Here’s a not-so-fun fact: The average American credit card debt is $6,715, according to Motley Fool Money research. If you’re carrying a balance of that size at an interest rate of 20% or higher, you’re losing hundreds or even thousands of dollars in interest over time.
A balance transfer card is one of the few moves that can save you real money on that balance. Right now, a few top options offer 0% intro APR windows as long as 21 months, giving you real time to pay off debt interest-free.
Here are our three favorite balance transfer cards available now.
1. Wells Fargo Reflect® Card: Nearly two years of savings on purchases and balance transfers
The Wells Fargo Reflect® Card (rates and fees) offers 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. After the intro period, a 17.49%, 23.99%, or 28.24% Variable APR kicks in depending on your creditworthiness. It’s tied for the longest window on this list. Transfers have to post within 120 days of opening the account to qualify for that rate, so be sure you don’t wait around. After the intro period, a 17.49%, 23.99%, or 28.24% Variable APR kicks in depending on your creditworthiness.
The catch is a 5%, min: $5 balance transfer fee, which is on the higher end for this category. On a $6,000 transfer, that’s $300 added to your balance up front. Still, weighed against a year of 20+% interest on that same balance, the one-time fee is an easy choice.
The Wells Fargo Reflect® Card doesn’t earn any sort of rewards, but it does cover up to $600 in cellphone protection when you pay your bill with the card. My take? If you’re in real debt, make sure you’re getting the longest savings runway possible — then you can worry about a credit card that earns rewards.
2. Chase Slate®: Similar offer, different issuer
The Chase Slate® (see rates and fees) gives you 0% Intro APR on Purchases and Balance Transfers for 21 months, then a 18.24% – 28.24% Variable APR after that. That’s a pretty much identical offer to the Wells Fargo Reflect® Card — and like most top balance transfer cards, they both have no annual fee.
The balance transfer fee here is the same: Either $5 or 5% of the amount of each transfer, whichever is greater. So you can budget for it the same way you would with the Wells Fargo Reflect® Card. The only other notable perk is six free months of DashPass for DoorDash, which means $0 delivery fees, reduced service fees, and more.
The bigger differentiator between the Wells Fargo Reflect® Card and the Chase Slate®, though, is the issuer. Even the best balance transfer cards typically won’t let you move debt on another card from the same issuer — meaning, from one Wells Fargo card to another. Keep that in mind when you’re narrowing down your options.
3. Citi Double Cash® Card: A solid 0% window, plus a high flat rate on new purchases
Finally, the Citi Double Cash® Card offers 0% intro APR for 18 months on Balance Transfers, then a 17.49% – 27.49% (Variable) APR. That’s the shortest window of the three, but it’s still one of the longer windows you’ll find. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). The lower intro fee makes this the card to pick if you’re confident you can clear your debt in a year and a half or less.
This is also the only card listed that can offer real value once your 0% runway ends. The Citi Double Cash earns 2% cash back on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. You can also get a $200 cash back welcome bonus after spending $1,500 on purchases in the first 6 months of account opening. That’s something most balance transfer cards can’t say.
Which balance transfer card should you pick?
Need a full 21 months to pay off your balance — and cool with leaving rewards for later? If so, apply for the Wells Fargo Reflect® Card or Chase Slate®. They’re basically tied on offer terms, so pick an issuer you like that isn’t tied to the card(s) you’re carrying a balance on.
Or, if you can pay off your balance in a year and a half or less, I say go with the Citi Double Cash. You’ll have a runway that’s still plenty long, and you’ll also earn some rewards along the way — and for years down the line.
Want to compare more options before deciding? Check out our list of the best 0% intro APR balance transfer cards available now and find the one for you.