If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. You can move your $5,000 balance to the new card and you’ll have a whole year … Still, the cell phone coverage is a good reason to hold onto it. NerdWallet's ratings are determined by our editorial team. Make extra payments throughout the month, as your budget allows. An interest free balance transfer is where a credit card customer makes a balance transfer from a credit card with a high rate of interest to another card offering an introductory interest fee period.. Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S.Bank Visa® Platinum Credit Card. Moving debt to a card with an introductory 0% APR period for balance transfers will obviously save you money in interest. Transfer money to your current account at the standard cash interest rate. Our guide to choosing a balance transfer card. This card also offers cellphone insurance if you use it to pay your wireless bill. If that's you, though, definitely give it a look. The Citi Rewards+® Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap. And that's about it. The cards that save you the most while paying off debt generally don’t offer the best rewards. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Balance transfers must be completed within 4 months of account opening. Balance transfer fee. Longest 0% period for transfers and purchases, 0%* intro APR for 20 billing cycles on purchases and balance transfers. If the math on a balance transfer works in your favor, here’s what to do next. Our pick for: Low rate for an extended period. A balance transfer by itself isn't going to have much of an. See the calculator here. 0% intro APR for 18 months on purchases and qualifying balance transfers. It also offers modest rewards, so it has some value after the promo interest period runs out. For example, it might set a limit of $5,000 on balance transfers. Tell the new card’s issuer you want to do a transfer, 3. Your minimum monthly payment due is the absolute least you can pay without incurring a penalty. 0% intro APR for 18 months on purchases and qualifying balance transfers, and then the ongoing APR of 16.49% - 24.49% Variable APR. There's a balance transfer fee, but it's only 3%. 0% Intro APR on purchases and balance transfers for 20 billing cycles. And the 0% intro APR period shouldn't be overlooked. Long-term value: 0% period for transfers + rewards, 0% intro APR on Balance Transfers for 18 months. So even if you already have a card with a 0% period in effect, it might be too late to use it for a transfer. Debt payment calculators show you how much you could save in interest by paying down your credit card balance without a transfer. • The issuer. A lengthy 0% introductory APR period for both purchases and balance transfers has made the U.S. Bank Visa® Platinum Card a NerdWallet favorite. Your card’s introductory 0% APR period doesn't last forever, and in most cases a $0 transfer fee is available only for a limited time. There’s typically a fee involved. • The issuer. A personal loan can be a solid option to get a handle on your high-interest debt. We believe everyone should be able to make financial decisions with confidence. Don't spend/withdraw cash on this card, the interest rate for new purchases is 9.95% Your best move is to pay off the transferred debt first, then start using this card for the rewards. A balance transfer involves moving debt from a high-interest credit card to a new card with a lower interest rate, ideally one with an introductory 0% period. You can try asking for a higher amount. It can take days or even a couple of weeks. Some rewards cards with annual fees do offer 0% introductory periods, but they're a bad choice for getting out of debt. You might get some points knocked off your rate, or possibly get your account moved to a card with a lower rate. If your credit score has improved since you opened the account, it could pay off to, ask your issuer to lower your interest rate. A balance transfer is one of the best ways to save money on credit card interest and get out of debt sooner. For example, you can’t transfer a balance from one Chase card to another. Because it doesn't earn rewards, there's not a lot of ongoing value to the card once that 0% period runs out. According to NerdWallet's American Household Credit Card Debt Study, the average household with revolving credit card debt — that is, debt that was carried from one month to the next — had a total of $6,741 in such debt in March 2019. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. • The annual fee. COVID-19 has had quite an impact on the financial world, whether that be mortgages, interest rates, or credit cards. (You can, 2. Compare 0% APR periods for balance transfers. The transfer doesn't make the debt go away; it simply moves it to a new place. That means if you transfer a balance onto this card, you'll get no grace period, and you'll be paying interest on purchases right away. Personal loans can be issued by banks, credit unions and online lenders. Look for 15 months or more at 0%. This card also offers cellphone insurance if you use it to pay your wireless bill. With a balance transfer you get a new card to pay off debt on old credit and store cards, so you owe it instead, often at 0% interest – sometimes for a small fee. Pay on time. And every time you apply for a new card, your score takes a hit, so it’s best not to apply if you think approval is a long shot. The average balance transfer card has a 0% APR for nearly 12.21 months, along with a 3.04% transfer fee and a 17.31% regular APR. After the intro APR offer ends, 12.99% - 22.99% Variable APR will apply. A balance transfer can save you hundreds of dollars in interest payments. Credit cards designed for balance transfers offer a lower interest rate, often 0%, when you first open the account. 0% Intro APR on balance transfers and purchases for 15 months. If you transferred the debt to a card with a 0% intro APR for 18 months. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness. , although such offers are getting harder to find. 0% intro APR for 12 billing cycles on purchases and on balance transfers made within 60 days of account opening. The Citi® Double Cash Card – 18 month BT offer gets 5 stars for its best-in-class cash-back rewards, but it comes with a great balance-transfer offer, too. If your credit standing is just OK, you may not get approved for another card. The new card's issuer might let you transfer only a portion of what you owe. Read your credit card statements carefully — or just call your issuer and ask if you're not sure when the clock will run out. If you transfer a $5,000 balance to an account with 0% intro APR for 12 months and a 3% balance transfer fee (about $150), you'll pay just under $430 a month for a year to pay off the balance by the end of the promo period. That’s equivalent to $30 to $50 for each $1,000 you transfer. Apply the money you save in interest to your balance to get you out of debt faster. In the above example, a 3% fee on a $6,741 transfer comes out to a little over $200, while a 5% fee would be about $340. The introductory APR of 0% for 15 months on balance transfers (13.49%-23.49% variable after that) is one of the shorter offers on the balance transfer market, but it still gives you more than a year to pay down debt with 0% interest. Most cards charge a fee of 3% to 5% of the amount transferred. Use your balance transfer credit card only for debt. has been our choice for the best flat-rate cash-back card. . Calculate how much extra money you can put toward your credit card debt each month, and track your progress as you chip away at the balance . This will then provide you with lower monthly payments by consolidating all … Read our review. If long-term value is a paramount concern, bigger spenders might want to go elsewhere. With others, you’ll need to call the customer service number on the back of the card. All financial products, shopping products and services are presented without warranty. And that's about it. You may need to download version 2.0 now from the Chrome Web Store. 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