Citi is an advertising partner.
Moving debt from a high-interest credit card to one with a 0% introductory APR can help you avoid interest charges and pay down your debt more quickly. However, how much you can transfer will depend on your credit limit and the issuer’s balance transfer rules.
Many issuers allow you to transfer up to your available credit limit, minus any fees. Some, like Amex, put a cap on your balance transfer that’s well below your available limit. We’ll walk you through the balance transfer limits for several top issuers. Plus, we’ll also address what to do if you don’t get a high enough credit limit to transfer your entire balance.
It’s important to know that you won’t be able to do a balance transfer for more than your credit limit, and that any balance transfer fees you’re charged will count toward hitting your credit limit.
For example, if you’re carrying a $5,000 balance and get a $3,000 credit limit on a new balance transfer card, you’ll only be able to transfer part of your debt because your credit limit isn’t high enough for the full amount.
You should also note that issuers may cap balance transfers at a certain dollar amount or percentage of your credit limit.
The balance transfer limits for some of the top credit card issuers are as follows:
During the coronavirus pandemic, American Express shut down all of the balance transfer offers previously available on its cards. However, prior to that, the issuer allowed you to transfer $5,000 or 75% of your credit limit, whichever is lesser. Terms apply. See americanexpress.com for more details.
American Express has a balance transfer limit of up to $7,500 and less than your credit limit.
If there’s a balance transfer offer available on your Barclays credit card, you’ll be able to transfer up to your credit limit minus the amount of the balance transfer fee. If you apply for a new Barclaycard offering a balance transfer deal, the maximum transfer limit is 90% of your credit limit.
When doing a transfer to a Capital One card, you’ll have to leave room for the balance transfer fee — otherwise, Capital One lets you transfer as much as your credit limit allows.
Chase allows you to transfer up to $15,000 or 95% of your credit limit, whichever is lower. The amount of the balance transfer fee counts toward that cap.
With Citibank, you can transfer as much as your available line of credit minus the balance transfer fee amount.
Discover allows you to transfer about 95% of your credit limit, in order to leave room for the balance transfer fee.
A balance transfer lets you move debt from a high-interest credit card to a card with a lower APR so you can pay off your debt faster. Cards sometimes offer promotional APRs (usually 0%) for a specific period of time for balance transfers.
As long as you transfer a balance within the window of the special offer and make at least minimum payments each month, you’ll be charged a lower interest rate on your transferred balance until the introductory period ends. You might decide to open a new balance transfer card, or check for a 0% APR balance transfer offer on a card you already have.
Some of the best balance transfer cards on our site offer 0% intro APR periods ranging from 12 to 21 months. During your 0% intro APR period, 100% of your payments should go toward the debt’s principal, rather than the principal plus interest charges (provided you don’t add new charges to the card, which will be assessed interest).
Make sure to initiate your balance transfer promptly after opening your new credit card, as some issuers limit the amount of time in which you can initiate a transfer (typically 60 to 90 days from account opening). In addition, make sure you know what your ongoing APR will be after the intro period expires, as any balance remaining will be subject to the ongoing interest rate.
Generally, you can expect to pay a balance transfer fee in the range of 3% to 5% of each amount transferred. For example, if you transfer $1,000 to a card with a 3% balance transfer fee, the fee will be $30 and your total balance transfer amount will be $1,030. Note, there are cards that don’t charge a balance transfer fee, albeit with shorter intro APRs.
No, you can’t transfer debt between cards from the same issuer. If you choose to apply for a new balance transfer card, make sure that you choose one from a different issuer than the one from which you want to transfer the balance. And if you’re checking your existing cards for a 0% APR offer, you’ll also need to check on cards from a different issuer than your card with the balance.
A balance transfer generally takes around five to seven days, though there are situations where it could take two to three weeks. If a payment is due on the credit card from which you made the transfer, make sure to pay it until the balance has been moved to the new card, so you don’t get charged a late fee. On-time payments are the most important factor in building and keeping a good credit score.
Most balance transfer credit cards are aimed at applicants with at least a good/excellent credit score — one of the most commonly used credit scoring methods is the FICO Score, which employs the following ranges:
If you have fair or poor credit, you probably won’t be able to be approved for a balance transfer card.
A balance transfer might hurt your credit score temporarily if you’re opening up a new credit card, because that generates a hard inquiry on your credit reports and lowers your average length of credit history.
Plus, if your balance transfer amount is close to maxing out the credit limit on your new card, your credit score will temporarily dive because of the high utilization ratio on that card.
However, in the long run, a balance transfer can improve your credit score — provided you don’t close the old card or let a balance pile up on either the old or new card. Opening a new credit card gives you more available credit overall, and by sticking to a strict repayment plan and paying off your debt, you’ll decrease your utilization.
Plus, the impact of a hard inquiry only lasts a year (though the inquiry stays on your credit reports for two years).
If you open a new balance transfer card, only to find you’re approved for a credit limit that isn’t high enough to transfer the full amount of your debt, you have a few options:
When deciding whether a balance transfer is worth it, you should ask the following questions:
“Avoiding interest on a balance for a year or more can significantly reduce how much it costs and how long it takes to pay down your card debt, and that’s a really good thing,” said Matt Schulz, chief credit analyst at LendingTree. “However, if you’re just shifting balances around to make room for more spending, that’s just asking for trouble.”
If a balance transfer isn’t the right option, two alternatives to consider are personal loans and debt counseling.
Using a personal loan to pay off credit card debt comes with several advantages compared with doing a balance transfer: You have a set monthly payment, a predetermined payoff date and no new card that you might be tempted to make purchases on. However, you’ll pay interest on a personal loan, whereas a balance transfer card with a 0% intro APR provides the opportunity to avoid interest charges for a certain period of time. You should also be aware that you’ll need good/excellent credit to qualify for the best APRs available on personal loans.
If your credit is in bad shape and you’re struggling to get out of debt, working with a debt counselor could be the right move. An accredited, nonprofit debt counselor may be able to put you on a debt management plan — you’d make one monthly payment to the counseling agency, which would then distribute payment to your creditors.
Based on our research of cards available through LendingTree — as well as top cards offered by major issuers — we’ve compiled a list of some of the top balance transfer deals currently on the market.
For even more 0% intro APR balance transfer offers, check out our roundup of the best balance transfer cards.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
Apply Now
Balance transfer intro APR: 0% intro APR for 21 months on Balance Transfers
After that, a 18.49% - 29.24% (Variable) APR applies
Estimated savings: $1,180 (based on LendingTree’s credit card methodology)*
The Citi Simplicity® Card offers an exceptional intro APR period on balance transfers — albeit with an intro APR period on purchases that’s just OK.
If you’re willing to pay a balance transfer fee that’s a little on the high side, in exchange for almost two years of no interest on transferred balances, the Citi Simplicity® Card might be right for you.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Balance transfer intro APR: 0% intro APR for 21 billing cycles on Balance Transfers
After that, a 18.24% - 29.24% (Variable) balance transfer APR is applied.
Estimated savings: $1,161 (based on LendingTree’s credit card methodology)*
The U.S. Bank Visa® Platinum Card comes with robust intro APRs on both balance transfers and purchases — not quite as long as the balance transfer intro APR for the card listed above, but very close. If for some reason you don’t want to go with a Citi Simplicity® Card, the U.S. Bank Visa® Platinum Card is probably your best choice.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here. Apply Now
Balance transfer intro APR: 0% intro APR for 21 months on Balance Transfers
After that, a 17.49% - 28.24% (Variable) balance transfer APR is applied.
Estimated savings: $1,060 (based on LendingTree’s credit card methodology)*
The Citi® Diamond Preferred® Card, much like the Citi Simplicity® Card, comes with a lengthy intro APR on balance transfers. When you’re looking for a no-frills balance transfer card with a lengthy intro APR on transferred debt, this card might be just what you need. The balance transfer fee is a bit on the high side, but you’ll get almost two years of no interest to pay down your balance.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Balance transfer intro APR: 0% intro APR for 12 months on balance transfers
After that, a 12.75% - 17.99% variable APR balance transfer APR is applied.
Estimated savings: $1,210 (based on LendingTree’s credit card methodology)*
If you live in select New York counties, the ESL Visa® Credit Card is an option that can potentially save you more than a typical balance transfer credit card since it has a 0% balance transfer fee. If you’re unsure you can pay your balance off within a year, however, you may want to look at balance transfer cards with longer APRs.
If you’re opening a new balance transfer credit card online, you’ll typically have the option to request a transfer as part of the application. You can also call the number on the back of your card (once it arrives) to request a transfer by phone. And if you’re looking for a balance transfer offer on a card you already have, this can also be handled online or over the phone.
No, you cannot transfer more than your credit limit. At most, you’ll be able to transfer up to your credit limit (leaving room for a balance transfer fee, if one is assessed), and some issuers may impose additional restrictions.
From time to time, your credit card issuer may send you balance transfer checks in the mail. You can use the check to pay off other debts (such as balances on other credit cards or a loan) and assume the debt on your credit card. You’ll typically have to pay a fee between 3% and 5% of each transfer. Never confuse balance transfer checks with convenience checks, which are considered cash advances. Unlike a balance transfer, cash advances usually come with very high APRs and interest is assessed immediately.
Cards recommended in this article were evaluated primarily on the length of the 0% intro APR periods offered on balance transfers. Most of the cards here offer 20 or 21 months of 0% APR on transferred balances.
The one card on this list that offers a shorter intro APR period was selected due to a unique feature — it charges no balance transfer fee. Most balance transfer cards charge a fee of 3% to 5% of each amount transferred.
In addition, helpful benefits — such as free access to one’s credit score, being able to choose one’s payment date and cellphone protection — were all weighed in favor when offered.
The information related to the U.S. Bank Visa® Platinum Card, ESL Visa® Credit Card and Chase Freedom Flex℠ has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
