If you're carrying high-interest credit card debt, a 0 percent balance transfer credit card could help you save hundreds (or thousands) in interest while paying down your balance faster.
But with dozens of offers available, how do you choose the best card for your situation?
This guide will show you:
- How 0 percent balance transfer cards work
- The best cards available right now
- How to qualify (credit score requirements)
- Common mistakes to avoid
- Alternatives if you don't qualify
By the end, you'll know exactly which card to pick?and how to maximize your savings.
Table of Contents
1. What Is a 0 Percent Balance Transfer Credit Card?
2. How Do Balance Transfers Work? (Step-by-Step)
3. Best 0 Percent Balance Transfer Credit Cards
- Longest 0 Percent APR Period
- Lowest Balance Transfer Fee
- Best for Fair Credit
4. How to Qualify (Credit Score & Income Requirements)
5. Balance Transfer Fees Explained (3 percent vs. 5 percent ? Which Is Better?)
6. How to Calculate Your Savings (Real Examples)
7. Common Mistakes to Avoid
8. Alternatives If You Don't Qualify
9. FAQs About 0 Percent Balance Transfer Cards
10. Final Verdict: Is a Balance Transfer Right for You?
1. What Is a 0 Percent Balance Transfer Credit Card?
A 0 percent balance transfer credit card lets you move debt from a high-interest card to one with 0 percent APR for a limited time (usually 12-21 months).
Key Benefits:
- Pay $0 interest during the promo period
- Pay down debt faster (more of your payment goes to principal)
- Lower monthly payments (if needed)
Who Should Use One?
- People with $3,000+ in credit card debt
- Those with good credit (670+ FICO)
- Anyone paying 15 percent+ APR on current cards
2. How Do Balance Transfers Work? (Step-by-Step)
Step 1: Apply for a 0 Percent Balance Transfer Card
- Check your credit score (most require 670+ FICO)
- Compare offers (look for longest 0 percent period + lowest fee)
Step 2: Initiate the Transfer
- Some issuers let you request a transfer during application
- Others require you to call or submit a request online
Step 3: Wait for the Transfer to Complete
- Usually takes 5-14 days
- Your old card's balance will drop to $0
Step 4: Pay Down Debt During the 0 Percent Period
- Set up autopay to avoid missed payments
- Calculate monthly payments to clear debt before APR jumps
3. Best 0 Percent Balance Transfer Credit Cards
A. Longest 0 Percent APR Period (21 Months)
Wells Fargo Reflect Card
- 0 percent APR for 21 months (then 17.74-29.99 percent variable)
- 3 percent balance transfer fee
- No annual fee
Best for: People who need extra time to pay off debt.
B. Lowest Balance Transfer Fee (3 percent or Less)
Citi Diamond Preferred Card
- 0 percent APR for 21 months
- 3 percent fee ($5 min)
- No annual fee
Best for: Those with larger balances (saves on fees).
C. Best for Fair Credit (580+ FICO)
Capital One QuicksilverOne Cash Rewards
- 0 percent APR for 15 months
- 3 percent balance transfer fee
- $39 annual fee
Best for: People with average credit who still want savings.
4. How to Qualify (Credit Score & Income Requirements)
Most 0 percent balance transfer cards require:
- Good to excellent credit (670+ FICO)
- Stable income (enough to cover minimum payments)
- Low credit utilization (under 30 percent)
What If Your Credit Score Is Too Low?
- Try secured cards (Discover it Secured)
- Improve your score before applying (pay down debt, fix errors)
5. Balance Transfer Fees Explained (3 percent vs. 5 percent ? Which Is Better?)
Most cards charge 3-5 percent per transfer.
When a 3 percent Fee Is Worth It:
- You have $5,000+ in debt (saves more in interest)
- The 0 percent period is long (18+ months)
When a 5 percent Fee Might Make Sense:
- You have a small balance ($1,000 or less)
- The 0 percent period is short (12 months or less)
6. How to Calculate Your Savings (Real Examples)
Example 1: $5,000 Debt at 24 percent APR
- Without balance transfer: Pay $1,200 in interest over 2 years
- With 0 percent APR for 21 months: Pay $0 interest (save $1,200)
Example 2: $10,000 Debt at 18 percent APR
- Without transfer: Pay $1,800 in interest
- With transfer: Pay $300 fee (3 percent) + $0 interest = $1,500 saved
7. Common Mistakes to Avoid
- Missing a payment (loses 0 percent APR)
- Using the card for new purchases (may accrue interest)
- Not paying off balance before promo ends (back to high APR)
8. Alternatives If You Don't Qualify
- Debt consolidation loans (lower fixed rates)
- Credit counseling programs (nonprofit help)
- Balance transfer cards for bad credit (higher fees)
9. FAQs About 0 Percent Balance Transfer Cards
Q1: Does a balance transfer hurt my credit score?
A: It may lower it slightly (new inquiry + higher utilization), but improves long-term if you pay down debt.
Q2: Can I transfer debt between cards from the same bank?
A: Usually no?most banks don't allow transfers between their own cards.
Q3: What happens if I don't pay in full before 0 percent ends?
A: All accrued interest may be added (varies by card)?so pay it off in time!
10. Final Verdict: Is a Balance Transfer Right for You?
Yes if:
- You have good credit
- You can pay off debt before the promo ends
- The math works (savings > fees)
No if:
- You'll rack up new debt
- Your credit score is too low
- You can't commit to a payoff plan
Next Step: Check your credit score, compare cards, and apply today to start saving!