economical choice for cardholders looking to minimize their debt.

Best for no fees: Citi Simplicity Credit Card

Why we like this card 

With no annual fee, late fees, or penalty APR, the Citi Simplicity® Credit Card stands out as a consumer-friendly option. It offers an impressive 21-month introductory 0% APR on balance transfers (and a 0% intro APR for 12 months on purchases). The balance transfer fee is 3% of the amount of the transfer, $5 minimum, for transfers completed within four months of account opening. After that, the fee is 5% of each transfer (minimum $5). Once the intro period is over, the APR reverts to a variable 19.24%–29.99%, depending on creditworthiness.

Best for fair credit: Citi® Double Cash Credit Card

Why we like this card 

The Citi® Double Cash Credit Card is ideal for those who want a straightforward rewards program without the need to track spending categories or sign up for quarterly bonuses—and without the need for excellent credit to qualify. It offers a generous 18-month introductory 0% APR on balance transfers. The balance transfer fee is 3% of the amount of the transfer, $5 minimum, for transfers completed within four months of account opening. After that, the fee is 5% of each transfer (minimum $5). Once the intro period is over, the APR reverts to a variable 19.24%–29.24%, depending on creditworthiness.

Additionally, the Citi Double Cash card provides 2% cash back on all purchases: 1% cash back when you make a purchase, plus an additional 1% as you pay. There are no category restrictions or enrollment required, and there is no limit on the amount of cash back you can earn. For a limited time card holders also earn 5% total cash back on hotel and car rentals booked on the Citi Travel℠ portal through 12/31/24.

New cardholders also have the opportunity to earn $200 cash back after spending $1,500 on purchases in the first six months of account opening. Plus, the card offers additional perks such as 24-hour fraud protection with no annual fee.

Best for post-balance transfer APR: BankAmericard®

Why we like this card 

The BankAmericard® is an excellent choice for those who want a card with a long 0% APR period for both purchases and balance transfers, plus a reasonable APR once the intro period is over. It offers a valuable introductory 0% APR for the first 18 billing cycles on purchases, as well as balance transfers made within 60 days of opening your account. After the intro APR offer ends, a variable APR of 16.24%–26.24% applies, depending on creditworthiness. A 3% fee applies to all balance transfers.

Despite its lack of an annual fee, cardholders also enjoy several valuable perks, including free access to their TransUnion FICO score and optional overdraft protection for an eligible Bank of America checking account.

Best for cash back: Chase Freedom Flex Credit Card

Why we like this card 

The Chase Freedom Flex Credit Card is an excellent option for those seeking high cash back rates and a diverse rewards program. It provides an impressive introductory 0% APR for the first 15 billing cycles on purchases and balance transfers. It also has a generous rewards structure that, when maximized, rivals the best cash-back cards on the market.

Best for travel and consumer protections: Chase Freedom Unlimited credit card

Why we like this card 

In addition to a lengthy introductory APR period and generous rewards program, the Chase Freedom Unlimited® credit card also offers a host of valuable protections. It offers a competitive introductory 0% APR for the first 15 billing cycles on purchases and balance transfers. Despite its lack of an annual fee, the Chase Freedom Unlimited card also comes with several consumer and travel benefits, including purchase protection, extended warranty protection, cell phone insurance, trip cancellation/interruption insurance, and auto rental collision damage waiver. 

Best for travel rewards: Amex EveryDay® Credit Card

Why we like this card 

The Amex EveryDay® Credit Card from American Express is particularly well-suited for regular shoppers, especially those who spend a lot on groceries, as well as frequent travelers. It comes with a 0% introductory APR on purchases and balance transfers for 15 months from the date of account opening while earning valuable Membership Rewards points. Plus, the Everyday card comes with added travel protections such as car rental loss and damage insurance and a Global Assist hotline.

Best for choose-your-own-adventure: Bank of America Customized Cash Rewards

Why we like this card 

The Bank of America® Customized Cash Rewards card is ideal for those looking for flexible reward options, especially in categories where they spend the most, along with additional perks and a competitive sign-up bonus, all without an annual fee. It offers a 0% introductory APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.

This card also stands out for its competitive cash back rewards. First, you choose which category you want to earn 3% cash back in: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings. This selection can be changed in the future.

You also automatically earn 2% cash back at grocery stores and wholesale clubs, and an unlimited 1% cash back on all other purchases. Note that you earn 3% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. Preferred Rewards members earn 25% to 75% more cash back on every purchase.

Best for Preferred Rewards members: Bank of America® Unlimited Cash Rewards

Why we like this card 

The Bank of America® Unlimited Cash Rewards card is a compelling option for those looking for a straightforward, no-annual-fee cash back credit card—especially for Bank of America Preferred Rewards members who can maximize their cash back returns.

Like the Customized Cash Rewards card, the Unlimited Cash Rewards card from Bank of America offers a 0% introductory APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.

However, these cards differ when it comes to their rewards. The Bank of America Customized Cash Rewards card provides 1.5% cash back on all purchases. There’s no limit to the amount of cash back you can earn and cash rewards don’t expire. 

Preferred Rewards members earn 25%-75% more cash back on every purchase, which translates to a cash back rate of 1.87% to 2.62%. Members of the Bank of America Preferred Rewards program enjoy many other exclusive benefits and pricing discounts as well.

What is a balance transfer?

A balance transfer involves moving the outstanding balance from one or more credit cards to another credit card, usually with a lower interest rate. In order to attract new business, some cards may even offer an introductory 0% APR on balance transfers. Cardholders generally choose to transfer a balance in order to consolidate high-interest credit card debt and reduce the amount of interest being accrued, allowing them to save money and pay off the balance faster. Learn more about how balance transfers work.

What is the difference between 0% APR on purchases and a balance transfer?

A balance transfer happens when you take the balance from a higher-interest loan and transfer it to a card with a lower interest rate. 0% APR on purchases allows you to finance a large purchase for a longer period of time without interest. If you are looking to make a large purchase, check out our list of Best 0% APR cards.

How much does it cost to do a balance transfer? 

Most credit card issuers charge a balance transfer fee that typically ranges from 3% to 5% of the amount being transferred. For instance, if you transfer $10,000 and the fee is 3%, you would pay a one-time cost of $300.

Also, keep in mind that while some balance transfer credit cards offer a 0% introductory APR for a set period (usually around 12 to 18 months), if you don’t pay off the transferred balance within that period, you will start accruing interest at the card’s standard rate. Before transferring a balance to a new card, be sure to check the fee and APR for balance transfers and understand how long the promotional rate applies.

When should I do a balance transfer? 

If you have high-interest credit card debt, transferring the balance to a card with a lower interest rate can save you money. It also makes it easier to pay off your debt faster since 100% of your payments go toward the principal balance. If you find a credit card offering an introductory 0% APR on balance transfers, this can be a great opportunity to pay down your debt without accruing additional interest during the promotional period.

How do I do a balance transfer?

Start by comparing your options and look for a card that offers favorable terms. Key factors to consider include the length of the introductory 0% APR period (if there is one), the regular APR after the introductory period ends, and the balance transfer fee.

Once you’ve chosen a card that fits your needs, you can apply for it. Be sure your credit score aligns with the card issuer’s requirements to ensure you get approved. 

After your application is approved and you receive your new card, you can initiate the transfer. This can often be done online through your new credit card account or by calling the card issuer. You’ll need to provide a few details, including the card numbers and amounts you want to transfer from each account.

Frequently Asked Questions 

Do balance transfers hurt your credit score?

A balance transfer itself should have a negligible impact on your credit score. However, if you continually open new credit cards and transfer debt around without paying it down, your score can be harmed in the long run.

Is a balance transfer ever a good idea?

A balance transfer can be a good idea if you have a high-interest credit card with a significant balance. Transferring the balance to a new card with a low or 0% APR can help you pay down the debt faster without the added burden of accrued interest.

Is there a catch to balance transfer cards?

There is no catch with balance transfers, but there are a couple of important points to be aware of. The first is that in most cases, you’ll be required to pay a fee of around 3% to 5% when you transfer a balance. However, this fee is usually worth the interest savings. Second, you should pay off your entire balance before the introductory APR is over, otherwise you will start accumulating interest at the regular purchase rate.

Our methodology 

To bring you our top picks for the best cash back credit cards, the Fortune Recommends team compared more than 30 balance transfer cards available from major issuers. 

We ranked each account in these six core categories: 

• Introductory 0% APR balance transfer term (60%): The most heavily weighted factor in our rankings was the length of time that the introductory 0% APR on balance transfers lasts.
• Balance transfer fee (5%): This is the one-time fee associated with each balance transfer. We only considered cards with a balance transfer fee of 3% or less.
• Maximum APR on purchases and balance transfers (10%): To ensure cardholders with an existing balance once the intro period is over aren’t burdened by excessive interest rates, we considered the maximum APR each card charges for balance transfers and purchases.
• Rewards (10%): Cards that also provide rewards (such as cash back or points) on spending were given a boost in our rankings.
• Welcome bonus (5%): It’s common for credit card issuers to entice new customers by offering a bonus when they spend a certain amount of money within a few months after opening an account. Cards that include a welcome bonus were favored in our rankings.   
• Consumer benefits (10%): Cards were awarded 0–5 points based on which consumer benefits/protections were included: purchase protection, extended warranty, cell phone insurance, car rental coverage, and trip cancellation/interruption insurance.

Keep in mind that the interest rates, balance transfer terms, and fee structures for the cards mentioned are available for limited periods and subject to change. 

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Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.

Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.