Balance transfer credit cards statistics

Cost of balance transfers

The average cost of balance transfers fell slightly over the period observed by the CFPB, possibly thanks to a strengthening economy.

• Cost of balance transfers — Visual
• Cost of balance transfers — Data

Source: The Consumer Credit Card Market 2019

The average debt amount transferred by credit score

The size of the average balance transfer differed based on credit score. As you’ll see below, those with higher credit scores transferred more debt with their balance transfer.

• Average size of debt transferred — Visual
• Average size of debt transferred - Data

Balance transfers performed by credit score

Generally, the most valuable balance transfer credit cards or opportunities are found on credit cards requiring good or excellent credit.

See our breakdown of balance transfers based on cardholder credit score.

• Balance transfers performed based on cardholder credit score — Visual
• Balance transfers performed based on cardholder credit score - Data

Breakdown of 0 APR periods on balance transfer cards

We dipped into our database of credit cards to break down the APR length of 0% APR periods. Surprisingly, the 15-month period fell only 1 card short the standard 12-month period.

• 0 APR periods on cards — Visual
• 0 APR periods on cards — Data

Source: finder.com

Number of cards that require a transfer in a certain amount of time

Most cards enforce some form of time limit on when you can transfer a balance. Based on our database, we found that roughly two-thirds of cards allowed a balance transfer within a year or more.

• Cards that require a transfer — Visual
• Cards that require a transfer — Data

Source: finder.com

Average standard APR for balance transfer cards

Though the primary appeal of a balance transfer card is the 0% APR period, not everyone will necessarily be able to pay the full balance in time. To find out what the average cardholder would pay in interest on a balance transfer card, we combed through the data found within our credit card database.

• Average standard APR for balance transfer cards — Visual

Source: finder.com

Number of cards with no transfer fee

Present on some credit cards offering 0% balance transfer APRs, balance transfer fees can cut into your total interest savings on a balance transfer. We looked into our card database to find out how many cards offered a balance transfer but without the biting fee.

• Cards with no fee transfer — Visual

Source: finder.com

Number of cards that offer 0% APR periods on balance AND purchases

Flexibility on a credit card is always a great feature and when it comes to saving, credit cards that offer 0% APR periods on balance and purchases are a boon. Here are the number of cards we found within our credit card database that offer this perk.

• 0% APR on balances and purchases — Visual

Source: finder.com