Best 0% APR Balance Transfer Credit Cards for August 2022

Not all balance transfer cards are created equal. To create our list of top picks for direct debit credit cards, Forbes Advisors researched dozens of credit cards with direct debit options from a variety of issuers.

We weighed a number of factors, including card balance transfer offer length, transfer fees, welcome bonuses, and credit card fees as part of ownership. We also considered the usefulness of the card beyond the transition period.

If you're looking for a long introductory period to pay off a big purchase or reduce existing debt, the U.S. Bank Visa® Platinum Card is perfect for you. It's a very long offer in both balance transfer and purchase, and can give you the breather you're looking for.

Balance Transfer Offer: Get an initial APR of 0% on purchase and balance transfer for 20 billing cycles, followed by a variable APR of 16.74% - 26.74%. A balance transfer fee of 3% or $5, whichever is greater, will apply.

Balance transfer fee: 3% of each transferred amount or a minimum of $5, whichever is greater

Other advantages and disadvantages: Beyond the lengthy intro APR offer, the card doesn't offer much else. There are no perks such as rewards or other perks, and this card is all 0% period.

If you're looking to reduce interest on existing debt, the Wells Fargo Reflect® card is an easy choice. There are no annual fees and new cardholders can take advantage of a generous introductory period to pay off balances. Be sure to transfer the balance within the qualification period. Failure to do so will result in higher balance transfer fees.

Balance Transfer Offer: Get 0% first-year APR for 18 months from purchase and qualifying balance transfer account opening. Introductory APR extensions of up to 3 months are available during the introductory and extension periods with a minimum payment on time. A variable APR of 15.24% to 27.24% is then applied. Balance transfers made within 120 days are subject to an introductory rate and a 3% fee, after which a maximum 5% balance transfer fee (minimum $5) will apply.

Balance Transfer Fee: Balance transfer fee is up to 5%. Minimum: $5.

Other advantages and disadvantages: There are no perks with this card, but up to $600 in cell phone protection ($25 deductible) when you pay your monthly bill with the card, and street delivery.

2% cash back on all purchases with the Citi® Double Cash Card (1% on purchase, plus 1% on payment) offers generous and simple cash back perks on every purchase.

Balance Transfer Offer: Get 0% first-year APR with 18-month balance transfer. Then the typical variable APR will be 16.24% - 26.24% based on creditworthiness. There is also an intro balance transfer fee of $5 or 3% of each transfer amount, whichever is greater, to be completed within the first four months of account opening. After that, the fee will be 5% of each transfer (minimum $5).

Balance Transfer Fee: There is an initial balance transfer fee of 3% for each completed transfer (minimum $5) within the first 4 months of account opening. A balance transfer fee of 5% (minimum $5) of each transfer will apply if completed 4 months after account opening.

Other Advantages and Disadvantages: Unlike similar cards that offer balance transfers, Citi Double Cash is persistent long after the promotional period ends.

Balance Transfer Offer: Get 0% first-year APR for 18 months from purchase and balance transfer account opening, then variable APR of 16.49% - 25.24%. Transfers made within 60 days of account opening will be subject to an initial transfer fee of $5 or 3% of each transfer amount, whichever is higher. After that, a fee of $5 or 5% of each transfer amount, whichever is higher, will apply.

Balance Transfer Fee: $5 or 5% of each transferred amount, whichever is greater.

Other Pros and Cons: This card comes with a balance, including the opportunity to receive an automated one-time review to increase your credit limit after spending $500 in the first 6 months and making payments on time. There are some advantages inherent in transfer cards. If you pay $1,000 and pay on time, you have a chance to qualify for his APR discount of up to 2% each year. But if you're looking for the longest possible runway to pay off your debt, other cards offer longer 0% APR periods.

BankAmericard® credit cards offer generous introductory APR periods on both purchases and balance transfers, and come with the option to opt-in for overdraft protection.

Balance Transfer Offers: Check terms and conditions for purchases and balance transfers made within the first 60 days. After the initial APR offer expires, a variable APR, see terms and conditions, will apply. A 3% fee (minimum $10) applies to all balance transfers.

Balance Transfer Fee: $10 or 3% of each transaction amount, whichever is greater.

Other Advantages and Disadvantages: Beyond the APR introductory benefits, this card does not earn rewards or provide any other meaningful benefits, so it is not a long-term option after the introductory period ends. not.

For most balance transfer cards, you must make the balance transfer within the first month or two of opening your account to be eligible for the 0% first-year APR offer. However, the Citi® Diamond Preferred® Card has one of the most generous terms on the market, allowing you to transfer your debt onto the card four months from the date you open your account.

Balance Transfer Offer: Get 0% annual introductory rate for 21 months on qualifying balance transfers from your first transfer date and 0% annual introductory rate for purchases for 12 months from account opening date. Then the variable APR will be 15.99% - 25.99%. The account transfer must be completed within 4 months of opening the account. A balance transfer fee of $5 or 5% of each transfer amount, whichever is greater, will apply.

Balance Transfer Fee: This offer applies a 5% balance transfer fee for each balance transfer. $5 minimum.

Other advantages and disadvantages: The Citi Diamond Preferred doesn't have many frills, but like most Citi cards, it gives you access to the Citi Concierge and lets you choose which day of the month your payment is due. Also get access to special events through Citi Entertainment®

j If you're looking for a needle in your haystack, it's a balanced transfer card with rewards across a wide range of categories. Look no further. Chase Freedom Flex℠ offers 5% cash back on up to $1,500 in categories that rotate quarterly (must be activated), 5% on travel purchased through Chase Ultimate Rewards®, dining and drugstore Earn 3% cashback on all orders and 1% cashback on everything. other purchases.

Balance Transfer Offer: Get 0% first year APR for 15 months from purchase and balance transfer account opening, then variable APR of 16.49% - 25.24%. An initial balance transfer fee of $5.00 or 3% of each transfer amount, whichever is higher, for the first 60 days, and thereafter an initial balance transfer fee of $5.00 or 5% of each transfer amount, whichever is higher.

Balance Transfer Fee: $5 or 5% of each transferred amount, whichever is greater.

Other Pros and Cons: Please note that travel must be booked through the Chase Ultimate Rewards Travel Center to earn the 5% rate. The card works on the Mastercard network. That means it comes with great extras like travel and purchase insurance and protection.

If you're looking for a long period of time to break your balance, the Citi Simplicity® Card is worth a look. With no late fees or penalties, it's a solid choice among balance transfer cards if you want more flexibility and less debt.

Balance Transfer Offer: Get 0% first-year APR for 21 months on balance transfer from your first transfer date, and 0% first-year APR on purchases for 12 months from account opening date. The variable APR then ranges from 16.99% to 26.99% based on creditworthiness. The account transfer must be completed within 4 months of opening the account. A balance transfer fee of $5 or 5% of each transfer amount, whichever is greater.

Balance Transfer Fee: This offer applies a 5% balance transfer fee for each balance transfer. $5 minimum

Other Pros and Cons: Citi Simplicity packs a nice punch of Triple Zero. There are no annual fees, penalties, or late fees. The card also comes with Citi benefits, including Citi Concierge services.

If you need a balance transfer card that you're likely to use after the APR implementation period, a Citi Rewards+® card is worth adding to your wallet. The card earns 2 ThankYou points per dollar for his first $6,000 payment in a year at a supermarket or gas station, and 1 ThankYou point per dollar for all other qualifying purchases. Earn points. Plus, for a limited time, you can earn 5 thank you points for every dollar spent at restaurants up to $6,000 during the first 12 months of account opening, and 1 thank you point thereafter. The card also automatically rounds up to the nearest 10 points for each purchase, potentially giving you some additional rewards for each purchase.

Balance Transfer Offer: Get 15 months of balance transfer from your first transfer date and 0% first year APR on purchases from your account opening date. The variable APR then ranges from 15.74% to 25.74% based on creditworthiness. An initial balance transfer fee of 3% of each transfer or a minimum of $5 will apply within the first four months of account opening. After that, the amount of each balance transfer is subject to 5% of each transfer (minimum $5).

Debit Transfer Fee: A balance transfer fee of 5% (minimum $5) of each transfer will apply if completed four months after account opening.

Other Pros and Cons: One caveat about these benefits: Redeeming earnings on this card as statement credit or straight cash back is worth less than 1 cent per point. To get the most out of your ThankYou Points, redeem them for student loan or mortgage payments, or combine them with another ThankYou points earning card such as the Citi Premier® Card.

The Multiple Zeros associated with the Navy Federal Credit Union Platinum Credit Card* is a hero for anyone trying to control high interest credit card debt. Issued by either the Visa or Mastercard network, the card comes with no annual or balance transfer fees and his APR 0% referral offer on balance transfers.

Balance transfer offer: Get 0% on balance transfer for 12 months, then both purchases and balance transfer will apply his normal APR of 6.74% to 18.00%. Balance transfers must be completed within 60 days of account opening.

[Other Advantages and Disadvantages] Since there is no bank transfer fee, it is a rare card among bank transfer cards, but the campaign period is shorter than other cards. Another potential hurdle is that you must join a Navy Federation credit union to apply for the card, but nearly anyone with a military family qualifies.

What is balance transfer?

Balance transfer allows you to save on your existing high interest debt by transferring your balance to a lower interest rate card or a balance transfer to a 0% annual rate card. In some cases, we may incur a balance transfer fee to transfer your debt from one card to another. Typically 3% to 5% of the amount transferred.

This fee will be added to your debt burden, so do the math before deciding to transfer your debt to another card. If big, it's probably not a good money move.

What is 0% balance transfer?

A 0% balance transfer is transferring your debt to a card that offers a 0% promotional interest rate on the amount transferred. You save money by paying the 0% card balance entirely against the principal rather than incurring additional financial charges.

These offers are not endless and usually he lasts from 6 months to nearly 2 years. At the end of the 0% annual interest promotion period, any remaining balance will be charged at the card's normal interest rate. Please note that 0% balance transfers may not be completely free as balance transfer fees may apply.

The main purpose of balance transfer is to save existing debt. A balance transfer card saves you money by allowing you to transfer your debt to a new credit card, ideally with a lower interest rate. After transferring the debt, make a payment to the new card. Ideally, nothing should be charged to your new balance transfer card so you can focus on paying your balance.

Most (but not all) credit cards have a balance transfer fee, so this is usually only possible if the new card has a lower interest rate than your existing debt, or if the new card comes with a low promotional offer. It makes sense to make the move.