Best 0% APR Balance Transfer Credit Card Offers
A 0% balance transfer credit card, if used correctly, can save you hundreds if not thousands of dollars in interest payments. Having taken advantage of multiple zero percent balance transfer offers from Citi, Chase, and Discover, I’ve learned how to find the best 0% balance transfer deals available. To help you in your search for the top offers, we’ve created this page.
Below you’ll find our editor’s picks for the absolute best transfer offers you’ll find anywhere. The editor’s picks include the Citi Platinum Select MasterCard, which leads the industry with its 0% APR balance transfer for 18 months. It’s worth bookmarking this page, as we regularly update the page with new offers. Finally, you’ll find some tips and tricks to help you make the most of the balance transfer offers you take advantage of.
Best Balance Transfer Offers
In addition to our editor’s picks above, here we list what we believe to be the best cards that will allow you to transfer a balance without paying any interest during the introductory period:
Card Name | 0% Transfer Term (in months) | Links |
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Discover it™* Up to 5% Cash Back | 18 |  |
| Capital One® Platinum Prestige Credit Card | Until September 2014 | |
Citi® Diamond Preferred® Card | 18 | |
Here are more details on the top picks above as well as other 0% balance transfer cards:
| Citi® Diamond Preferred® Card | |||||||||||||
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| Discover IT™ | |||||||||||||
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| Capital One® Platinum Prestige Credit Card | |||||||||||||
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| Citi Simplicity® Card | |||||||||||||
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| Citi® Dividend Platinum Select® Visa® Card | |||||||||||||
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0% Balance Transfer Tips and Tricks
- The length of the offer: To state the obvious, the longer the 0% offer lasts, the better. Today, the longest offers are 18-month deals from Citi and Discover (see above). While this is not the only factor to consider when choosing a card, it’s obviously one of the most important.
- Watch the balance transfer fees: All balance transfer credit cards charge a fee for the balance transfer, except for the Slate® from Chase. So make sure you read the fine print so that you know what fees you’ll be charged. I’ve seen some balance transfer offers that charge such a high fee that it turns a 0% offer into something more like six or eight percent. All of the credit cards we list here charge a reasonable fee, typically between 3% and 5% of the amount transferred.
- Never use a 0% balance transfer offer to increase the total amount of your debt: I’ve seen some folks transfer debt to a 0% credit card, only to charge up additional debt on their other credit cards. This in turn just leads to more debt. And when the 0% offer expires and you start paying interest on the remaining balance, the situation only gets worse.
- Have a plan for when the 0% introductory rate expires: Did you ever wonder why credit card companies are willing to offer 0% interest for sometimes as long as a year? The reason is that they know many people will leave the balance on the credit card after the introductory rate expires. Therefore, it is critical that you know what you’ll do with the remaining balance when introductory rate expires. For us, it usually means transferring the balance to a new 0% credit card or to our home equity line of credit that charges a very reasonable and tax-deductible rate. If you plan to leave the balance on the card, check out the next tip.
- Always know the interest rate you’ll be charged once the 0% introductory rate expires: If you plan to leave the remaining balance on the card after the introductory rate expires, you should know what the adjusted rate will be before transferring the balance in the first place.
- Don’t use 0% offers to overspend: When we recently purchased furniture for our living room, a furniture company offered 0% interest for 12 months. We turned down the offer. I knew that with a 0% offer, we would be inclined to purchase more furniture than we needed. So instead, we paid cash. This goes to another principle that we follow – never borrower to buy consumer goods if you can help it.
- Shop around for the best option: Not all 0% credit card offers are alike. Some charge different balance transfer fees. And for others, the introductory 0% rate lasts for varying periods of time. I’ve seen some lasts for as short as three months, while others have lasted for 15 months. And that’s why we’ve created this page! A one-stop place to find the best BT offers available.
- Understand the difference between a 0% interest rate on balance transfers and on purchases: Some credit cards offer a 0% introductory rate on purchases only, not balance transfers. Other cards offer a 0% rate on both balance transfers and purchases. As you are shopping for the best 0% credit card for your needs, make sure you understand this difference.
- Look for cards that also offer rewards: Several credit cards with 0% introductory rates also offer excellent rewards packages. Depending on whether you travel a lot or want cash back from purchases, you’ll find credit cards that offer a vast array of rewards. But you need to keep in mind that for many of these cards, the balance transfers that you make will not qualify for the reward.
- Always remember that even at 0% interest, it’s still debt: While I have taken advantage of 0% credit cards and saved a lot of money as a result, it doesn’t change the fact that we still have debt. Credit cards can be an awfully tempting and destructive privilege, so use even 0% credit cards with care.
* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the “Apply Now” button, you can review the credit card terms and conditions on the issuer’s website. Discover is a paid advertiser of this site.
Rob Berger
Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.
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{ 59 comments… read them below or add one }
Is there a fee if you pay ithe balance in full before the inro period ends?
There is a transfer fee on 0% balance transfer offers, even if you pay off the balance before the introductory rate. The fee gets charged at the time you authorize the transfer. Of course, you avoid interest charges by paying off the balance before the 0% transfer period ends, but there’s no way to avoid the transfer fee.
Online earlier today there was an offer for a Discover More card with 0% APR on balance transfer for 12 months. Where do I find this offer?
In order to avoid interest, do you have to pay on or before the final closing date, or the due date for the corresponding cycle. Lets say its 0% until statement closing date of 12-15. Due date is 12-30. Which date do you need to pay by?
Rick, great question. Here’s what I’ve done for all the balance transfer offers I’ve used in the past–call them. I get a representative on the phone to give me the exact date the 0% offer expires. That said, if the offer is until the statement closing date, I think you’d need to pay it off then, not by the due date. Again, though, I’d call to confirm.
Do any cards currently offer the 0% transfer fee? I don’t care if it’s only for 6 months, I just don’t want to pay any transfer fee at all (I know, I’m selfish). Wishing thinking …
Karen, there is one card today that offers a 0% balance transfer with no fee–Slate from Chase.
The big news in March 2010 is that the Citi Platinum Select MasterCard has moved to a 0% balance transfer of up to 15 months. And the 0% offer also applies to purchases AND Citi kept its balance transfer fee at 3%. This is unquestionably the best 0% bt offer currently available.
I’m writing a paper defending the stance that “paying off debt with low-rate offers is not a good financial decision”. What are some key points I might add to this position?
sylvia, generally I think 0% cards are a good way to pay off debt. As long as your debt is at interest rates higher than the balance transfer fee, using a balance transfer offer will help you pay down your debt for less money and in less time. I estimate that we saved over $2,000 in interest payments with 0% balance transfer offers.
I suppose one argument against using 0% deals is the risk that you’ll go into more debt when you transfer one credit card balance to a new card. Of course, this is totally in our own control.
question about 0% balance transfers and the balance transfer transaction fee. does that mean you get charged say 4% at the time of transfer and then no monthly interest?
KB, that’s correct. The transfer fee gets added to the card along with the balance transfer. You have to make a minimum payment each month, all of which goes to pay down the principal, and there’s no interest until the 0% offer expires.
Hi, I have a question. I am wanting to transfer a current balance that we have on our current credit card to a card that offer 0% APR for at least a year. I haven’t ever transfered a balance before so I want to get this right. If I transfer our current balance to a card with 0% APR hopefully on both balance transfers and purchases, does that mean for however long the 0% is available (i.e 12 months or so) we don’t pay any interest on however much our balance when transfered at the time? Or does it mean that we don’t pay any interest on purchases made after the balance which we don’t plan on doing, we just want to start paying off our balance and not purchase anything. I hope that makes sense, sorry if it doesn’t. I just want to make sure I understand all of this.
Nina, if the card offers 0% on both purchases and balance transfers say for 12 months, then you wouldn’t pay any interest on either the balance transfer or the purchases for that time period. Any balance left on the card, whether as a result of a balance transfer, purchases, or both, after 12 months would start accruing interest. I hope this helps and good luck.
Thank you so much, that information was very helpful! So, when you transfer your balance to the new card, is there a limit depending on what card you transfer to? How do you know what your new credit card limit will be once you transfer because what if you transfer 10,000, does it just cap at that or does it just depend on your credit history?
Nina, your credit limit will depend on a number of factors, including credit history, income, and so on. The way most balance transfers work is that you list the credit cards and amounts for what you want to transfer in the online application. If the credit limit you are ultimately given is not enough to transfer the total balances, the new card will just transfer a portion up to your balance transfer credit limit.
Hi, I have about a $9K balance on an Amex w a 14% APR. My credit limit just got reduced by a lot, so now not only am I getting slammed by interest, I’m using a huge amount of my available credit (almost 100%). I just got a new Citicard w the 0% APR on balance transfers for 24 mos, and new purchases for 12 mos. The only problem is, the new card only has a $4k credit limit. Should I transfer a full $4k of the $9k I’m currently carrying to the new card — thereby maxing it out — or should transfer less, use the new card for purchases and pay it off every month? My concern is: is it worse to carry a large credit-to-debt ratio on one card, or a so-so one on two cards? Side question — should I open a third card and try to distribute the $9K between them all? (I only have 2 credit cards currently). Thank you!
Hi Kate
Your debt to credit ratio is looked at as a whole and not on individual cards. So in terms of your question, transferring the full balance and maxing out the Citi card is no different than transferring half of the $4,000 and leaving both cards with $2,000 free.
Now, getting to your next question, if you have the credit to obtain another great balance transfer offer (Discover More Card would be my suggestion), the you should absolutely get a third card. Transfer as much of the balance as you can off of the AMEX card onto your other two cards, making sure you have room for the balance transfer fees.
At 14%, you’re looking at more than $1,000 in interest each year if you can only make the minimum payments, so paying a $250-$300 fee up front to transfer the entire balance elsewhere is the smart move. Plus, your new credit should reduce your debt to credit ratio, keeping your score above average once the small inquiry “hit” is applied to your credit score.
I have Citi Platinum and Capital One but I do not use it as zero balance transfer. I have a query that “No annual fee” of Capital One is only for 2011 or it will continue till 2012?
There is no annual fee on the Capital One Platinum Prestige card at all.
I recently had a Lowe’s charge card that due to some home improvements had increased to nearly $5000. Paying the minimum payment would have taken 8 years and at least a couple thousand in interest. I transferred the balance to Discover More at 0% for 15 months. Minimum payment is $114.00 per month and we consistently pay $300. We will have the balance paid off within 15 to 17 months thereby saving a bundle. We DO NOT use this card for ANY purchases, only to pay off this credit. Also, we pay online as soon as the bill arrives, giving plenty of time before the due date. This really can result in huge savings but only if you have the discipline to not use the card for additional credit or purchases.
Gordon
Quick math would suggest that with a standard APR, you will save more than $1,000 by taking advantage of the balance transfer.
Once you’ve finished, you may want to consider using your Discover More Card for everyday purchases. The cashback rate is very strong and the opportunity to earn 5% cash back throughout the year is a great feature. Just make sure to pay your balance in full every month!
I will give you my experience with Discover and their 24 month or 18 month deals. I talked to a rep when I signed up (didn’t trust online for something this important) and he double confirmed that I would have 0% interest for 24 months. 12 months rolls around and I get a huge interest fee. I call to complain and of course they say they NEVER offered a 24mo deal, not even an 18mo one. Discover appears to have the best deal, but since they flat out lie about it, they can make any claim they want!
I forgot to mention that they told me I had to have some paperwork telling the details of my 24mo offer before they would honor it. They didn’t care that it came from the “horse’s mouth”!
I would also like to add that the Cashback program is a joke. Every 3 months, the types of purchases that grant 5% change. You have to go on their website and “opt in” to that quarter’s offers. If you forget to opt in, no 5% cash back. Half of the year they are for categories I do not purchase from (Hotels in the fall?) and they never cover purchases such as a Walmart shopping trip. When I first signed up, you had to accumulate $20 of cashback “cash” to gain access to that $20. Then it raised to $40, now it sits at $50! Also, the “1% on all other purchases” is a lie. Due to the convoluted formula, you have to spend something like $1500 before it actually begins granting a full 1%. Keep away from Discover. There are (probably) better companies out there.
John E, the 24 month 0% balance transfer offer is a new deal that came out last month. Twelve months ago Discover did not offer a 24 month balance transfer (in fact nobody did back then). As for the cash back offer, agreed that it’s a pain to opt in, although it takes just a few seconds.
Is there any way to determine what amount you will get approved for on the card you are applying to so you can decide if it is worth adding a new card?
For example if you have $10K on a card at say 18% interest and you want to transfer it to a 0% card but you apply and only get a $5K credit limit then is it worth adding a new card and new credit inquiry on your credit report since you will still have to keep $5K on the high interest card?
Bob, that’s a great question. Unfortunately, there is no way to know for sure how much credit you’ll get until you apply for the card. If you know your credit score and credit utilization, you can make an educated guess. Obviously the higher the score and lower the credit utilization the better. But sometimes you have to apply for more than one card in order to cover your existing debt.
I have about $24K on a credit card and it has a high interest rate around 29%. I have been keeping it current. My credit score is about 730, however, with other accounts and auto loan when I try to transfer I get over extended as a response. I have tried Home Equity loan but have gotten nowhere due to housing market and federal regulations. I have not missed a payment on any of my accounts. Anything you can suggest?
Hi Jeff
With a credit score of 730, you probably have two options in terms of a balance transfer. The first should be the Citi Platinum Select MasterCard, which offers a 21 month 0% BT offer with a low 3% fee. The second is the the Discover More Card – Long Duration Balance Transfer which offers a 24 month 0% BT with a higher 5% fee.
Because you have such a large amount of credit card debt to transfer, there’s a good chance neither card will provide you a limit high enough to transfer your entire balance to one card. I would recommend applying for each card at the same time (meaning the same day) and split the balance transfer between both cards. Obviously, you’ll want to transfer more to the Citi card, as the fee is less, but remember to leave some room so when the fee is applied, you don’t go over your credit limit.
You’ll end up with an additional $900 or so in debt after the balance transfer, but considering the 29% interest rate you have now, you’ll be saving more than $5,000 annually in interest. All in all, if you’re able to pay off the entire balance by making $1,050 payments each month for the next 24 months, you’ll have saved more than $10,000 with this move.
Best of luck!
Mike, neither of these options worked. Do you have any other ideas? If I claim bankruptcy, could I lose my house?
Jeff, in terms of bankruptcy, that’s a question you should ask of a bankruptcy lawyer. As for balance transfer offers, if you weren’t able to qualify for the Citi Platinum Select or the Discover More card, you probably won’t qualify for most BT cards. Of course, you could always apply and see what happens.
Thanks for this informative site! So I have about $10,000 in credit card debt on one card, Bank of America Visa Card with a purchase interest rate of 4.99%. Is it worth it to chip away at this debt or look to transfer this to a 0% card? I’m thinking of splitting it up into two different cards offering 0% APR Balance Transfer. Thanks so much for your help!
Camellia, is your interest rate really 4.99%? I’m guessing you meant 14.99%, as no card that I know of charges under about 7 or 8%. Any way, I was in a similar situation a couple of years ago, and I did exactly what your suggesting–transferred my balance to two cards. With the Discover More 24 month deal and Citi Platinum Select 21 month 0% deal, you should be able to save a lot in interest. If you current rate really is 4.99%, however, I’d probably stick with that given the balance transfer fees you’d have to pay. Best of luck!
What’s the better deal:
0% interest for 21 months, then going to 14%, or
0% interest for 12 months, then going to 10%?
Balance transfer fees are the same at 3%.
I want to pay off $6,000 currently at 12%.
Thank you.
Claudia
Without question, the better deal is the first you mention. 0% APR for 21 months will allow you 9 additional months a 0%, which should give you enough time to pay your $6,000 balance off in full (or very close to it). By the time the intro period has expired, the additional 4% APR you’ll be paying in interest going forward should be of little consequence on a small balance.
Just remember not to carry a balance on your new card going forward. You don’t want to saddle yourself up with the same problem down the road!
I have two zero interest promo offers from Citicards, at 2.99%: an older promo for the life of the loan with a mid-July balance is $6661, and a newer promo expiring Sept 1, 2011 with a mid-July balance of $9871. I plan to pay the newer promo in full at or near the expiration date of Sept 1. My problem is ensuring that my large payment goes to the expiring promo and NOT the life-of-loan promo, which I want to keep going. I will call Citi and try to get a confirmation of how to do this, but my guess is that since this situation is a bit complicated, I won’t be able to rely with certainty on any answer they give me over the phone. Someone suggested that I pay my minimum payment as usual before the due date of September 1, and then pay the full amount of the expiring promo–the $9871–a few days later. The reasoning is that credit card companies are required to apply your payment to the higher-interest balance first, and if I wait and let the new higher interest rate kick in, I can be assured of my payment going to the correct promo. (FYI, until last month, my entire minimum payment (except interest) was applied to the older life-of-loan promo). Any tips on how to best deal with this? Thank you very much, incredibly helpful website!
Correction: I did not mean to say “zero interest”–the two offers were both 2.99% interest promos, one with no expiration date and one expiring Sept 1, 2011.
Bek, waiting until the higher rate kicks in is an interesting idea. One benefit is that you take full advantage of the lower rate until it expires. If I were in your situation, I would definitely call Citi and get the name of the person you speak to. You could also mail in your payment and include a short letter making clear where you want to apply the payment. Best of luck!
Update in case anyone case use this info: The credit card act requires any payment above the minimum to be applied to the higher interest rate balance transfer (or purchase or whatever). In my case, I had two BT’s both with 2.99%, one never expiring, another expiring Sept 1, 2011. So I called Citi and got the balance on the expiring BT, and sent a payment for the balance plus the minimum payment (just in case). All went well. The payment was applied first to the expiring BT, with the small excess to the other BT. Also, within 24 hours (as the rep had told me would happen), my credit available on the card went up by the amount of my payment. So I was able to almost immediately request (online) another balance transfer. This time I got 0% interest until Nov. 2012 with a 3% fee. So in effect, a 3% loan for about a year. Citi mailed me the check almost immediately and it is now in transit to my bank account. I am very satisfied (if not amazed) at the smooth transaction, including the fact that I had almost no wait time in calling Citi. Hope this helps someone else with any questions they may have and thanks for this website.
I have a Navy Federal Rewards Visa credit card with a 14.99% APR and a $905.00 balance. $300 in cash withdrawal and the rest in purchases. My fico score is 630. I need a credit card with 0% on BT’s and Purchases for 18 to 21 mos to transfer the balance to give myself time to pay it off.
Anthony, your best bet in my opinion is the Citi Platinum Select MC. I’m not sure a credit score of 630 will get you the card, but of all the balance transfer offers out there, the Platinum Select is probably your best shot.
Citi bank is offering me a cash check for twelve thousand on my simpicity card with no interest for 21 months and there knocking the three percent fee down to fifty bucks. If i pay off the balance before the o interest date comes to an end is there any other thing they charge me?
they’re back. the 0% offer with 0 balance transfer fee is back on the table with discover. it’s only for 12 months, but charges no balance transfer fee.
John, you are absolutely right. It’s the Slate from Chase card, which you can check out by clicking here. The big question is whether it’s a better offer than the Citi Platinum Select (listed above) which has a 3% bt fee, but lasts for 21 months.
What am I missing here? Back in 2007 I accepted a balance transfer offer from Capital One for $16000 with no fee, and get this- no time limit. At the time I thought it was too good to be true and that the Cap One rep I was speaking with on the phone was inexperienced and provided my with false information. Well, almost five years later and I’m still paying just over the minimum payment every month and have yet to pay a dime in interest charges or any fees. Now when I log into my account online, I see the same offer again online- Balnce transfer offer- 0%, no fee, Promotional period ends- N/A. What’s the catch? Are the hoping that I will be late on a payment so that the balance will revert to 21.9%, or what? Should I attempt to take the new offer, or just pay off my remaining balance and count my blessings?
Reis, I would be stunned if any credit card company is offering 0% for life. It’s just not available. So I would talk to Capital One first before making any moves.
Hi there,
I have been on a crusade to pay off my debt for the past year. My credit score is 720 and have never had a delinquent payment or defaulted on anything. I am using 48% of my credit which seems to be the only mark against my score, and maybe my time with credit, which is ten years… I have a 7,800 debt spread over three cards. Up until today, I have been paying the minimum payment on the lowest interest rates and paying well over the the minimum on the highest interest rate. This has been working for me, for I started out with 4 cards with 11,500 in debt but now want to try to move this along even quicker. Today, I pay 80$ a month in interest and know that paying no interest for a while would really help. What are the chances that I could get a great balance transfer offer for the whole amount? And if I don’t, would I be able to apply for a few different offers to cover the whole amount? And which do you recommend? I have a Discover card already; does that hurt my chances of transferring that balance over?
Thanks for the advice,
Katie
Katie, first off, congrats on making progress on your debt. It sounds like you are on the right track.
In terms of balance transfer offers, I’d start with the Citi Platinum Select MasterCard if it were me. Whether your limit will cover the full $7,800 is hard to know until you apply. But at 0% for 21 months, it’s a great deal. However, I believe they will be lowering the balance transfer period to 18 months effective February 1, 2012. Still a great deal, but why not get the extra 3 months if you can.
In terms of a second balance transfer card, I did that when I was paying off my debt. I’d start with one card, however, and see how much credit you get. From there you can make a decision. If you decided to get a second card, I’d try the Chase Slate with no balance transfer fee and a 0% intro offer that lasts 12 months.
Best of luck!
I have a question…I have been working very hard to get all my credit cards paid off. Im not to two and in Oct i will have one left. I have maybe 4 other cards that have been paid off and that i dont use. Im not sure if i should of cancelled them or keep them. I am guessing if i do cancell them my credit report will be dinged grrr..Just not sure what to do..
thanks
I have a question…I have been working very hard to get all my credit cards paid off. Im down to two and in Oct i will have one left. I have maybe 4 other cards that have been paid off and that i dont use. Im not sure if i should of cancelled them or keep them. I am guessing if i do cancell them my credit report will be dinged grrr..Just not sure what to do..Do i keep them or close them???
thanks
ii am hoping to transfer my ge capital retail bank account to slat/chase card,is this posible
I got a offer from Discover today. 0% for 18 months with a 3% fee, or 4.99% for 24 months with 0% fee. Which is better? Thanks.
I am also named Katie and also commencing “Operating No Debt” like the Katie above. I have a great credit score and I have never paid a car payment, loan payment, or credit card payment late. However, I had a series of recent medical issues and had to put them on my Gold Amex because (as we all know, Gold and Platinum Amex cards have no spending limit since they’re charge cards but the interest is a nightmare). Well, my time of the 0% APR grace period has ended and I am paying $200-300 in interest alone each month. My medical and travel costs have my balance sitting pretty at 20K. This is my only card that is not at a zero balance and my car will be paid off in 10 months (Extra $600/month!). Thankfully, I have a good job and I am picking up extra work whenever I can, I am on a super strict budget, and I have even started advertising on local forums to babysit and tutor.
BUT, I think I need to transfer to a 0% APR card to save my life before this interest buries me and I have no clue how to do this or which card is best? I am currently paying $2000-2500 per month in payments, but with the interest the hole is just getting deeper and I’m afraid if I go on like this I will be drowning in my debt. If I had 0% APR, I could get rid of this in a year. Which card should I choose and how do I go about doing this transfer? Your advice, wisdom, and insight are greatly appreciated!
Katie, it wasn’t too long ago that I was in a similar situation. My approach was the following. First, start with 0% balance transfer cards that charge no transfer fee. Right now the option is limited to the Chase Slate card, which is listed above. When you apply for the card, you can enter the credit cards you have and balances, and Chase will process the balance transfer for you.
Based on how much credit you get, you may or may not be able to cover all of your existing credit card debt on one card. If you can’t, I’d then choose the cards with the longest 0% offer. You’ll pay a 3% transfer fee, but it’s still a lot better then paying interest. The longest offers available today are for 18 months, and they are also listed above.
Good luck!
About 6 months ago Bank of America Visa notified me that they were canceling my Visa card. When I talked to them, they said they where canceling it because I transferred to another card that offered the 0% interest for 12 months.
So for those that are playing the card game, I suggest that you be careful as to whom you are playing with. By the way, I had been a BOA Visa card holder for 14 years and had a limit over $14000. Never missed a payment and always paid more then the minimum balance.
Thanks a lot for the great site. This has lot of valuable informatioin. I have a question on balance transfer fee. If I plan not to make any purchase with the credit card whose 0% intro rate on blance transfer has expired , do I still have to pay some balance transfer fee? What will be the negative impact of this?. Sorry the questions looks foolish but need to be sure.
I recently got the Discover It card and am a little disappointed about a few things. I was laid off last year and hoped to use the balance transfer to pay a hefty tax bill without dipping too far into savings and incurring another high tax bill for 2013. I found out that with this card, the only way to do a BT is by calling in — not a big deal, but annoying, since I’d rather do it myself online or with a check — and it can only be used to pay off another credit card or a specific (non-government) bill. What I really want is to be able to write a BT check to the IRS, which I can’t do. I don’t keep credit card balances unless they are at 0% interest, so the only way I can do this is to charge my tax bill on another credit card (for a fee) and then do a BT from Discover to pay it off. I’m not really happy with this option. Also, I was only approved for $5000, which will help, but not enough. The super friendly rep I spoke with (they all seem to be) offered to give me a temporary cash advance for $2500 (the maximum), then said he would convert it to a BT and reverse the cash advance fee. Way too complicated! So I’m not sure what I’ll do, but this is not the solution I’d hoped for. Suggestions welcome!
lupe, I’m not sure why you think paying off debt with low rate offers is a bad idea. It’s helped me save thousands in interest payment.
Matt, it’s difficult to know because so many factors go into how much your score will take a hit. That said, I would put the refinance of the mortgage well ahead of refinancing a $6,500 debt.