Is a Balance Transfer Card Harder to Get Right Now?
- Balance transfer cards have low promotional interest rates that can help with paying off debt.
- If you have good credit, you might qualify for a balance transfer card.
- For truly serious debt, consider a debt relief program to get back on your feet.
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You’re ready to pay off your debt, and you want to do it as quickly and cheaply as possible. A balance transfer card could help. This type of credit card lets you refinance your debt at a lower rate for a limited period, and rates can be as low as 0%.
But how hard is it to get a balance transfer card right now? Maybe easier than you’d think, as there are quite a few options available, from dozens of credit card issuers.
How Does a Balance Transfer Card Work?
A balance transfer credit card usually offers a low introductory interest rate. The most popular balance transfer cards often have a 0% intro rate that generally lasts anywhere from six to 24 months.
During the intro period, also called the promotional period, these cards don’t charge interest on balance transfers. A balance transfer is when you move debt from one card to another. These cards do typically charge a balance transfer fee of around 3% to 5% of the amount you transfer.
So you pay a small fee upfront in exchange for a lower interest rate. If you have high-interest debt, that tradeoff could be well worth it. The average interest rate on credit cards is over 21%. With a balance transfer card, you could take that down to 0% during the promotional period.
Is It Hard to Get a Balance Transfer Card?
Every credit card issuer has its own qualification criteria. You normally need a good credit score—at least about 670 to 700—to qualify for a balance transfer card. Card issuers also look at your income compared to the amount of debt you have.
Balance transfer cards are widely available, so if you don’t quite qualify for one, you could apply for another. A 2025 LendingTree report found that there were 109 balance transfer cards available from 31 card issuers. The same number of balance transfer cards were available in 2024.
Credit card issuers sometimes change the cards they offer, depending on economic conditions. During the COVID-19 pandemic, many card issuers stopped offering balance transfer cards. But balance transfer cards have been available for a few years since then.
How to Make the Most of a Balance Transfer Card
The low rate you get from a balance transfer card only lasts a limited time. After the promotional period ends, the interest rate goes up to a more typical credit card rate—often 20% or more. You usually save the most with a balance transfer card if you pay as much as you can during the promotional period. That way, you’ll have less debt or no debt at all once the interest rate increases.
As you pay down your debt, try to avoid taking on any new debt. Adding new debt while you’re trying to pay down debt is like running on a hamster wheel. You’ll get nowhere fast.
Plus, if you use your balance transfer card or your old credit cards for more purchases, you’ll have more to pay back, probably at a high interest rate. Many balance transfer cards only have a low interest rate on balance transfers, but not purchases.
You may want to stick to cash or your debit card to pay your bills. This is a simple way to avoid adding more debt to the mix.
Alternatives for Managing Debt
If a balance transfer doesn’t make sense in your situation or you don’t qualify for one, you have other options. You could:
Apply for a debt consolidation loan. You could get a lower interest rate and a fixed payment schedule on your debt with a consolidation loan.
Ask your creditors about forbearance. Forbearance is an agreement to temporarily put payments on hold due to financial hardship.
Get credit counseling. A credit counselor can help you start a debt management plan and coach you on better money management skills while you’re in the plan.
See if you can negotiate a debt settlement for a lower amount. You could also work with a professional debt settlement company that can negotiate for you.
File bankruptcy. If you have more debt than you can pay back, bankruptcy could be a way out.
A debt consolidation loan is the most similar to a balance transfer. With both of these options, you refinance your debt to get a lower interest rate. You could also possibly get a lower monthly payment amount.
If you’re having a hard time keeping up with your payments, forbearance, credit counseling, or debt settlement could be good options. Forbearance makes sense if you don’t have a job at the moment, since it puts a pause on your payments. Credit counseling is a way to get personalized advice for your situation. If you can pay some of your debt, just not all of it, then debt settlement may be the best fit.
Finding the Best Repayment Strategy for Your Debt
Balance transfer cards are one of several tools that can help with debt. This type of card could work for you if you have good credit, and you think you can make a serious dent in your debt during the promotional period.
If you have a substantial amount of debt or if your credit score is on the low side, a balance transfer might not be the best option. In that case, try one of the alternatives mentioned above. You can always find a way out of debt. You just need to figure out which solution is right for you.
Learn More:
A look into the world of debt relief seekers
We looked at a sample of data from Freedom Debt Relief of people seeking the best debt relief company for them during July 2025. This data highlights the wide range of individuals turning to debt relief.
Credit card tradelines and debt relief
Ever wondered how many credit card accounts people have before seeking debt relief?
In July 2025, people seeking debt relief had some interesting trends in their credit card tradelines:
The average number of open tradelines was 14.
The average number of total tradelines was 24.
The average number of credit card tradelines was 7.
The average balance of credit card tradelines was $15,142.
Having many credit card accounts can complicate financial management. Especially when balances are high. If you’re feeling overwhelmed by the number of credit cards and the debt on them, know that you’re not alone. Seeking help can simplify your finances and put you on the path to recovery.
Personal loan balances – average debt by selected states
Personal loans are one type of installment loans. Generally you borrow at a fixed rate with a fixed monthly payment.
In July 2025, 44% of the debt relief seekers had a personal loan. The average personal loan was $10,718, and the average monthly payment was $362.
Here's a quick look at the top five states by average personal loan balance.
| State | % with personal loan | Avg personal loan balance | Average personal loan original amount | Avg personal loan monthly payment |
|---|---|---|---|---|
| Massachusetts | 42% | $14,653 | $21,431 | $474 |
| Connecticut | 44% | $13,546 | $21,163 | $475 |
| New York | 37% | $13,499 | $20,464 | $447 |
| New Hampshire | 49% | $13,206 | $18,625 | $410 |
| Minnesota | 44% | $12,944 | $18,836 | $470 |
Personal loans are an important financial tool. You can use them for debt consolidation. You can also use them to make large purchases, do home improvements, or for other purposes.
Manage Your Finances Better
Understanding your debt situation is crucial. It could be high credit use, many tradelines, or a low FICO score. The right debt relief can help you manage your money. Begin your journey to financial stability by taking the first step.
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Author Information
Written by
Lyle Daly
Lyle is a financial writer for Freedom Debt Relief. He also covers investing research and analysis for The Motley Fool and has contributed to Evergreen Wealth and Monarch Money.
Reviewed by
Kimberly Rotter
Kimberly Rotter is a financial counselor and consumer credit expert who helps people with average or low incomes discover how to create wealth and opportunities. She’s a veteran writer and editor who has spent more than 30 years creating thousands of hours of educational content in every possible format.
Do balance transfers hurt your credit?
A balance transfer on its own doesn’t hurt your credit. When you apply for a balance transfer card, the application puts a hard inquiry on your credit file. A hard inquiry can cause a minor drop in your credit score. But if you’re approved for the card, you’ll have more total credit available, which could lower your credit utilization. Lower credit utilization can help raise your credit score.
What happens to an old credit card after a balance transfer?
After you complete a balance transfer, the transferred balance is removed from the old credit card. Nothing else happens to the card. You can continue to use it, but if you get into new debt, you could end up in the same position again. You may want to stop using the card or even close it so you can focus on getting debt free.
Can I have two balance transfer cards with the same bank?
Yes, you can have two balance transfer cards with the same bank. Most banks won’t let you transfer balances between two of their cards, though. For example, you could transfer a balance from a Chase card to a Citi card, but not from one Chase card to another Chase card.
Debt Solutions
