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When you carry a balance on a credit card with a higher Annual Percentage Rate (APR), transferring it to a different credit card with a low or even a 0% introductory APR on balance transfers can be a money-saving move. Balance transfer credit cards are designed to help you save on interest charges, which can enable you to repay your debt faster. When you compare balance transfer credit cards, it may be helpful to pay attention to these two things: how long the introductory APR on balance transfers applies and the balance transfer fee.
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About Balance Transfer Credit Cards

How a balance transfer works

Transferring a balance means moving debt from one credit card to another. The company accepting the balance transfer typically makes a payment toward your debt on the first credit card, or they may provide you with checks you can write yourself to pay down your debt. You then owe the debt on the new credit card at the new interest rate.
In most cases, the issuer executing the transfer charges a fee for this service, typically between 2% and 5% of the amount of each balance transferred. This fee is automatically added to the new balance.

How to save money with a balance transfer

Saving money with a balance transfer depends on choosing the right credit card and managing the account responsibly. If you have a larger balance you want to transfer, you might benefit most from a credit card with a longer introductory APR period on balance transfers, giving you more time to pay down or pay off the debt before the regular APR applies.
You can also save money by choosing a credit card that has no annual fee, or if you can find one, that has no balance transfer fee. For example 3% balance transfer fee on a $5,000 balance would cost you $150.

How do you transfer a balance?

When you apply for credit card that offers a low or 0% introductory APR on balance transfers, you’ll be asked about balances you want to transfer during the application process. Be prepared to provide the issuer’s name, the account number and the transfer amount in addition to your personal information and know that there will be a limit as to how much you can transfer.
If your application is approved and your credit limit is high enough to cover the amount you want to transfer, the issuer of the new credit card will transfer the requested amount. The balance transfer fee, if any, will be applied to your new account once the process is complete and will appear on your first monthly statement.
You can also wait until you are approved for the new credit card before you request the transfer. Some individuals prefer to know what the credit limit will be on the new credit card so that they avoid maxing out or heavily using the limit on it. High utilization on one credit card can hurt your credit score. If you handle the transfer this way, be sure to pay attention to any restrictions. Many 0% introductory APR balance transfer offers are only good on balances transferred within a certain number of days or months after account opening.

Things to look out for when transferring a balance

Pay attention to the regular interest rate on the new credit card, the balance transfer fee and the length of the promotional period. Read the offer in detail. For example, know whether a late payment will activate a higher interest rate and result in the introductory APR offer ending before the term is up.
Note that you will give up the interest-free grace period on new purchases if you transfer a balance. If you carry any balance on a credit card, interest on new purchases is charged from the date of the transaction.

Advertiser Disclosure: Many of the offers that appear on this site are from companies from which Credit Sesame receives compensation. This compensation may impact how and where products appear (including, for example, the order in which they appear). Credit Sesame provides a variety of offers, but these offers do not include all financial services companies or all products available.

Credit Sesame is an independent comparison service provider. Reasonable efforts have been made to maintain accurate information throughout our website, mobile apps, and communication methods; however, all information is presented without warranty or guarantee. All images and trademarks are the property of their respective owners.
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† Approval Odds: Credit Sesame calculates your approval odds by comparing your credit profile to other Credit Sesame members who were approved for this product. These approval odds are estimates only and do not guarantee approval. Lenders, credit card issuers, and other financial institutions use a variety of different types of credit scores and criteria to make credit and lending decisions. The TransUnion credit score we provide is based on the VantageScore 3.0 model and may not be the credit scoring model used by financial institutions presenting offers on our website.
†† Average and Lowest Scores: "Average" and "Lowest" scores refer to the scores of Credit Sesame members who were approved for this product. These scores are estimates only and do not guarantee approval. Lenders, credit card issuers, and other financial institutions use a variety of different types of credit scores and other criteria to make credit and lending decisions. The TransUnion credit score Credit Sesame provides you is based on the VantageScore 3.0 model and may not be the credit scoring model used by the financial institutions presenting offers on the Credit Sesame website.
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Advertiser Disclosure:
Many of the offers that appear on this site are from companies from which Credit Sesame receives compensation. This compensation may impact how and where products appear (including, for example, the order in which they appear). Credit Sesame provides a variety of offers, but these offers do not include all financial services companies or all products available.

Credit Sesame is an independent comparison service provider. Reasonable efforts have been made to maintain accurate information throughout our website, mobile apps, and communication methods; however, all information is presented without warranty or guarantee. All images and trademarks are the property of their respective owners.
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