To earn cash back, pay at least the minimum due on time Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. Please enable Cookies and reload the page. This card also offers cellphone insurance if you use it to pay your wireless bill. The new card's issuer might let you transfer only a portion of what you owe. » MORE: What is a balance transfer, and should I do one? Evaluating 0% Credit Card Balance Transfer Offers. Look at the issuer that holds your current debt, 3. All financial products, shopping products and services are presented without warranty. • Great offer from U.S. Bank, a 2020 World's Most Ethical Company® - Ethisphere Institute, February 2020. Some loans designed for debt consolidation can even be paid directly to your creditors, streamlining the process. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. Not everyone can apply. Sometimes they don’t offer it at all. This card also offers cellphone insurance if you use it to pay your wireless bill. Our partners cannot pay us to guarantee favorable reviews of their products or services. Generally, that means a credit score of about 690 or better. Some cards charge. Once you're approved for the new card, tell that card's issuer that you want to do a transfer. Before pulling the trigger on a transfer, consider whether the amount you’ll save on interest will be enough to make up for any transfer fee. Balance transfer credit cards and promotions The best balance transfer credit cards come with rock-bottom promotional balance transfer rates. That generally means a credit score of 690 or better. » MORE: Our guide to choosing a balance transfer card. Look for 15 months or more at 0%. Certain terms, conditions, and exclusions apply. This may influence which products we write about and where and how the product appears on a page. That’s because promotional terms often get voided if your account isn’t in good standing. The BankAmericard® credit card has reduced its 0% intro APR period but remains a decent option for people looking for a little breathing room to whittle down high-interest credit card debt. When you take out a balance transfer card, you’ll be able to … Some cards charge no transfer fee, although such offers are getting harder to find. After the 0% ends, it's 9.95% interest on any remaining transferred debt until it’s paid off. 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. Balance … And that's about it. The point of a balance transfer is to save money, so you shouldn't be paying an annual fee. The annual interest rate you'll pay on new purchases after the interest-free deal ends. That’s because promotional terms often get voided if your account isn’t in good standing. For example, if you have debt on a Citi credit card, you can't move it to another Citi card. For example, a 0% interest vs. the regular 19.99% for 6 months or longer. Your best move is to pay off the transferred debt first, then start using this card for the rewards. And, frankly, if you’re looking for a deal that allows you to avoid payments, you’re swimming in dangerous waters. 0% intro APR for 15 months on purchases and balance transfers. This is critical. give you plenty of time to pay down new and old debts interest-free. Most cards charge a fee of 3% to 5% of the amount transferred. Be especially careful with store-branded credit cards, which often do not clearly identify the issuing bank. A card that offers an introductory 0% APR on balance transfers might not include that same introductory 0% rate on purchases for the same length of time. If your credit score has improved since you opened the account, it could pay off to ask your issuer to lower your interest rate. 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. Your minimum monthly payment due is the absolute least you can pay without incurring a penalty. Avoid this basket of bad news by setting up automatic payments, if you’re confident you’ll have enough money in your account to cover at least the minimum. When the promotional period ends, the interest rate shoots up, so you'll want to have your debt paid off by the end of that time. Our pick for: 0% period + 'rounded-up' rewards. Our guide to choosing a balance transfer card. 0% p.a. You get a nice, long introductory 0% APR period on both purchases and balance transfers, plus no annual fee. That translates to $30 to $50 for each $1,000 transferred. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. If you’re juggling multiple payments and due dates, you may find it easier to consolidate into one monthly lower-interest payment. A balance transfer won’t automatically solve your problems. However, if you'd been planning to pay off the debt in six months rather than 18, then the transfer would have saved you only about $330 in interest — so a 3% fee would have eaten up most of your savings while a 5% fee would have ended up costing you money. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. The fee for balance transfers in the first 120 days is only 3% ($5 minimum), before rising to 5%. The Wells Fargo Platinum card isn't flashy, nor does it aim to be. You can't transfer a balance from another ANZ card. Read our review. As a balance-transfer card, there's a lot to like: a lengthy introductory interest-free period for transfers, plus a transfer fee of 3% — lower than the 5% charged by many cards specifically designed for balance transfers. Apply the money you save in interest to your balance to get you out of debt faster. So make sure you aren’t applying for a card from the same bank that holds the debt you need to transfer. 0% transfer credit card: 18 months interest-free on balance transfers and purchases - BT fee of 2.75% Long 0% balance transfer credit card: 26 months interest-free - … also comes with a solid balance-transfer offer for new cardholders. 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. There are many more factors to consider, other than just the initial interest rate. The cards that save you the most while paying off debt generally don’t offer the best rewards. Longest 0% period for transfers and purchases, 0%* intro APR for 20 billing cycles on purchases and balance transfers. Unlike many other balance-transfer cards that are available only to those with excellent credit, some applicants may be able to qualify for this card with good credit. The Citi® Diamond Preferred® Card offers a long 0% introductory APR period on balance transfers and a shorter (but still pretty good) one for purchases. The transfer doesn't happen as soon as you ask for it. You might get some points knocked off your rate, or possibly get your account moved to a card with a lower rate. 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. What is a balance transfer, and should I do one? Further, rewards on all purchases are rounded up to the nearest 10 points, which amplifies the value for smaller spenders. After the intro APR offer ends, 12.99% - 22.99% Variable APR will apply. There's an intro APR of 0% intro APR for 12 billing cycles on purchases and balance transfers, and then the ongoing APR of 12.99% - 22.99% Variable APR. NerdWallet’s best credit cards with no balance transfer fee, Estimate your savings with our calculator. It also offers modest rewards, so it has some value after the promo interest period runs out. A credit card balance transfer with a 0% annual percentage rate (APR) seems like a great deal: Pay 0% APR on transferred balances for up … The 0% period on this card isn't as long it once was (although balance transfer offers in general are harder to come by than they once were). After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. In general, you'll need good credit to qualify for a balance transfer card. If you're saving $900 in interest, then the fee is worth paying. In fact, applying for the balance transfer card could knock a few points off your score in the short term. Your minimum monthly payment due is the absolute least you can pay without incurring a penalty. The transfer can take a while, so keep an eye on both accounts until the debt disappears from the old one and shows up in the new one. Pros and cons, Pros: Why it’s worth getting a balance transfer card. You can move your $5,000 balance to the new card and you’ll have a whole year … Long 0% period for transfers and purchases, 0% intro APR on Purchases and Balance Transfers for 18 months. There's a 0% intro APR for 18 months on purchases and qualifying balance transfers, and then the ongoing APR of 16.49% - 24.49% Variable APR. Plus there’s no annual fee (view terms and conditions)! There's a balance transfer fee, but it's only 3%. If your credit standing is just OK, you may not get approved for another card. Generally, that means a credit score of about 690 or better. 0% intro APR for 12 billing cycles on purchases and on balance transfers made within 60 days of account opening. Also, cards that don’t charge a transfer fee generally have shorter 0% APR periods than balance transfer cards that do. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. There are no rewards, but you get automatic cell phone protection when you pay your wireless bill with the card, so there's a great reason to hold onto it long-term. Those savings can add up to hundreds or even thousands of dollars depending on how much you owe. You earn 2% cash back on every purchase — 1% when you buy something and 1% when you pay it off. 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.. For example, it might set a limit of $5,000 on balance transfers. Let's say you had that much debt on a card with an APR of 17%, and you wanted to pay off the debt in equal amounts over 18 months: you'd pay more than $900 in interest over the course of those 18 months. Whether a balance transfer will save you money depends mostly on four factors: How long the 0% period on the new card lasts. When evaluating offers, please review the financial institution’s Terms and Conditions. ), The longer the 0% period, the better, since you’ll have more time to pay down your debt without interest. The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Personal loans can be issued by banks, credit unions and online lenders. Pre-qualified offers are not binding. Depending on the credit limit on your new card and the card issuer’s policies (which may limit the amount of a transfer), you may get approved to transfer the entire amount or just a part of it. Balance transfer fee. Shop around to find the most favorable terms and know that credit unions typically offer some of the best rates but you typically have to become a member to apply. What should I look for in a balance transfer card? It just gives you a nice, long 0% introductory period for a, 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 13.49% - 23.49% Variable APR. » MORE: How to get a lower APR on your credit card. » MORE: Compare personal loan rates from multiple lenders. 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. Then, you get a 0% balance transfer offer on a new credit card. The charge will depend on your current offer thereafter Transferring a high-interest balance to a credit card with a 0% introductory rate can save you hundreds or even thousands of dollars in interest, money you can apply toward getting out of debt sooner. That's why it's better to use two cards: One for paying off debt over time, and one for making (and immediately paying off) new purchases. , so it’s best not to apply if you think approval is a long shot. NerdWallet's Credit Cards team selects the best balance transfer credit cards based on overall consumer value, as evidenced by star ratings, as well as their suitability for specific kinds of consumers. isn't flashy, nor does it aim to be. Our opinions are our own. How to get a lower APR on your credit 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 . . With balance transfer cards, the more zeroes the better: Look for a $0 annual fee and a 0% period of 15 months or more. With balance transfer cards, the more zeroes the better: Look for a $0 annual fee and a 0% period of 15 months or more. Don’t just move debt from one card to another to avoid paying it off. Term: When you balance transfer to a new credit card, you get the introductory interest rate for a specified length of time. With others, you’ll need to call the customer service number on the back of the card. If you transferred the debt to a card with a 0% intro APR for 18 months, you'd pay no interest at all. There’s typically a fee involved. The standard variable APR for Citi Flex Plan is 13.49% - 23.49%, based on your creditworthiness. The best offers available here range anywhere from 0% to 3.99%. Further, if you used the money you would have paid in interest and applied it to paying down the balance, you'd be out of debt a couple of months earlier. . This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. If you’re late with a payment, your card’s 0% balance transfer APR will probably disappear. A 0% APR balance transfer promotion allows you to transfer a balance from an existing account and pay no interest until the promo period ends. might not be right for everyone, but its unique rounding-up feature means that every purchase will earn at least 10 points. Purchase interest p.a. 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. 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. So how do we make money? offers a long 0% introductory APR period on balance transfers and a shorter (but still pretty good) one for purchases. It won't get you very far toward paying off your debt. If your credit score has improved since you opened the account, it could pay off to, ask your issuer to lower your interest rate. There are other ways to get a handle on your debt. 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. The BankAmericard® credit card isn't flashy, nor does it aim to be. It doesn't have the late-fee forgiveness of Citi's other balance-transfer card, but it's still a great option. Read our review. has been our choice for the best flat-rate cash-back card. Don’t just move debt from one card to another to avoid paying it off. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Enter your balance and choose an interest rate, then see your savings if you reduced the balance by 5% to 50%. If you receive a 0% interest credit card balance transfer offer, make sure you read the fine print before jumping in. Other account pricing and terms apply, Access your FICO® Score for free within Online Banking or your Mobile Banking app, Contactless Cards - The security of a chip card, with the convenience of a tap, 18 months of 0% intro APR from account opening on purchases and qualifying balance transfers; after that your variable APR will be 16.49% to 24.49%, 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 Wells Fargo Platinum card, Easy access to your FICO® Credit Score with Wells Fargo Online®, Monitor your spending, purchases and any suspicious activity with text and email alerts and notifications, Convenient tools to help create a budget and manage your spending with My Money Map, Select "Apply Now" to learn more about the product features, terms and conditions. Most issuers won’t let you transfer debt from one of their cards to another. Your IP: 220.127.116.11 Many or all of the products featured here are from our partners who compensate us. Say you choose a 0% p.a. You get a decent 0% introductory APR period to whittle down debt or finance a large purchase. With some cards, you can do this from your online account dashboard or even the issuer’s mobile app. A balance transfer isn't always a slam-dunk solution to high-interest debt. 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. And every time you apply for a new card. Read our review. The point of a balance transfer is to save money, so you shouldn't be paying an annual fee. This will then provide you with lower monthly payments by consolidating all … You may get approved for an amount less than you want to transfer. has one of the longest available introductory 0% APR periods for balance transfers, and a decent one for purchases as well. As with many cards with a long 0% intro APR period, there isn't a lot of incentive to keep using it after the introductory rate expires. For a limited time, get a special 0% introductory APR* (view terms and conditions) on purchases and balance transfers for 20 billing cycles. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. The card offers bonus rewards at gas stations and supermarkets and has no annual fee. The Citi® Diamond Preferred® Card is all about the long 0% intro APR period. After that, a variable APR currently 13.99% - 23.99%. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness. 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. These offers are pitched as a way to help you move high-interest debt to a new card so you can pay it down without interest. You might get some points knocked off your rate, or possibly get your account moved to a card with a lower rate. The fee you'll have to pay when you transfer a balance to the credit card. If you don’t pay off your debt within the 0% period, you could be worse off. Transfer debt and pay it off within those time periods to avoid interest and fees. The card comes with generous introductory 0% APR periods. Read our review. Now it’s time to pay it down. A balance transfer by itself isn't going to have much of an effect on your credit score. And that's about it. The new card's issuer will ask for information about the balance you want to transfer, including the financial institution, the account number and the amount of the debt. Transfer fees on most credit cards range from 3% to 5%. to get a sense of how much you could save by doing a balance transfer. Don't spend/withdraw cash on this card, the interest rate for new purchases is 9.95% has reduced its 0% intro APR period but remains a decent option for people looking for a little breathing room to whittle down high-interest credit card debt. 0% intro APR for 12 billing cycles on purchases and balance transfers, and then the ongoing APR of 12.99% - 22.99% Variable APR. All financial products, shopping products and services are presented without warranty. Essentially, you're using one card to pay off another, but because you aren't paying as much in interest, you have more money available to pay down your debt more quickly. (You can, 2. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Unfortunately, one of the areas it’s hitting credit cards the hardest is introductory balance transfer offers.. 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