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

   www.forbes.com › advisor › ca

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   Balance transfer credit cards have a lot to offer for those struggling with debt. For some, a 0% introductory rate on balance transfers can shave years off of debt repayment and save...

   • Author: Sebastian Obando

2. 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

3. Videos

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

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   Mar 26, 2024 · Balance transfer credit cards help you save money by allowing you to move debt from a high-interest credit card to one that charges as little as 0% APR for 12 months or longer. They can also help you consolidate your debt into a single payment if you owe money on multiple cards.

5. www.nerdwallet.com › article › credit-cards7 Balance Transfer Credit Card Mistakes, and How to Avoid ...

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   • Video Duration: 1 min

   • Trying to transfer a balance between cards with the same issuer. Credit card issuers earn money, in part, on the interest consumers pay. When they offer low introductory interest rates, such as the 0% APR offers available on many balance transfer credit cards, that presents a loss to the company on profits from interest, in exchange for gaining new business.
   • Missing the balance transfer deadline. Many balance transfer credit cards have a deadline for completing the transfer — usually somewhere between 30 and 120 days after the account is opened — in order to qualify for the card’s low introductory APR offer.
   • Not taking into account the balance transfer fee. A balance transfer credit card can save money on interest, but it’s not without cost. In most cases, the amount you move over will be subject to a balance transfer fee — typically 3% to 5% of the total amount transferred.
   • Overestimating how much debt can be transferred. Just like other credit cards, balance transfer credit cards come with a credit limit, and that limit will dictate the size of balance that you can transfer.

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

   www.nerdwallet.com › article › credit-cards

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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.

   • Video Duration: 4 min

7. www.cibc.com › balance-transfer-cardsMaximize Savings with Balance Transfers on Credit Cards - CIBC

   www.cibc.com › balance-transfer-cards

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   A balance transfer lets you use a credit card to pay debt on another credit card. This could save you money if you’re moving the balance to a card with a much lower interest rate. Card issuers often have balance transfer offers, sometimes with rates as low as 0%.

8. People also ask

   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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   What is a credit card balance transfer?

   • A balance transfer lets you use a credit card to pay debt on another credit card. This could save you money if you’re moving the balance to a card with a much lower interest rate. Card issuers often have balance transfer offers, sometimes with rates as low as 0%.

   Balance Transfers for Credit Cards - Tips and Advice - CIBC

   www.cibc.com/en/personal-banking/credit-cards/articles/balance-transfer-cards.html

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   Is a credit card balance transfer a good idea?

   • Carrying debt on a credit card is usually expensive, even if you're making your payments every month without fail. If a balance transfer saves you money in the long run, it's a good move. Balance transfers are best for debt that would otherwise take several months (or more) to pay off.

   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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   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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   What happens if you transfer a balance to a credit card?

   • When you transfer a balance to a credit card, the new issuer pays off the debt on your old card. That balance is then moved to the new card, which you’re responsible for making payments on. Apply for a card with a low-interest rate offer on balance transfers. Or use an offer on a card you already have.

   Balance Transfers for Credit Cards - Tips and Advice - CIBC

   www.cibc.com/en/personal-banking/credit-cards/articles/balance-transfer-cards.html

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   Can you transfer credit card debt?

   • Pay down the balance. When that balance is added to the new card, you’ll be responsible for making monthly payments on that account. And if you pay it down during the introductory 0% APR period, for example, you could potentially save a bundle. Credit card debt isn't the only type of debt you can transfer.

   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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9. www.thebalancemoney.com › pros-and-cons-of-aThe Pros and Cons of a Credit Card Balance Transfer

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   Mar 24, 2022 · Weighing the pros and cons of a credit card balance transfer can help you decide whether to transfer your credit card balance to a new credit card.