This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.

TPG reader Michelle sent me a message on Facebook to ask:

“Do balance transfers between credit cards give you points, and if yes, which do you recommend?”

Carrying credit card balances can be precarious, because any amount you pay in fees or interest can negate the value of the points and miles you earn, and it can damage your credit store as well. One of the biggest factors in your FICO score is the ratio of how much debt you carry each month to your total available credit.

First off, you can’t earn any points or miles on balance transfers with any reputable bank, at least not that I’m aware of. Of course if anyone else is aware of a card or bank that does allow this, please let us know in the comments section below.

If you’re transferring balances, I recommend the Chase Slate card, because it offers a 0% balance transfer APR and initially charges no balance transfer fees, which are typically around 3%. There are plenty of balance transfer cards that offer one or the other, but Slate is the only one I’m aware of that offers both.

You’re not going to earn points or miles with this card, but 15 months of 0% APR and no balance transfer fees is almost unheard of. If you’ve got the balances, put the debt there and try to pay it down. The more you can reduce your balance, the higher your score will go.

Using the Chase Slate you can pay off your balances and be closer to ending that debt. Photo courtesy of Shutterstock.

Once you’re out of debt and are no longer carrying big balances—and have learned your lesson! No judgement here though, I’ve been there—your score will be up and you can get in on some of the great sign-up bonuses 2015 has to offer.

If you have any other questions, please tweet me @thepointsguy, message me on Facebook, or send me an email at info@thepointsguy.com.

The Platinum Card® from American Express

WELCOME OFFER: 60,000 Points Terms Apply.

TPG'S BONUS VALUATION*: $1,200

CARD HIGHLIGHTS: Delta Sky Club and Centurion lounge access, $200 annual airline fee credit and up to $200 in Uber credits annually

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.
  • Enjoy Uber VIP status and free rides in the U.S. up to $15 each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings.
  • 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
  • 5X Membership Rewards points on prepaid hotels booked on amextravel.com.
  • Enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
  • Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn More.
  • $200 Airline Fee Credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
  • Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. Enrollment required.
  • $550 annual fee.
  • Terms Apply.
  • See Rates & Fees
Intro APR on Purchases
N/A
Regular APR
N/A
Annual Fee
$550
Balance Transfer Fee
See Terms
Recommended Credit
Excellent/Good
Terms and restrictions apply. See rates & fees.

Know before you go.

News and deals straight to your inbox every day.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.