A Guide to Transfer Balance Credit Cards and Their Features

Transfer balance credit cards can be a great way to consolidate debt and save money on interest. These cards offer a 0% introductory APR on balance transfers, allowing you to transfer your existing credit card balance to a new card and avoid paying interest on it for a certain period of time.

The introductory APR period can last anywhere from 6 to 21 months, depending on the card and the issuer. This can be a huge help if you're struggling to pay off high-interest debt.

To qualify for a transfer balance credit card, you'll typically need to have good credit and meet the issuer's creditworthiness requirements. Some cards may also have a balance transfer fee, which can range from 3% to 5% of the transferred amount.

By choosing the right transfer balance credit card, you can save hundreds or even thousands of dollars in interest and pay off your debt faster.

A transfer balance credit card is a type of credit card that allows you to move outstanding debt from one credit card to another with a lower interest rate or better benefits.

To be eligible for a transfer balance credit card, you'll typically need to have been approved for a card with a 0% interest balance transfer offer. Be sure to check if the 0% rate is automatic or depends on a credit check.

You can transfer balances from cards with high interest rates first, and the balance doesn't have to be in your name to qualify for a transfer.

A balance transfer is a way to move outstanding debt from one credit card to another. It's usually done to get a lower interest rate or better benefits.

To make a balance transfer, you need to be approved for a new credit card with a 0% interest rate offer. This offer might be automatic, but sometimes it depends on a credit check.

You'll want to prioritize transferring balances with high interest rates first. The balance doesn't have to be in your name to qualify for a transfer.

There's a transfer fee involved, typically 3% to 5% of the transferred amount. For example, a $1,000 transfer might cost $30 to $50 in fees.

Be sure to check your new card's credit limit before making a transfer, as it can't exceed the available credit line. Balance transfer fees also count toward this limit.

You can make a balance transfer with a check, online, or over the phone. Just give the credit card company the account information and amount you want to transfer.

The promotional APR duration is a crucial aspect of a balance transfer credit card. It can last anywhere from six months to several years, depending on the offer.

Some balance transfer cards offer a promotional APR that lasts for at least six months. However, it's not uncommon to find offers that provide for a longer duration.

You want the longest promotional period possible, so it's essential to shop around and compare offers. Ten months is better than six months, and sixteen months is better than ten months.

The promotional APR period is usually introductory or promotional, meaning it's not the ongoing variable APR of the card. You can save on interest charges on the balance during this period, making it easier to repay your transferred balance.

If your payment is late, the promotional 0% APR could be canceled, and you might owe a penalty. So, make sure to pay attention to your billing statement's due date and make monthly payments on the balance that was transferred.

To find the best balance transfer credit card, you need to consider your credit level. If you have excellent credit, you're in luck - all three cards in our examples have excellent credit requirements.

The purchase rate is also an important factor to consider. You'll want to look for a card with a 0% intro APR for as long as possible, which is 15 months in all three examples.

When it comes to rewards, it's essential to choose a card that aligns with your spending habits. For example, if you frequently dine out or go to the grocery store, you may want to consider a card that offers 3% cash back in those categories.

Here are some key features to consider when choosing a balance transfer credit card:

The Citi Rewards+ Card is a great option for those looking for a rewards program with a 0% introductory APR. This offer lasts for 15 months, which is a decent amount of time to pay off your balance without any interest.

The card's intro fee is 3% of each transfer, with a minimum of $5, and this applies only to transfers made within the first 4 months of account opening. After that, the fee increases to 5% of each transfer.

To earn a bonus, you need to spend $1,500 in purchases within 3 months of account opening, which will reward you with 20,000 bonus points redeemable for $200 in gift cards at thankyou.com.

Additionally, Citi is offering a special deal where you can earn 5 ThankYou Points per $1 spent on hotel, car rentals, and attractions booked on CitiTravel.com through December 31, 2025.

The Citi Custom Cash card is a great option for those looking to earn cash back rewards. It offers a 0% intro APR on balance transfers and purchases for 15 months, which can help you save on interest charges.

To qualify for this offer, you'll need to spend $1,500 on purchases within the first 6 months of account opening, which will earn you a $200 cash back bonus. This bonus will be fulfilled as 20,000 ThankYou points, which can be redeemed for $200 cash back.

The Citi Custom Cash card also offers 2% cash back on every purchase, with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, you'll need to pay at least the minimum due on time.

Here's a summary of the Citi Custom Cash card's features:

A balance transfer credit card can be a great way to pay off debt, but it's essential to understand the pros and cons. You can avoid paying interest during the promotional period, which can range from six to 21 months.

Balance transfers can also help you pay off debt faster. Some balance transfer offers even provide 0% interest for purchases for an equivalent period. This can be a huge advantage, especially if you're trying to pay off high-interest debt.

However, there are fees and unexpected costs associated with balance transfers. These fees can be as high as 3-5% of your balance, and they're inevitable. Carrying a balance means that you forfeit the grace period for any purchases that you make on the card.

To get the grace period back, you must pay off the transferred debt as well as any purchases you've made. This can be a challenge, but it's crucial to avoid falling into a cycle of debt.

Here are some key points to consider:

A balance transfer fee is charged when you transfer your credit card balance from one card to another, and most credit card issuers will charge this fee, even with introductory or promotional APR offers.

Balance transfer fees vary from one credit card to another, and typically range from 3% to 5% of the transferred balance. This can add $30 to $50 to every $1,000 you transfer.

Most balance transfer fees are a percentage of the transferred balance or a minimum fee, whichever is greater, and some credit cards have lower introductory or promotional balance transfer fees for specific offers.

Math can be a challenge when dealing with fees, but understanding the basics can help you make informed decisions.

A balance transfer APR is the interest rate your credit card issuer charges on balances transferred to that card.

The introductory or promotional APR on balance transfers can be as low as 0% for a limited time, which can save you money on interest charges.

This low APR can enable you to repay your transferred balance faster, making it a great option for consolidating debt.

The longer the introductory or promotional period, the more time you have to pay off your balance without incurring interest charges.

Most balance transfer fees range from 3% to 5% of the transferred balance. This might not sound like a lot, but it can add up quickly - $30 to $50 for every $1,000 you transfer.

Balance transfer fees are typically a percentage of the transferred balance or a minimum fee, whichever is greater. This means you'll want to check the terms of your credit card to see how the fee is calculated.

The fee can be a significant cost, especially if you're transferring a large balance. For example, if you transfer $1,000 and the fee is 3%, you'll pay $30 in fees.

It's essential to consider the fee when deciding whether to transfer your balance. If the interest savings during the introductory APR period outweigh the fee, it might be a good deal for you.

A balance transfer APR is the interest rate your credit card issuer charges on balances transferred to that card. It can be a game-changer if you have high-interest debt.

Some credit cards offer a low introductory or promotional APR on balance transfers for a limited time, which can help you repay your transferred balance faster since you can save on interest charges on the balance during the introductory or promotional period.

This promotional APR can last anywhere from six months to several years, depending on the offer.

You'll want to check your credit score to determine the best balance transfer card for you, as most top cards are designed for consumers with good-to-excellent credit.

A balance transfer APR of 0% is a great deal, but some cards may offer a higher APR, such as 10% or more, which is still better than the 25% or higher interest on existing balances.

If your balance transfer credit card limit isn't high enough, you're out of luck for now. Balance transfers that are higher than your credit limit typically are not approved.

You can try contacting your credit card company to see if there's another course of action that works for you.

You might be surprised to find that some credit card issuers don't make it easy to understand their grace period terms.

Grace periods are the time between the end of your billing cycle and the due date when you can make a payment without incurring interest on new purchases. However, if you take advantage of a balance transfer offer, you might not qualify for a grace period on new purchases.

Discover makes it clear that you'll pay interest on new purchases if you don't pay the balance transferred under the offer in full by the first payment due date. Citi puts it similarly, stating that interest will be charged on purchases unless you pay your entire balance by the due date each month or you have a 0% promotional APR on purchases.

Wells Fargo is a bit clearer about the concept of a grace period, warning that if you transfer a balance and maintain a balance on the account, you won't qualify for future grace periods on new purchases as long as a balance remains on the account.

The CFPB warns that consumers might not be able to find this information in the fine print of the credit card offer, but rather in the help, FAQ, or customer service area of the credit card issuer's website.