Not all balance transfer cards are created equally. To generate our list of top picks for balance transfer credit cards, Forbes Advisor reviewed dozens of credit cards with balance transfer options across a broad spectrum of issuers.
These offers are not infinite and typically last anywhere from six months to nearly two years. Once the 0% APR promotional period expires, any remaining balance will be subject to the card’s regular rate of interest. Keep in mind that a 0% balance transfer may not be entirely free as there may be a balance transfer fee.The main goal of a balance transfer is to save money on existing debt. Aby allowing you to transfer your debt to a new credit card ideally with a lower rate.
The exact time for your transfer will likely depend on both the bank you’re transferring the debt to and the bank you’re transferring the debt from.First, choose the card you want to transfer a balance to. If you’re applying for a new balance transfer card online, you’ll have the option to choose to transfer a balance to the new card during the application process. Otherwise, you can speak to an agent at the issuing bank for your new card to make the transfer.
The process to apply for a balance transfer credit card is similar to applying for any other type of credit card. First, determine which card might be the best fit for your goals. You can then typically apply online or in-person at the issuing bank where applicable. You’ll be required to provide your name, a U.S. address and your Social Security or ITIN number. You may also be asked to provide your income and housing costs.
, that may help you nudge your score up enough within a few months that you become eligible for a better offer on a balance transfer card.loan may be available to you at a lower interest rate than what you’re currently paying on your cards. If a thin or recovering credit profile is keeping you from qualifying for the best offers, you may have a better chance of getting a loan with a cosigner.
Once you’ve chosen the card you want to transfer a balance to, you can apply online or via phone call with the bank. During the application process, you’ll have the option to. If the card you’re transferring a balance to has a balance transfer fee, that will be automatically added to the total balance you’ll owe on the new card.