balance transfersWhile this information was accurate at the time this post was published, these cards’ offers and perks may have expired or changed over time. Visit our reviews of the best credit cards to find the right card for your needs.

If you’ve racked up a credit card balance that you can no longer afford to pay due to high interest rates, a balance transfer credit card may be a solution for you. These types of credit cards help you pay your debt off over time with their long-term 0% intro APRs, making your monthly payments much more affordable by eliminating the interest you pay on the balance as soon as you complete the transfer. We’ve already detailed exactly what balance transfers are and how they work, but some might be wondering whether it’s possible to complete a balance transfer between the same bank or card issuer. Here’s what you need to know.

Can I transfer a balance from my credit card to a new card issued by the same provider?

Although balance transfers are a great way to help you pay down your debt, it’s important for anyone who’s considering a balance transfer to recognize that you usually cannot complete a balance transfer between the same bank or card issuer. Let’s say, for example, you wanted to transfer the balance from one of your Bank of America cards to another Bank of America card that is offering a 12-month 0% intro APR. Because the balance transfer would be from one Bank or America card to another, the bank would not allow you to do this — it even says so in the new card’s terms and conditions. This means you’d have to transfer the balance from your Bank of America card to a card issued by a different bank (e.g., a Wells Fargo card or Chase card). Even if the credit card is a different card from the same issuer, such as the Citi Double Cash Card (a NextAdvisor advertiser) and the Citi Simplicity Card – No Late Fees Ever, the balance transfer would be prohibited.

Although you may think there are laws in place to prevent you from transferring a balance within the same bank, that isn’t the case. In fact, the reason behind this “rule” isn’t quite that glamorous — banks prefer to gain a new customer with an existing debt over an existing customer who’s transferring the debt from an old card to a new one. While it may seem like the bank hopes to make money on your debt, if you do the balance transfer responsibly and pay off the balance within the designated time, it’s actually helping you save money in the long run. While you will usually have to pay a one-time balance transfer fee, it’s extremely likely that the fee, which is usually 3% to 5% of the transferred balance, is much cheaper than the credit card interest you’re paying on the old card — the average credit card APR is 15.96% according to our friends at For example, if you have a balance of $2,000 you’re looking to transfer to a 0% intro APR card and the balance transfer fee is 3%, you’re only paying $60 to transfer it to that new card — that’s a lot cheaper than the estimated $303 in interest (assuming your APR is 15.19%) you’ll pay to your old card over the course of a year. In addition, if you pay the transferred balance off before the 0% intro APR runs out, you also won’t pay interest on the transferred balance — it’s a win-win for you.

What are the best options for balance transfer credit cards?

If you’ve ever considered a balance transfer, you’ve likely noticed that there are quite a few balance transfer credit cards to choose from. To help connect you with the best card from a different card issuer, we’ve detail the top options from some of the major issuers.

Discover it Balance Transfer

Have less-than-perfect credit? If so, the Discover it Balance Transfer is for you because this credit card requires average, good or excellent credit for approval. Cardholders will enjoy a stellar 18-month 0% intro APR on balance transfers (with a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)) and a 6-month 0% intro APR on purchases (after the 0% intro APRs expire, the go-to variable rate applies). The Discover it Balance Transfer card also has some top-notch cash back rewards. To start, you’ll receive 5% cash back (up to the quarterly maximum, then it’s 1%) in rotating categories as well as an unlimited 1% cash back on all other purchases you make. It should be noted that you must sign up every quarter to earn 5% back, but Discover will remind you when it’s time to do so. On top of that, Discover will match all of the cash back you’ve earned at the end of your first year. This means if you earned $400 in cash back, Discover will double that for a total of $800 back! Other perks of the card include no annual fee and a copy of your TransUnion FICO credit score on every statement.

Interested in signing up for one of these cards? Head over to our balance transfer credit card reviews to learn how.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.