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When you are carrying a big balance with a high APR, you want to transfer as much as you can to a lower rate card or a 0% APR balance transfer card. How much can transfer though will depend on your credit limit. You won't be able to transfer more money than you have available on your new line of credit.

When you apply for the balance transfer card, you can list all the balances you would like to transfer. If you are given a card with a lower limit than the sum of your requested transfers, some of them may go through, or none of them might- it depends on the issuer. When you apply for the card be sure to ask what will happen if the credit limit you are granted is less than the amount you requested to transfer. Each issuer has a different policy about this.

Keep in mind that most credit cards charge a balance transfer fee, usually about 3% of the balance. Here is a table that show what that 3% would be for different transfer amounts:

  • $10,000 = $300 fee
  • $7,500 = $225 fee
  • $5,000 = $150 fee
  • $3,000 = $90 fee
  • $1,500 = $45 fee
  • $1,000 = $30 fee
  • $500 = $15 fee

It may be well worth the fee to transfer a balance to a 0% APR card, but make sure you take the fee into account before you make the transfer.

If you are still looking for a balance transfer credit card, we would recommend you pay attention to the Citi Double Cash® Card. This card offers a $0 annual fee, a 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24% (Variable), based on your creditworthiness. There is a balance transfer fee: Intro fee 3% of each transfer ($5 min) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 min). In addition, you will earn rewards on purchases - Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time.
Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.