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Please visit our list of the best cash-back card s for alternative options. Credit card debt burdens many Americans, but completing a balance transfer is a way to dig yourself out. Balance transfer credit cards offer interest-free periods, often 12 to 20 months, that you can use to pay off high-interest credit card debt faster than chipping away at balances on an existing card that charges interest.
If you have credit card debt on multiple cards, it can be a good idea to consolidate it to one balance transfer card to save money on interest charges and manage your debt better. Balance transfers can't be completed between cards from the same issuer, so you'll need to check that the cards with debt differ from the balance transfer card you plan to open.
Be careful with debt on co-branded cards, since those cards may not have the issuer present in the card's name. You'll need to verify the issuer by checking your cardholder agreement, calling customer service or searching online. For instance, if you have debt on a Citi card you can't transfer debt to another Citi card. And if you're looking to transfer debt from both a Citi card and a Discover card, opt for a balance transfer card that isn't from either of those issuers, such as cards from Amex, Wells Fargo, Chase and Bank of America.
When you're looking to complete a balance transfer, you should take note of the amount of debt you want to transfer. Add up all the balances across your existing cards to calculate your total balance, which is important to know for the next step. Once you open a balance transfer card, you'll need to consider the amount of debt you're actually allowed to transfer.
While you want to transfer the total balance you calculated in step two, you may not be able to. Card issuers often limit the total balance s you can transfer to a percentage of your credit limit or specific dollar amount.
It's also important to know that balance transfer limits also consider any new purchases charged to your card as well as any balance transfer fees. Keep in mind that balance transfer requests vary among card issuers and cardholders.
The balance transfer limit you receive can vary based upon your credit history at the time you submit the request. In order to take advantage of a no-interest period, you'll need to transfer balances within a specific amount of days from the date your account is opened. The best way to ensure you don't miss out on the interest-free period is to transfer balances when you apply for the card if that's an option or right after account opening. Skip Navigation. Select Logo. Follow Select.
Our top picks of timely offers from our partners More details. See if you're approved for a loan. Rocket Mortgage. Select is editorially independent. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. Open a card from a different issuer Calculate how much debt you want to transfer Review the balance transfer limits Transfer debt within the eligible time period.
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