Transferring Credit Card Balance without Paying Interest

Last Updated on April 29, 2021

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Anyone who has taken loans from banks would know about balance transfer. But to those who don’t know, transferring debt from one source to another is called a balance transfer. For example, you want to transfer your balance from a high-interest credit card to a low-interest credit card.

Transferring Credit Card Balance without Paying Interest

When you want to transfer your balance, you are required to pay an upfront fee. If the money you save on avoiding interest is more than the balance transfer fee, it might be worth it, and it solves your financial issues.

If this is what you are currently looking into, we have a few essential tips to share with you.

Tips to Transfer Credit Card Balance without Paying Interest

The following tips may prove helpful in saving on interest while transferring your credit card balance:

Find out Your Card’s Balance and APR

Before you decide on transferring your balance, it is essential that you first find out your card balance and APR (Annual Percentage Rate). You can go to your online bank account and find your balance on the home page. APR is probably stated in the terms and conditions or account statement. You want to make sure that the APR is lower on the card that you are transferring to. Also, your other card should have enough money to handle the balance and the transfer fee.

Select the Transfer Card

Now that you have the necessary information and have done all the calculations, it’s time to select the balance transfer card you want to transfer. You should consider different cards and their features to find the best for you. The following are some of the factors you should keep in mind:

  • The issuer of Card: Know your card issuer. Usually, you cannot transfer your balance from one card to another if it’s from the same company.
  • Interest Rate: The APR of the card you are transferring to should be nil or lower than the current one.
  • APR Intro Period: The interest-free introductory period of the new card should be relatively long so that you have enough time to make the transfer.
  • Upfront Fee: As we said earlier, when you are transferring the balance, you might have to pay some fee. If your balance is large, it could be costly. So, do the calculations and see if it’s worth it.
  • Annual Fee: If there is a yearly fee associated with your current card, it is worth calculating if it would benefit you to make the transfer.

New Balance Transfer Card

After selecting the new credit card, you have to fill out the application to apply for it. When you are approved, your card might arrive in a week. However, keep in mind that your new card’s limit should be higher than the older one. If that is not the case, you should check your credit card history for mistakes or inconsistencies. Your credit card limit depends on its value.

Balance Transfer

Now that you have the card in your hand, you need to do what you went through this whole ordeal. And that is requesting a balance transfer. The following are a few ways to do that:

  • Online
  • Through call
  • Convenience check
  • Balance transfer check

Pay the Debt

Whenever your request is approved, you need to pay off your debt as soon as possible. Keep your eyes peeled so that you don’t miss anything important.


If your debts are piling up, but you don’t want to lose money on paying huge interests, a balance transfer can be a solution. You can transfer your balance to a low APR credit card, but you need to make some calculations. Closely go through everything and then select your new credit card if it makes sense for your financial condition.