CNBC's best balance transfer credit cards of 2022

The Discover it® Balance Transfer is no longer available via CNBC Select; offer details mentioned below may no longer apply.

With credit card interest rates typically in the double digits, carrying a balance on your card can be costly. However, doing so is sometimes inevitable, and the right card can help you get that debt under control.

If you think you may end up carrying a balance at some point, consider a credit card that offers no interest on balance transfers for a set period of time — this can range from six months to up to 21 months. During the introductory 0% APR period, you can pay off debt without paying costly interest charges.

Below, CNBC Select rounds up some of the best balance transfer credit cards. When compiling this list, we analyzed over 100 popular balance transfer cards using an average American's annual spending budget and credit card debt and dug into each card's perks and drawbacks. We factored in each card's transfer fee, the length of the 0% interest period and any interest you'd pay once the intro period ends. Read more about our methodology below.

Intro 0% APR for up to 21 months

• Wells Fargo Reflect® Card
• Citi® Diamond Preferred® Card
• Citi Simplicity® Card
• BankAmericard® credit card

Intro 0% APR for 18 months

• Citi Double Cash® Card
• Discover it® Balance Transfer
• Chase Slate Edge℠
• U.S. Bank Visa® Platinum Card

Intro 0% APR for 15 months

• Chase Freedom Unlimited®
• Chase Freedom Flex®
• Wells Fargo Active Cash® Card

Before you take advantage of a balance transfer offer, there are some things you should keep in mind:

• Transfers can't be made between cards from the same bank. For example, if you have a Chase card, you can't transfer debt to another Chase card.
• You may incur a fee. Most of these cards charge a balance transfer fee. It's usually 3% to 5% of the amount you transfer. For example, transferring $5,000 with a 3% fee will cost you $150. This fee will post on the balance transfer card, rather than the original card.
• Most transfers need to be completed within 120 days from account opening. If you wait too long to make a transfer, you may miss out on the 0% APR period.
• There are limits on how much debt you can transfer. Card issuers typically limit the amount you can transfer to a percentage of your total credit limit or a specific dollar amount. And issuers also factor in the total cost of the balance transfer, which includes any balance transfer fees.
• Many balance transfer cards require good or excellent credit. If you have less than stellar credit, it can be difficult to qualify for a balance transfer card.

Do balance transfers hurt your credit?

Applying for a new credit card will typically 'ding' your credit score (although the drop is usually small and temporary), but the balance transfer itself doesn't hurt your credit. However, if the balance transfer card has a low credit limit and you transfer over a high amount of debt, your credit utilization ratio will go up, which could hurt your credit score. You typically want to keep your credit utilization ratio under 30%.

Is it worth getting a balance transfer?

Balance transfers are good options for consolidating credit card debt. However, be sure to calculate how much it will cost to transfer the balance versus how much in interest fees you'll accrue by simply paying down the balance on your current credit card.

How do you qualify for a balance transfer?

Balance transfer credit cards are typically for consumers with good to excellent credit scores. If you're approved for a balance transfer offer, be sure to take advantage of it quickly as they are limited-time offers.

Using a balance transfer credit card to consolidate and pay off credit card debt is a great strategy to save on interest charges. However, it also needs to be met by cutting back on credit card spending as doing this multiple times over isn't recommended.

Before you apply for a balance transfer credit card you may want to check your credit score using a credit monitoring service like Chase Credit Journey or CreditWise from Capital One to make sure it's up to par.

Lastly, and more importantly, you'll want to have a budget set in place. Without a sturdy budget, you may find yourself digging deeper into credit card debt.

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To determine which credit cards offer the best balance transfer deals, CNBC Select analyzed 101 of the most popular credit cards that offer no interest on balance transfers issued by the biggest banks, financial companies and credit unions that allow anyone to join.

We compared each card on a range of features, including: annual fee, balance transfer fee, rewards program, introductory and standard APR, welcome bonuses and foreign transaction fees, as well as factors such as required credit and customer reviews when available.

For the cards that offered a rewards program, we also estimated how much cash back you might earn over a five-year period. Select teamed up with location intelligence firm Esri. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here.

Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.

Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net of the annual fee.

It's important to note the value of a point or mile varies from card to card and based on how you redeem them. When we calculated the estimated returns, we assumed that cardholders are redeeming points/miles for a typical maximum value of 1 cent per point or mile. (Extreme optimizers might be able to achieve more value.)

When choosing the best balance transfer card, we focused on the card that provides consumers with the cheapest way to pay off their debt rather than the number of rewards they could potentially earn. When you're in credit card debt, your primary focus should be repayment. Earning rewards should be seen as a bonus, and you don't want to spend beyond your means in order to earn points.

The five-year rewards total and the interest rate and fees estimates are derived from a budget similar to the average American's spending and debt. You may earn a higher or lower return depending on your spending habits.

For rates and fees of the Discover it® Balance Transfer, click here.