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How to Choose the Best Balance Transfer Card for You

6 min read

Last Updated: June 18, 2025

Table of contents

Key Takeaways

A balance transfer credit card lets you consolidate your high-interest debt under one account, often with a low introductory interest rate.
A standard interest rate applies to any balance remaining once the promotional rate of your card expires.
The best balance transfer cards for you may offer a low balance transfer fee, no annual fee, and purchase rewards.

If you’re looking for a tool to help you manage your credit card debt, a balance transfer credit card might be the right fit. Balance transfer credit cards may help you consolidate multiple balances, reduce your interest charges, and pay your credit card debt off sooner.

But with numerous credit card issuers and cards available, how do you pick the right one for you? Comparing important factors—from interest rates and fees to rewards—may help you find the right balance transfer offer.

Why get a balance transfer credit card?

You may want to weigh the benefits of a balance transfer before you start to compare credit cards. Borrowers often transfer high-interest credit card balances to a different card to save on interest charges. With the transferred balance accruing less interest, more of each payment can go to the principal, so you can repay your balance sooner.

Credit card balance transfers may also be wise if you’re having trouble keeping up with various due dates and interest rates. You can simplify your debt management by transferring multiple credit card and loan balances to one low-interest card. That way, you only have to keep track of one monthly due date.

What credit score is needed for a balance transfer credit card?

There’s not a universal credit score requirement for balance transfer credit card eligibility. Every card issuer has unique criteria. But, generally, you need to have a strong credit history to qualify for a balance transfer offer with the best credit card terms possible.

With a lower credit score, you may still qualify for a balance transfer card. However, you may not receive a 0% interest introductory offer or other perks, like a high rewards rate on everyday purchases.

Do balance transfers hurt your credit?

New credit applications, including those for balance transfer cards, may bring down your credit score a few points because they require a hard inquiry.

But a credit card balance transfer may also help you improve your credit score. The credit limit on your new card increases your available credit. So, as you pay down your balance, you’ll lower your credit utilization ratio (the percentage of available credit you’re using). Low credit utilization may improve your credit score and show lenders you can handle debts responsibly.

Missing or late credit card payments may seriously hurt your score. When you’re juggling multiple due dates, a bill might slip through the cracks. Using a balance transfer credit card offer to consolidate debts may make it easier to build a positive payment history by streamlining your payments into one.

Is there a limit to how much debt you can transfer?

Like other credit cards, a balance transfer credit card offer comes with a set credit limit. If your credit card debt exceeds the card’s credit limit, you won’t be able to transfer all of your debt. However, even transferring a portion of your credit card balance may help you pay down your debt faster by saving on interest charges.

Consider credit card interest rates

Balance transfer credit cards typically save you money by bringing down your interest charges, so interest rates are important factors to consider. You may want to choose a card with a promotional introductory interest rate or annual percentage rate (APR). You’ll also want to consider the standard interest rate that applies once intro rates expire.

Promotional APR

Some credit card issuers offer a low promotional APR on balance transfers for a set introductory period after account opening. Depending on the card issuer and your credit history, you may qualify for a 0% introductory APR. In some cases, you may not qualify for 0% APR, but you might still receive an offer with a lower-than-average introductory interest rate.

In addition to the promotional interest rate itself, you should consider the length of the promotional period. To save the most on interest, you have to repay your balance in full before the promotional period ends. Otherwise, your remaining balance will accrue interest at the card’s standard rate.

If you’ve transferred a significant balance but the introductory APR lasts only a few months, you may have a hard time paying your balance in full before the standard APR kicks in.

Pay close attention to the offer you receive—the promotional APR offer may only apply to your transferred balance, not new purchases.

Standard APR

After a promotional APR offer ends, the card’s standard APR applies to any unpaid balance and regular purchase amounts moving forward.

If you plan on using your balance transfer card as an everyday card after you repay your balance, or if you think you may not be able to pay down all your debt before the promotional period ends, it’s especially important to consider the card’s standard APR.

Consider rewards programs

Some credit cards offer rewards programs that can help you earn cash back on your everyday purchases, like gas or lunch. A balance transfer credit card with rewards that line up with your shopping habits may make a good everyday card after you’ve repaid your debt.

For example, you can earn cash back rewards on every eligible purchase with a cash back credit card. Consider how you spend to compare rewards programs. A card like the Discover it^® Cash Back Credit Card might be a great fit for a wide variety of purchases.

The Discover^® it Card lets you earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, you earn unlimited 1% cash back on all other purchases—automatically.

Consider credit card fees

When you’re working on paying down debts, the last thing you want to deal with is a surprise credit card fee. Keep common fees in mind as you compare credit cards.

Balance transfer fees

Even if you qualify for 0% interest during a promotional period, transferring debt to another card can still cost you. You’ll typically need to pay a balance transfer fee, which can be 3%-5% of the amount transferred. That means a card with a smaller fee can offer bigger savings.

Annual fee

Some credit card issuers charge cardmembers an annual fee for keeping their card active. You might want to look for a balance transfer card without an annual fee to save on costs you’ll continue to incur long after you pay your balance transfer off.

Did you know?

Not only can yearly fees add up, but depending on how you use your card, they may offset savings from promotional interest rates and rewards earnings. Discover has no annual fee on any credit card.

Learn More

The bottom line

A credit card balance transfer can be an excellent tool for helping you pay your debt off quicker or consolidate debts while saving on interest. Compare the interest rates, rewards, and fees associated with each balance transfer card to find the best one for you.

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