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Mint Images / Mint Images RF / Getty Images November 04, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Dan Rafter has been writing about personal finance for more than two decades, covering everything from credit scores, mortgage loans and debt to credit cards, insurance, real estate and student loans. His work has appeared in the Washington Post, Chicago Tribune, Fox Business, The Motley Fool, The Christian Science Monitor, LendingTree, Business Insider and Mental Floss Magazine. He's also the editor of , a trade magazine serving real estate professionals throughout the Midwest. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
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Most people consider balance transfer cards when looking to transfer high-interest credit card debt, but it is possible to transfer other kinds of debt. Here’s a quick rundown of the different account balances you may be able to transfer to a balance transfer card, depending on the issuer. Credit card debt
Consumers most commonly use balance transfer cards to transfer credit card debt. The is currently hovering above 17 percent, but this is just the average. Your interest rate could be much higher depending on your credit. A reprieve from paying interest for over a year or more could give you the breathing room you need to in full. Auto loans
Most card issuers allow you to transfer , too. As an extra benefit, when you transfer auto loan debt to a balance transfer credit card, you’ll officially be paying off the lender servicing that loan. This means you’ll get the title of your car earlier than you otherwise would have. This is where the distinction of “can” and “should” comes into play with balance transfer cards. Can you transfer auto loan debt? Absolutely. Should you? Well, that depends on whether you can pay off the transferred amount before that 0 percent offer ends. Auto loans generally come with lower interest rates, often in the 3 percent range. You don’t want to swap a low interest rate with a much higher one when your new credit card’s regular APR kicks in on your remaining balance. Personal loans
The interest rates on are generally lower than those you get with a credit card, although they’re generally higher for borrowers with poor or fair credit. If you’re in the latter group, moving this debt to a credit card with an intro APR offer could save you money on interest. However, if you have good credit you’ll likely have a better interest rate on a personal loan than a credit card. If you’re confident you can pay off the balance during your balance transfer card’s intro APR period, then no interest is better than whatever low interest rate your personal loan charges. But if life throws you a curveball and you can’t pay the card balance off in full, you could pay more in interest on the back end. Student loans
While transferring student loan debt to credit cards is possible, it may not be the best financial decision. come with protections such as repayment plans and forgiveness programs. You’ll lose these protections if you transfer that debt to a credit card. Home equity loans
If you’ve taken out home equity loans to cover the costs of a kitchen remodel or other home improvement projects, you can also transfer this debt to a credit card. However, there is a catch. Since renovations are so expensive, home equity loans tend to be large. It’d be rare to find a credit card with a large enough credit limit to allow you to transfer your entire home equity loan to a credit card. However, if you’ve paid down enough of your loan or have a relatively low home equity loan to begin with, this might be feasible. Debts you can transfer to a balance transfer card by issuer
Many issuers allow you to transfer different types of debt to a balance transfer card as long as it’s not from an account with that issuer, although these policies may vary. Consult your issuer about your options. Credit card balance Personal loan balance Student loan balance Auto loan balance Home equity loan balance American Express – – – – Bank of America Capital One Chase – – – – Citi Discover Wells Fargo Which balance transfer card should you choose
If you are interested in doing a balance transfer, choosing the right balance transfer card for your financial situation is important. Here are just a few of the on the market today: The offers a 0 percent introductory offer for 18 billing cycles on both balance transfers (made within the first 60 days) and purchases, followed by 18.24 percent to 28.24 percent variable APR. The comes with a 0 percent APR on balance transfers for 18 months, with 16.99 percent to 26.99 percent variable APR thereafter. The offers one of the longest 0 percent introductory offers on the market: 0 percent intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension for 3 months with on-time minimum payments during the intro period. 16.74 percent to 28.74 percent variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5. The offers 0 percent intro APR for 21 months on balance transfers from the date of first transfer. After that, the variable APR will be 15.99 percent to 26.74 percent. Balance transfers must be completed within 4 months of account opening. The bottom line
If you want to transfer loan debt to a credit card, you can find an issuer and a card that will allow it. Just remember to be smart: You can save plenty in interest by transferring loan debt to a card with a 0 percent interest rate period, but if you don’t pay that debt off in time, you may actually end up paying far more in interest in the long run. SHARE: Dan Rafter has been writing about personal finance for more than two decades, covering everything from credit scores, mortgage loans and debt to credit cards, insurance, real estate and student loans. His work has appeared in the Washington Post, Chicago Tribune, Fox Business, The Motley Fool, The Christian Science Monitor, LendingTree, Business Insider and Mental Floss Magazine. He's also the editor of , a trade magazine serving real estate professionals throughout the Midwest. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Related Articles