Question 1

What is a balance transfer fee?

Accepted Answer

Typically 3–5% of the transferred balance, charged upfront. On a $5,000 transfer with a 3% fee, that's $150 out of pocket immediately — this cost must be weighed against the interest you'll save during the 0% introductory period.

Question 2

What happens if I don't pay off the balance before the 0% period ends?

Accepted Answer

The remaining balance typically reverts to the card's standard purchase APR, often 20%+ — potentially higher than the original card you transferred from. Ending the 0% period with a remaining balance can leave you worse off than not transferring.

Question 3

Should I make new purchases on a balance transfer card?

Accepted Answer

Generally no — many cards apply payments to the lowest-rate balance first, meaning new purchases may accrue the full standard APR while your transferred balance gets paid first. Read the card agreement carefully before charging new purchases.

Question 4

What credit score do I need for a good 0% balance transfer offer?

Accepted Answer

Typically good to excellent credit (670+ FICO for many offers, 700+ for the longest 0% windows). If your score is lower, the offer you qualify for may have a shorter promotional period or higher transfer fee.

Question 5

Is a balance transfer always the right move for credit card debt?

Accepted Answer

Not always — the transfer fee must be less than the interest you'd save during the promo period. For balances you can pay off quickly, the fee may not be worth it. For large balances where you need 12–18+ months, the math often works clearly in your favor.

Question 6

Can I transfer a balance between cards from the same bank?

Accepted Answer

Almost always no — issuers generally do not permit balance transfers between their own cards. You typically need to transfer to a card from a different financial institution.

Is a 0% balance transfer offer actually worth it?

You might also want to calculate

Cost of Debt

True Monthly Budget