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Sep 25, 2024 · A balance transfer can save you money by moving your debt from a high-interest credit card to one with a lower APR. Learn how they work, and find a card that fits your needs.
- 4 min
- Do The Transfer Fee Math
- Read The Fine Print
- Be Aware of Transfer Deadlines
Most balance transfer cards charge a balance transfer fee, usually 3% to 5% of the amount being transferred. Make sure you include this fee in your card comparisons to see if you’ll actually be saving money by doing a balance transfer. When deciding between seemingly similar options, it helps to calculate the amount you’re looking to transfer plus ...
Sometimes that 0% APR offer comes with a catch. If you miss a payment or pay late for example, it could nullify the offer. This means you’ll have to pay whatever the standard variable interest rate is for that card, which could end up costing you more overall. Make sure you know the exact details when it comes to any card that’s a contender for you...
You should also note the amount of time you’ll have to do the transfer as every card has a different window of time before the ability to transfer at the promotional APR expires. Some require a transfer to be requested within 30 days, others 45 or even 60 days. You might find one choice more appealing than another, especially if you hope to consoli...
Jul 5, 2024 · A balance transfer moves a balance to another account or card. Typically, the goal is for debt to move to an account with a lower or introductory 0% interest rate.
- A credit card annual percentage rate or APR refers to the interest rate applied to any balances carried on the account. A balance transfer APR refe...
- A balance transfer may take some time to complete, so it’s important to continue making minimum payments on the account you transfer a balance from...
- Making a balance transfer on its own won’t necessarily affect a credit score, but other actions often associated with making a balance transfer mig...
- Applying for credit cards with balance transfer offers will likely require good or better credit. This means a score of 670 or higher on the FICO S...
- After you’ve transferred a balance away from a card, the account won’t necessarily close on its own. So long as you remain in good standing with th...
- Review Your Existing Debt. Take some time to review your credit cards that have a balance. Take note of how much you owe and what the interest rate is for each card.
- Decide Where To Transfer Debt. Do your due diligence to find potential cards to shift your balance to. Are you hoping to take advantage of a limited-time 0% APR balance transfer offer?
- Review the Offers on Other Cards. Know the Difference in Offer Types. If you’re primarily interested in a 0% APR balance transfer offer, compare what’s available to find a card that will help you save the most money overall.
- Compare Your Top Picks. Even if you find cards that offer the same promotional length of time on a balance transfer, pay attention to the terms surrounding a transfer.
Oct 7, 2024 · Credit card balance transfers are typically used by consumers who want to move the amount they owe to a credit card with a significantly lower promotional interest rate and better benefits,...
- Adam Barone
- 2 min
Apr 17, 2024 · A balance transfer is a transaction that enables you to move existing debt to a new credit card. The purpose of a balance transfer is to get a lower interest rate and pay off what you owe much faster. Just keep in mind that most credit cards charge a 3% balance transfer fee.
Jun 24, 2024 · Find out how to do a balance transfer in five easy steps and save money on high-interest credit card debt with a 0 percent introductory APR.
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Browse These Card Categories: Cash-Back Rewards, Building Credit, Travel Rewards & More. Explore Credit Card Options and Learn More About Our Rates and Fees—Apply Today!
