U.S. debt is growing at a record pace. Here are 9 of the best balance transfer credit cards right now, some with 0% interest for up to 21 months (2024)

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A prolonged period of high inflation has had its impact on U.S. debt. So much so that credit card balances just grew by a record 17% over the past year, according to New York Fed’s Quarterly Report on Household Debt and Credit. And, with the average credit card’s annual percentage rate, or APR, hitting a record high 20.33% this year, those interest payments are going to start adding up — and fast.

That could cost you hundreds, even thousands. “We’re seeing more people carrying credit card debt too often to finance day-to-day essentials,” Bankrate senior industry analyst Ted Rossman says, citing a recent report on growing debt balances. “More than a third of U.S. adults have more credit card debt than emergency savings, the highest since we started tracking this in 2011.” Enter balance transfer cards, which offer 0% interest for a set period of time. We’ll go into detail on them below, but these include:

• Citi® Double Cash Card, which offers 0% on balance transfers for 18 months (then 18.99% – 28.99% variable APR), plus cash rewards that let you earn unlimited 1% cash back on all purchases, plus an additional 1% as you pay for those purchases.
• Capital One SavorOne Cash Rewards Credit Card, which offers 3% on balance transfers for 15 months and 4% at a promotional APR that Capital One may offer you at any other time (then 19.99% – 29.99% variable APR), plus 3% cashback on dining, entertainment, various streaming services and purchases at grocery stores, and 1% on all other purchases.
• Citi Simplicity® Card, which offers 0% on balance transfers for 21 months (then 18.99% – 29.74% variable APR), which is one of the longest 0% periods available.

The pros and cons of a 0% balance transfer credit card

The 0% balance transfer credit card helps you eliminate interest charges, for up to about 21 months, on your debt, potentially saving you thousands of dollars.

But if you fail to pay off the debt at the end of the set 0% promo window, that rate can jump up as high as roughly 30%. What’s more, most balance transfer cards charge a one-time transaction fee of 3% to 5%, says LendingTree chief credit analyst Matt Schulz. They also typically require you to do the balance transfer by a certain date (usually about 60 days) to get the 0% offer; and if you don’t pay your bill, the issuer may cancel the offer.

10 of the best 0% balance transfer cards

With the wide number of options out there for this type of promotion, the team at MarketWatch Picks has gathered together the best ones.

How to ensure you pay off your balance before the 0% period ends

“Divide the balance by the number of months in the promotional period to identify the monthly payment that will help you demolish the debt by the time the offer ends,” says NerdWallet credit cards expert Melissa Lambarena. She adds that “it’s important to pay on time because the issuer can cancel your promotional offer if you don’t. Also, avoid putting new purchases on the card to stay on track with your progress.”

Make sure, too, that you transfer your balance to the new card relatively quickly. Schulz adds that “many cards require you to do the transfer by a certain date in order to take advantage of the 0% offer. The deadline can be 60 days or longer, so it allows plenty of time, but it is still important to know what the cut-off date is.”

How to qualify for a balance transfer card

Other key factors to keep in mind are that you can typically only transfer your balance to a different issuer and only those with good credit scores, roughly 690 or above, can typically qualify. “If you can qualify with good credit, look for a balance transfer credit card that has no annual fee, a low balance transfer fee of 3% or less and a long enough interest-free window to pay off debt,” Lambarena said. “To determine if this option is worth it, you’ll have to do the math to know if the balance transfer fee costs less than the interest charges you’ll pay with your current card over time.”

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