“Most often, credit card companies won’t allow authorized users to complete a balance transfer,” says Jordan Tarver, credit analyst at FitSmallBusiness.com. If you charge purchases to someone else’s card as an authorized user, typically only the account holder would be able to transfer that balance to another card.

Can I transfer a positive credit card balance to another credit card?

A balance transfer can make sense if you have a large balance on a high interest credit card (or cards) and can transfer it to a credit card with a lower interest rate. You could use this interest-free introductory period to pay down or even completely pay off your debt.

Can a balance be transferred to a new credit card?

You have two balance transfer options: Open a new credit card with a limited-time 0% APR, or transfer a card’s balance to a lower-interest-rate card you already have. Most issuers prevent balance transfers to a new card from the same issuer. Figure out any restrictions such as these, before applying for a new card.

Is there an annual fee for balance transfer?

The average balance transfer credit card has a 0% APR for 12 months, with a 3% balance transfer fee and a $0 annual fee. There are plenty of balance transfer credit card deals with even better terms, too (some cards are from WalletHub partners).

What’s the purpose of a balance transfer card?

The purpose of a balance transfer credit card is to save money and time by reducing the overall cost of credit card debt and allowing you to pay off the balance faster (some cards are from WalletHub partners). Below, you can learn all about the best balance transfer cards available right now.

What should my credit score be for a balance transfer?

However, keep your credit utilization ratio (the amount of your debt compared to your available credit) low. Ensure your existing credit card accounts and credit history are in good standing before taking action. Most balance transfer cards require a good to excellent credit score. For FICO scores, “good” is 670+. 1