If I still have a balance after the introductory APR period is over, can I just keep transferring my debt to a new balance transfer card?

Technically, yes. In some cases, transferring your balance two or three times might even be what's necessary to finally pay off your debt. But unless you have a firm understanding of how you got into debt in the first place and a plan for getting out of debt, you won't be working toward a solution. While transferring your remaining debt to a second balance transfer card may allow you to pay off your balance without monthly interest or a fee, it's important to note that there are too many variables for multiple balance transfers to be a failure-proof debt strategy. For example, your card application could be denied, your credit limit could be much lower than you anticipated or your transfer request could be denied. Credit card offers could also change, making it difficult to plan ahead. That's why it's recommended to select a card that allows you to pay off the full balance after one cycle if possible.

What's the maximum balance I can transfer to a new credit card?

The balance transfer limit is determined by the card issuer on an individual basis. Some cards may take into account your creditworthiness and account history (if applicable) when determining this amount. The same goes for determining your credit limit. The card issuer will take into account factors like your credit score, credit utilization, income and housing payments when establishing your credit limit. Remember that the credit limit may be less than you expected and therefore less than your current outstanding balance. To successfully raise your limit, you usually need an adjustment in your financial situation, like increased income or lower housing payment, or an extended period of paying your bills on time, which obviously isn't a great option if you're qualifying for a balance transfer to take advantage of an introductory 0% APR period.

What is an introductory APR?

The introductory APR is the APR applied toward your balance (including balance transfers and purchases in most cases) for the first six to 21 months of card ownership, depending on the card. The standard APR is the APR applied toward your balance after the introductory period ends. The penalty APR is applied toward your balance if you miss more than one payment in six months, usually, but depends on the individual card and your card issuer.

What is an introductory balance transfer fee?

An introductory balance transfer fee is a reduced or $0 fee charged for transfers made during an initial promotional period when you open the account, usually for the first 30 to 120 days of card ownership. Not all balance transfer cards offer an introductory balance transfer fee, but the ones that do can save you an average of 3% of your balance. However, many of these cards do not offer an introductory APR. See our list of the best credit cards with no balance transfer fees for more information.

How long will it take to complete a balance transfer?

It may take anywhere between 10 days and six weeks to complete a balance transfer, after receiving your new card and cardholder agreement. It's also important to note that some card issuers, such as Citi, make balance transfers available at their discretion, and could therefore decline a transfer request. And you should probably still pay the minimum on the old card's balance until you've confirmed that the transfer was completed, so you don't run the risk of fees or penalties.

Who can qualify for a balance transfer credit card?

In order to qualify for a top-rated balance transfer credit card, you'll need good credit. All of the cards recommended above require good to excellent credit scores, meaning FICO scores of 670 to 850. If your credit score is lower than 670, you might be able to qualify for another balance transfer credit card, but you'll likely have to pay for it with higher balance transfer fees, lower transfer limits and/or a shorter intro APR period.

What do I do if I have subpar credit?

If your credit score is lower than 670 and you've been unsuccessful securing one of the cards above, consider alternative methods for refinancing your debt. You can call your current card issuer and try to negotiate a lower APR. You could also explore a debt consolidation loan, which would allow you to gather all of your debt under a new, lower APR.

Can I use a balance transfer credit card to buy things?

While a balance transfer credit card certainly works like a normal credit card, it's generally not a good idea to use it to make new purchases. If you currently have credit card debt, your primary goal should be to get out of debt and avoid paying interest. When you purchase something and add new charges to your balance transfer account, you're moving in the wrong direction, especially if you're only able to make the minimum payment. A debit card or cash is better for any new purchases while you pay off your debt, thus leaving your balance transfer account only for debt repayment. This will also help you track your progress more clearly. And keep in mind that some balance transfer credit cards still charge interest on new purchases until you pay off the entire balance (the new purchases plus whatever balance you transferred), which will only compound your debt problem.

Table of Contents

Why I picked the Citi Simplicity
How to choose the right balance transfer credit card
What experts are saying about balance transfers
How do balance transfer credit cards work?
Pros and cons of balance transfer credit cards
How to use a balance transfer card effectively
Will a balance transfer credit card affect my credit score?
Alternatives to balance transfer credit cards
How to apply for a balance transfer credit card
Key terms to know
FAQs
Other credit cards we tested
Our methodology

Money Credit Cards

Article updated on Sep 25, 2024

I'm Paying Off My $5k Credit Card Debt With the Best Balance Transfer Credit Card

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Table of Contents

Why I picked the Citi Simplicity
How to choose the right balance transfer credit card
What experts are saying about balance transfers
How do balance transfer credit cards work?
Pros and cons of balance transfer credit cards
How to use a balance transfer card effectively
Will a balance transfer credit card affect my credit score?
Alternatives to balance transfer credit cards
How to apply for a balance transfer credit card
Key terms to know
FAQs
Other credit cards we tested
Our methodology

Written by

Joe Van Brussel

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