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What is a balance transfer credit card?

What is a balance transfer credit card?

 

Glossary

What is a balance transfer?

 

can you transfer credit card balance to another credit card

 

Although you pay a balance transfer fee, some cards charge 0% for a period of months, a good way to handle debt. If you are looking to switch to a balance transfer credit card, below is what you should be aware of prior:

 

  • Transferring balances isn't repaying, because you are using one credit card to pay off another one, but at a lower interest rate.
  • Merging debts makes payments simpler.
  • You can transfer a wide range of debts, not just credit cards.
  • Balance transfer fees are unavoidable.
  • APR for balance transfers elapse.
  • Exercise caution with new acquisitions as the 0% balance transfer rate might only apply for a certain period of time.
  • Learn how payments are allocated.
  • Applying for a new balance transfer card when your initial rate expires is risky.
  • Credit card balance transfer deals need good credit score to qualify.

 

The card issuer will fix a limit on the amount that you can transfer, but you can shift debts from any other cards as long as you stay within the limit. A majority of balance transfer cards charge a fee of between 2% and 3% of the amount you transfer. In many cases, you can almost always make up for the cost in the amount you save in interest. You also will not be able to transfer to a card offered by the same firm.

Best credit cards for balance transfers with no transfer fee

 

is it good to transfer credit card balances

 

If you are searching for the best credit cards for balance transfers with no transfer fee and annual fees, then the following are recommended:

 

Discover it - 18 Month Balance Transfer Offer; receive twice your cash back in the first year, 5% on revolving classes in quarterly acquisitions, and 1% on all else. Preliminary APR of 0% on acquisitions for 6 months and 0% on balance transfers for 18 months, and then a flexible APR of 11.24% - 23.24% with no annual fees.

 

Chase Slate; no transfer fees in the first 60 days, no annual fee, 0% on acquisitions and balance transfers, then a flexible APR of 13.24% - 23.24%.

 

Citi Simplicity Card – no late fees ever; no annual fee, introductory APR of 0% on acquisitions and balance transfers, and then aflexible APR of 13.24% - 23.24%.

 

Citi Double Cash Card – 18 month BT offer; introductory APR of 0% for 18 months on balance transfers, and then a flexible APR of 13.24% - 23.24%. Receive 1% cash back on acquisitions and a bonus 1% back on remuneration and no annual fee.

 

Amex EveryDay Credit Card from American Express; 0% on acquisitions and balance transfers, and then aflexible APR of 13.24% - 23.24%. 3% balance transfer fee and no annual fee.

 

Barclaycard Arrival Plus World Elite MasterCard; 0% on balance transfers, and then aflexible APR of 16.24%, 20.24% or 23.24%, 3% balance transfer fee and annual fee of $0 for the first year, then $89.

 

BankAmericard Credit Card; 0% on balance transfers for 18 debiting phases for balance transfers, and then a flexible APR of 11.24% - 21.24%, 3% balance transfer fee and no annual fees.

 

best balance transfers

 

Capital One Quicksilver Cash Rewards Credit Card; 0% on acquisitions and balance transfers, and then a flexible APR of 13.24% - 23.24% and 3% balance transfer fees.

 

U.S. Bank Visa Platinum Card; 0% for 15 months on acquisitions and balance transfers, and then a flexible APR of 10.24% - 21.24% and 3% balance transfer fees.

 

Wells Fargo Propel 365 American Express Card; 0% on acquisitions and balance transfers, and then a flexible APR of 14.24% - 22.24%, 3% balance transfer fees and an annual fee $0 for the first year, then $45.

 

The best balance transfers propose good deals on acquisitions as well as balance transfers, allowing you to expend on the card, so make sure you compare balance transfer credit cards before deciding. Most of the time, it is better to possess separate cards for balance transfers and for acquisitions, allowing you to take full advantage of the best deals in the market and make the most savings.