This information may be different than what you see when you visit a financial institution, service provider or specific products moto mod discount site.
Thats because transfer fees are assessed on all amounts you transfer, whereas interest is only charged on amounts that remain after the 0 how to win a gemini intro period expires.
Using a 0 intro APR balance transfer to refinance existing credit card debt can save you a fortune in interest over the 0 promo period.
Pay off your credit card debt with one of these balance transfer credit cards, some of which are from our partners.Mortgages, insurance, loans, shopping, utilities, taxes University About Company Press Careers Leadership Help Security Disclaimer: NerdWallet strives to keep its information accurate and up to date.Card issuers know that people who apply for balance transfer cards are likely to carry an existing balance with another cheap christmas gifts pinterest issuer, which could have already marred your credit score.Transferring a balance to a credit card frees up capacity on another credit card.Our favorite balance transfer credit cards offer long 0 intro APR periods that allow you to avoid interest on your balances, pay down debt faster, and free yourself of costly credit card debt forever.Many people get into trouble by opening a balance transfer credit card account, moving a balance, then racking up another large balance on their old credit card at double-digit interest rates while making little to no progress paying down the balance they moved in the.The amount of interest you can save is highly dependent on the duration of the balance transfer offer, the interest rate you pay on your existing debt, and how much debt you have to repay.In effect, the card company you are moving your balance to pays the card company you are moving your balance from.We want to help you confidently find the best credit cards for your needs, which is why the lens through which we picked the top balance-transfer credit cards focuses heavily on the following features: Length of the 0 intro APR for balance transfers.If your card doesnt offer the same promotional terms on purchases, consider using it solely for the balance transfer to avoid piling up debt at a higher purchase APR.Consider an example where you want to pay off a 5,000 balance with monthly payments of 200.There may be a small amount of interest due in the month following your balance transfer, even if you move your whole balance, so its a good idea to check back after the balance transfer is complete so that you dont get slapped with.
If a 0 balance transfer card does not offer a 0 intro APR on purchases, dont put purchases on the credit card until the 0 balance transfer APR expires, or until you pay off the 0 APR balance transfer.
Its our view that people who are serious about paying down credit card debt should prioritize cards that waive balance transfer fees for new cardholders, or do not have balance transfer fees at all, even if it means getting a shorter 0 intro APR period.
The table below shows you how a 15-month 0 intro APR offer without balance transfer fees works out to be a slightly better deal than a 21-month 0 intro APR offer that carries a 3 balance transfer fee when paying off a 5,000 balance with.
Fees, including balance transfer fees and annual fees.You can avoid this problem by employing one of three basic strategies: Only use balance transfer cards for purchases when they offer 0 intro APRs on balance transfers and purchases for the same length of time.Suppose you have a card with a 5,000 balance, of which 4,000 is from a 0 intro APR balance transfer, and 1,000 is from purchases you made a month after getting the card.When you transfer high interest debt to Discover, you'll lower your APR and reach your savings goals.When the 0 intro APR expires, all balances (including the fee) begin accruing interest.A balance transfer occurs when a borrower moves a balance from one credit card to another.A balance transfer credit card is not for everyone.Its tax season, let us help you get a maximum return.
Check out our help center for more information.
In the right hands, a balance transfer credit card can be a powerful financial tool used to pay off debt.