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1. www.forbes.com › advisor › caThe Pros And Cons Of Balance Transfer Credit Cards

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   The primary benefit of a 0% balance transfer credit card is the 0% introductory APR offer. This 0% interest period can help you carry your debt for a limited time without paying interest. The ...

   • Author: Sebastian Obando

2. thepointsguy.com › credit-cards › pros-cons-balanceThe pros and cons of balance transfer credit cards

   thepointsguy.com › credit-cards › pros-cons-balance

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   Mar 26, 2024 · Interest savings. Balance transfer cards allow you to save significant amounts of money on interest. If you've stacked up a lot of high-interest debt on another card, a balance transfer can act almost as a "get out of jail free" card if executed properly. Of course, you'll want to pay off the debt on your new card before the interest rate kicks ...

3. Videos

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     Balance Transfer Cards 101: Everything You Need to Know

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     What is a balance transfer? Is it a good idea? - Credit Card Insider

     Nov 19, 2015

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     Balance Transfer credit cards explained - pay 0% interest on debt

     Jan 20, 2021

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4. www.creditkarma.com › credit-cards › iAre balance transfers worth it? Pros and cons - Credit Karma

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   • Balance Transfer Pros
   • Balance Transfer Cons
   • Bottom Line

   It can consolidate your payments

   You may be able to combine multiple credit card balances by transferring them to a balance transfer card. Once you consolidate your credit card debtonto one card, you can focus on one payment with one due date, instead of making several payments each month and having to keep track of various due dates. This can make it easier to manage your payments.

   You can save money on interest

   A major benefit of doing a balance transferis the potential to save money on interest. It’s common to see credit cards with APRs of up to 28% or higher. Some balance transfer cards come with an introductory 0% APR for a set amount of time. That way the money you do put toward your debt is not just getting eaten up by interest, but instead paying down the principal balance.

   Move your debt to a different credit card

   You may feel stuck with your current credit cards, dealing with high interest rates and terms that don’t offer you much as a cardholder. Depending on the card you get approved for, you may be able to move your debt to a credit card that has a lower interest rate and more favorable terms. You may even be able to find a balance transfer card that offers perks that can earn you rewards. But you might want to wait until your transferred balance is paid off before you take on new credit card debt.

   See full list on creditkarma.com

   You may have to pay a balance transfer fee

   Most good things aren’t free, and that includes balance transfers. Many balance transfer credit cards will charge a balance transfer feeof 3% to 5% of the amount you transfer, usually with a minimum of $5 to $10. Let’s say you transfer $5,000 and there’s a 3% balance transfer fee. You’ll end up paying a $150 fee just to do the transaction. Consider that added cost before you transfer your balance to make sure you’re still saving money.

   The low interest rate doesn’t last forever

   Balance transfer cards may offer a 0% intro APR for a specific amount of time. The promotional period can vary depending on the card, but you’ll see balance transfer cards out there with intro APR periods of anywhere from six months to 21 months. That means if you’re using this card to pay off debt, you’ll want to be aware of when the promotional period ends and what the APR will be after that.

   You could add to your debt

   If you’re looking to do a balance transfer, you’re likely hoping to pay off debt and save money on interest. But if you haven’t addressed the root of the issue, having another credit card could easily lead to more debt. If you don’t have a plan, you may end up racking up even more debt with the new credit card. Worse yet, you may not pay off your existing debt within the promotional period and end up just shuffling your debt around without actually saving money.

   See full list on creditkarma.com

   A balance transfer credit cardcan be a useful tool if you’re looking to pay off debt faster. If you get approved for a low interest rate and pay off your debt during the promotional period, you may be able to save money on interest and be debt-free sooner. It’s also a good idea to understand how your credit card debt got where it is before you appl...

   See full list on creditkarma.com

5. www.nerdwallet.com › article › credit-cardsWhat Is a Balance Transfer? Should I Do One? - NerdWallet

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   Sep 25, 2024 · A balance transfer is a transaction in which you move debt from a high-interest credit card to a card with a lower interest rate, ideally one with a 0% introductory APR. Properly executed, a ...

   • Video Duration: 4 min

6. www.bankrate.com › credit-cards › balance-transferPros And Cons Of A Balance Transfer - Bankrate

   www.bankrate.com › credit-cards › balance-transfer

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   Aug 30, 2024 · A balance transfer credit card can help you pay off your debt faster and save money on interest, but it may not be the right move for everyone. Balance transfer credit cards offer advantages ...

7. www.discover.com › credit-cards › card-smartsIs a Credit Card Balance Transfer a Good Idea or Not Worth It?

   www.discover.com › credit-cards › card-smarts

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   Nov 8, 2024 · Consider the following disadvantages before you initiate a balance transfer: There may be a fee. You may have to pay a balance transfer fee for any credit card balance transfers. The fee varies across credit card companies and offers, but it’s often around 3% or 5% of the amount you transfer, with a $5-$10 minimum. The intro APR rate is ...

8. People also ask

   Is a balance transfer credit card a good idea?

   • Some balance transfer credit cards come with an introductory 0% APR offer for a set number of months and most balance transfer cards will charge a fee to transfer the debt over. So, this can be a great option, but if you’re not careful or aware of the potential drawbacks, you could wind up with even more debt.

   Are balance transfers worth it? Pros and cons - Credit Karma

   www.creditkarma.com/credit-cards/i/balance-transfer-pros-cons

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   Are balance transfers a good idea?

   • Balance transfers are a lesser-known and potentially underutilized aspect of some credit cards. They allow you to move debt from a high-interest card to another with a much lower annual percentage rate — even as low as 0% APR. But what are the pros and cons of balance transfers, and should you rely on them to save money?

   The pros and cons of balance transfer credit cards

   thepointsguy.com/credit-cards/pros-cons-balance-transfer-credit-cards/

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   Do credit card companies offer a balance transfer offer?

   • Credit card companies may offer a balance transfer with a low or 0% intro APR on the balances that you transfer to the card for a limited time. Using these promotional interest rate offers can help you save money and pay off your debt faster if you transfer high-interest debt.

   Are Balance Transfers a Good Idea or Not Worth It? | Discover

   www.discover.com/credit-cards/card-smarts/balance-transfers-good-idea-or-not-worth-it/

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   How much does a balance transfer credit card cost?

   • The "perfect" balance transfer credit card comes with three big zeroes: A 0% introductory APR offer for balance transfers. A $0 annual fee. A $0 balance transfer fee (or a way to avoid paying such a fee). With a "triple-zero" card, you could potentially pay off your debt without spending a penny on interest and fees.

   What Is a Balance Transfer? Should I Do One? - NerdWallet

   www.nerdwallet.com/article/credit-cards/what-is-a-balance-transfer

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   Can a credit card balance transfer help you pay off debt?

   • One thing to consider is a balance transfer. A balance transfer is the process of transferring debt from one credit card to another credit card, usually to one with a lower interest rate. This doesn’t get rid of your debt but it may help you save money on interest or possibly pay off the debt quicker.

   Are balance transfers worth it? Pros and cons - Credit Karma

   www.creditkarma.com/credit-cards/i/balance-transfer-pros-cons

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   Should you buy a credit card with no balance transfer fee?

   • In some cases, a credit card with no balance transfer fee and a low interest rate could save you more money than a card with a balance transfer fee and 0% APR, depending on the math. However, you may still be subject to the card’s balance transfer limit, which could be lower than its credit limit for purchases.

   Are Balance Transfers a Good Idea or Not Worth It? | Discover

   www.discover.com/credit-cards/card-smarts/balance-transfers-good-idea-or-not-worth-it/

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9. www.businessinsider.com › personal-finance › creditUnderstanding Balance Transfer Pros and Cons - Business Insider

   www.businessinsider.com › personal-finance › credit

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   Jul 17, 2024 · 0% balance transfer credit cards are a great way to consolidate debt because they allow you to move all of your debt onto one card with a 0% interest rate. This means you can pay off your debt ...