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First Hawaiian Bank Heritage Card
First Hawaiian Bank Heritage Card
- 18% variable based on the Prime Rate Regular Purchase APR
- 18% variable based on the Prime Rate Balance Transfer APR
- 18% Fixed Cash Advance APR
- 2.99% for 8 months from account opening date Intro Purchase APR
At a Glance
The First Hawaiian Bank Heritage Card offers the lowest introductory APR of any First Hawaiian credit card. New cardholders can take advantage of this offer for eight months on balance transfers. What’s more, the same offer applies to purchases. This credit also features no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Low Introductory APR for 8 months on purchases
- Low introductory APR for 8 months on balance transfers
- Access to Mastercard® benefits
- Intro Purchase APR: 2.99% for 8 months from account opening date
- Regular Purchase APR: 18% variable based on the Prime Rate
- Intro Balance Transfer APR: 2.99% for 8 months for transfers made within 30 days from account opening date
- Balance Transfer APR: 18% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 18% Fixed
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty APR: 18%
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You want a basic credit card
- You don’t want to pay an annual fee
- You would like 8 months of lower interest on purchases
- You need to transfer a balance and intend to pay it off in 8 months
SLFCU Visa Platinum Rebate
SLFCU Visa Platinum Rebate
- 14.15% variable based on the Prime Rate Regular Purchase APR
- 14.15% variable based on the Prime Rate Balance Transfer APR
- 14.15variable based on the Prime Rate Cash Advance APR
At a Glance
The SLFCU Visa Platinum Rebate Card is a low APR and cash back credit card from one of New Mexico’s leading credit unions, Sandia Laboratory Federal Credit Union. The card features a low APR, no annual fee, and a special 0.75% year-end rebate on all purchases.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Visa Platinum Benefits
- No balance transfer fees
- Regular Purchase APR: 14.15% variable based on the Prime Rate
- Balance Transfer APR: 14.15% variable based on the Prime Rate
- Cash Advance APR: 14.15variable based on the Prime Rate
- Cash Advance Transaction Fee: $5
- Foreign Transaction Fee: 1% of the transaction amount in U.S dollars
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
- Over Limit Penalty Fee: Up to $25
- You don’t want to pay an annual fee
- You want a low APR and a basic cash back rebate
- You already bank with Sandia Laboratory Federal Credit Unio
Wyndham Rewards Earner® Plus Card
Wyndham Rewards Earner® Plus Card
- 20.99%, 25.24% or 30.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.99%, 25.24% or 30.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 30.49% variable based on the Prime Rate Cash Advance APR
- 0% for 12 months from account opening date or 0% for 6 months (from purchase date) on Wyndham Timeshare purchases Intro Purchase APR
At a Glance
The Wyndham Rewards Earner® Plus Card is a premium hotel card that earns decent points for its $75 annual fee. The Barclays-issued card really comes into its own, however, when the impressive status upgrades, status matches, and big bonuses are accounted for.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 45,000 bonus points, enough for up to 6 free nights after spending $1,000 on purchases in the first 90 days
- Earn 6X points on eligible purchases made at Hotels by Wyndham as well as on qualifying gas purchases
- Earn 4X points on eligible dining and grocery store purchases (excluding Target® and Walmart®)
- Earn 1X points on all other purchases (excluding Wyndham Vacation Club down payments)
- Automatically receive a Wyndham Rewards GOLD member level and enjoy perks like free WiFi, preferred room selection, late checkout, and more
- Redeem 10% fewer Wyndham Rewards points for go free® awards, and earn your free nights faster
- Wyndham Rewards Earner Cardmembers can save even more on our Best Available Rate for stays at participating Hotels by Wyndham
- There is no limit to the number of points you can earn
- Redeem points you've earned for online shopping, discounts on gas, local tours and activities, gift cards, and so much more
- Earn 7,500 bonus points each anniversary year if you spend $15,000 on eligible purchases—that's enough for up to one free night every year
- Intro Purchase APR: 0% for 12 months from account opening date or 0% for 6 months (from purchase date) on Wyndham Timeshare purchases
- Regular Purchase APR: 20.99%, 25.24% or 30.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months on transfers made within 45 days of account opening
- Balance Transfer APR: 20.99%, 25.24% or 30.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 30.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $75
- Foreign Transaction Fee: 0% of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40 (the amount of the fee varies by state)
- Return Payment Penalty Fee: Up to $40 (the amount of the fee varies by state)
- You're already a member of Wyndham Rewards or prefer to stay at any of Wyndham’s 20+ brands
- You use your credit cards to spend heavily on gas, dining, or groceries
- You have an existing balance on another card that you can transfer and pay off without interest charges for over a year
- You plan to use a credit card for purchases outside the United States and don’t want to worry about foreign transaction fees
First Citizens Cash Rewards Visa®
First Citizens Cash Rewards Visa®
- 17.99% to 26.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 17.99% to 26.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 26.99% to 29.99% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The First Citizens Cash Rewards Visa® offers cardholders a flat 1.5% cash back on all qualifying purchases. There is no limit to how much cash back you can earn, and this card adds your cash back rewards daily to your account. New cardholders can also take advantage of 0% interest over 12 months on balance transfers.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn 1.5% cash back on every $1 you spend
- Unlimited cash back potential
- 0% introductory APR for 12 months on balance transfers made within 90 days from account opening date
- Regular Purchase APR: 17.99% to 26.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months on transfers made within 90 days from account opening date
- Balance Transfer APR: 17.99% to 26.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 26.99% to 29.99% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $0
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $25
- You don’t want to pay an annual fee
- You would like to earn 1.5% cash back on your purchases
- You want to take advantage of 0% APR on balance transfers for 12 months
- You want the option of redeeming rewards as cash deposits or statement credits
Capital One Venture Rewards Credit Card
Capital One Venture Rewards Credit Card
- 21.99% - 28.99% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 20.99% - 28.99% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 20.99% variable based on the Prime Rate Cash Advance APR
At a Glance
Through the Capital One Venture Rewards Credit Card, you’ll be able to earn an unlimited 2X reward miles per dollar spent on every purchase, every day, meaning there aren’t any annoying categories to memorize to maximize your miles. New Venture cardholders are also entitled to a whopping 60,000 bonus miles after 60,000 miles after spending $3,000 in the first three months bonus offer.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
- Earn unlimited 2X miles on every purchase, every day
- Miles wo't expire for the life of the account and there's no limit to how many you can earn
- Receive up to a $100 credit for Global Entry or TSA PreCheck®
- Enjoy two complimentary visits per year to Capital One Lounges or to 100+ Plaza Premium Lounges through the Partner Lounge Network
- Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
- Use your miles to get reimbursed for any travel purchase-or redeem by booking a trip through Capital One Travel
- Transfer your miles to your choice of 15+ travel loyalty programs
- Regular Purchase APR: 21.99% - 28.99% variable based on creditworthiness and Prime Rate
- Balance Transfer APR: 20.99% - 28.99% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of each transferred balance that posts to your account at a promotional APR that we may offer you. None for balances transferred at the Transfer APR.
- Cash Advance APR: 20.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: 3% of the amount of the cash advance, but not less than $3
- Annual Fee: $95
- Late Payment Penalty Fee: Up to $40
- You travel frequently and can take advantage of the card’s 2X reward miles earning potential
- You do not want to jump through hoops when it comes to categories that earn you bonus miles
- You want an extra 60,000 bonus miles after spending $3,000 on purchases within the first 3 months from account opening
- You have excellent credit
KeyBank Business Rewards Mastercard® Credit Card
KeyBank Business Rewards Mastercard® Credit Card
- 17.24% to 27.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 17.24% to 27.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 0% for 6 months from account opening date Intro Purchase APR
At a Glance
A step above a traditional business credit card, the KeyBank Business Rewards Mastercard is a smart choice for proprietors who need more purchasing power and also want to get rewarded as they cover costs.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 10 points per $1 in combined purchases on gas, restaurants, travel, and telecommunications
- Earn 5 points per $1 in other eligible purchases
- Earn 100,000 bonus points when you spend $1,000 within the first 60 days from opening an account
- Introductory 0% APR for 6 months on purchases and balance transfers
- No annual fee
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 17.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months on transfers made within 60 days from account opening date
- Balance Transfer APR: 17.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transfer, whichever is greater
- Penalty APR: 29.99% variable based on the Prime Rate
- Foreign Transaction Fee: 3% of the amount of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Over Limit Penalty Fee: $39 per cycle
- You own or operate a business
- You want a credit card that gives back as you use it
- You want a points-based rewards program with an appealing signup bonus
- You do't want to pay an annual fee
- You bank with KeyBank already
- You can take advantage of an introductory 0% APR offer for either purchases or balance transfers
CAMPUS Visa Platinum Card
CAMPUS Visa Platinum Card
- 12.40% to 17.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 12.40% to 17.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 12.40% to 17.99% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The CAMPUS Visa Platinum Card is a low APR credit card from CAMPUS USA Credit Union. The card enjoys an impressive variable APR for those with excellent credit scores, as well as no fees for balance transactions or cash advances, Visa benefits and protections, and no annual fees for membership.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No balance transfer fees
- No cash advance fee
- Regular Purchase APR: 12.40% to 17.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 12.40% to 17.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 12.40% to 17.99% variable based on creditworthiness and the Prime Rate
- Penalty APR: 17.99%
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $25
- You already bank with CAMPUS USA or work at the University of Florida
- You want the benefit of shifting interest rates, rather than a fixed APR
- You don’t want to pay an annual fee
Citizens Bank Everyday Points® Business Mastercard®
Citizens Bank Everyday Points® Business Mastercard®
- 13.24%, 19.24%, 22.24% or 24.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 28.49% variable based on the Prime Rate Cash Advance APR
- 0% for 7 months from account opening date Intro Purchase APR
At a Glance
The Citizens Bank Everyday Points® Business Mastercard® offers cardholders two points for every dollar they spend with their card. There is no limit to the points a cardholder can earn, and cardholders are also eligible to receive a 3.5% points bonus in the first 90 days from the date of opening an account. What’s more, this card has no annual fee. Continue reading to learn more about this credit card’s benefits.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 2 reward points per $1 spent
- 3.5% introductory point bonus in the first 90 days
- 0% introductory APR
- Intro Purchase APR: 0% for 7 months from account opening date
- Regular Purchase APR: 13.24%, 19.24%, 22.24% or 24.24% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 28.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or up to 5% of the cash advance amount, whichever is greater
- Penalty APR: 27.49%
- Foreign Transaction Fee: Either $1.50 or up to 3% of the transaction amount in U.S. dollars, whichever is greater
- Late Payment Penalty Fee: $39
- Return Payment Penalty Fee: $20
- Over Limit Penalty Fee: $39
- You don’t want to pay an annual fee
- You want to earn rewards points for your purchases
- You would like to earn bonus points in the first 90 days
- You like a 0% introductory APR for 7 months
Choice Rewards World Mastercard®
Choice Rewards World Mastercard®
- 13.25% to 18.00% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 13.25% to 18.00% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 14.25% to 18.00% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Choice Rewards World Mastercard® from First Tech Federal Credit Union offers cardholders a range of benefits. There are no annual fees and no fees on many common transactions. Additionally, cardholders can earn double rewards points on many types of purchases and 20,000-point bonus within the first 60 days of opening an account. Find out more about this card’s attractive features below.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 0% Introductory APR on balance transfers for the first 12 months
- No annual fee
- No fees on foreign transactions, cash advances, and balance transfers
- Earn 20,000 bonus points when you spend $3,000 in the first 60 days
- Regular Purchase APR: 13.25% to 18.00% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months from account opening date
- Balance Transfer APR: 13.25% to 18.00% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 14.25% to 18.00% variable based on creditworthiness and the Prime Rate
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
- You want a credit card that offers rewards points that never expire
- You want to earn 20,000 bonus points when you spend $3,000 in the first 60 days
- You don’t want to pay an annual fee or fees on foreign transactions, balance transfers, or cash advances
- You want 0% introductory APR for balance transfers for 12 months
Citizens Trust Bank Visa Privilege Credit Card
Citizens Trust Bank Visa Privilege Credit Card
- 16.74% to 24.74% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.74% to 24.74% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 16.74% to 24.74% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Citizens Trust Bank VISA Privilege Credit Card is a credit-builder card that is an excellent step-up from Citizen Trust Bank’s Classic-Secured Card. The card features a competitive APR that is uniform for purchases, balance transfers, and cash advances, and no foreign transaction fees – all for an annual fee of $25.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Rebuild credit with on-time payments
- Great low APR for purchases, balance transfers, and cash advances
- No foreign transaction fees
- Regular Purchase APR: 16.74% to 24.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 16.74% to 24.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each balance transfer, whichever greater
- Cash Advance APR: 16.74% to 24.74% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each balance transfer, whichever greater
- Penalty APR: 25.00%
- Annual Fee: $25
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $32
- Over Limit Penalty Fee: Up to $30
- You already have a Citizens Trust Bank Secured Card and want to graduate to an unsecured card
- You don’t want to pay foreign transaction fees
- You don’t mind paying a $25 annual fee
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What Is a Balance Transfer?
A balance transfer is a financial transaction that involves transferring debt from one credit card account to another.
Why Choose a Balance Transfer Credit Card?
If you’re struggling with high-interest credit card debt, balance transfer credit cards can be a game-changer. These financial tools allow you to consolidate your debt onto a single card with a lower interest rate, saving you money and simplifying your finances.
Balance transfer credit cards allow cardholders to consolidate their credit card debt from multiple cards onto one card. This strategy is popular for managing debt because it can potentially reduce overall costs by having all the debt in one place.
Benefits of a Balance Transfer Card
Balance transfer credit cards offer a host of benefits that can help you manage your debt and improve your financial situation. These cards are a great alternative to personal loans, as they can help you avoid origination costs. Additionally, they may offer extra benefits such as cash back, points, or a 0% introductory APR for up to 21 months on purchases.
Many of the best balance transfer credit cards offer features that simplify payments and save money. When applying for a balance transfer card, look for perks like:
- Extended 0% introductory APR periods
- Low or fixed interest rates
- Waived or reduced balance transfer fees
- No annual fee
Because balance transfer credit cards have lengthy introductory APR periods and below-average interest rates afterward, they are intended for consumers with very good or excellent credit scores. Typically, a FICO Score of 670 or higher is required to get approved for a balance transfer credit card, although the specific qualifications may vary by bank.
How Does the Balance Transfer Process Work?
Transferring your balance to a new credit card may seem daunting, but it’s actually a straightforward process. Here’s a step-by-step guide to help you navigate the balance transfer process smoothly:
- Evaluate your current credit card debt: Look closely at your current balance, interest rates, and terms. This will give you a clear understanding of how much you need to transfer and which cards are the best candidates for a balance transfer.
- Apply for the new credit card: Once you’ve identified the best balance transfer credit card for your needs, complete the application process. Make sure to provide accurate information and review the terms and conditions carefully.
- Wait for approval: After submitting your application, the credit card issuer will review your information and decide. This process may take a few days, so be patient.
- Notify your existing credit card issuer: Once you’ve been approved for the new credit card, contact your existing credit card issuer to request a balance transfer. Provide them with the necessary information, such as the new credit card details and the amount you wish to transfer.
- Monitor the transfer process: Monitor both your old and new credit card accounts to ensure that the balance transfer is completed successfully. It may take a few days for the transfer to be processed, so be patient.
- Start making payments: Once the balance transfer is complete, start making payments on your new credit card. Take advantage of the low or 0% APR introductory period to pay down your debt efficiently.
Balance Transfer or Personal Loan: Which Is Right for You?
Balance transfers and personal loans may seem similar, as they both involve opening a new line of credit at a lower interest rate and using it to pay off higher-interest debt. However, there are some important differences to consider. Here are the pros and cons of both options:
Balance Transfer
Pros:
- 0% Intro APR Offers
- Flexible Payments
- Could potentially improve your credit score or demonstrate a positive credit history
- Competitive Interest Rates
Cons:
- Balance transfer fees may apply
- Approval based on credit score
- Late or missed payments can have a negative impact on your credit
- Can only be used for existing credit card debt
Personal Loan
Pros:
- Fixed Rates/Lower Rates
- Installment Payments
- Approval based on credit score and DTI (debt-to-income ratio)
Cons:
- Approval based on credit score and DTI
- Additional loan origination fees may apply
- Late or missed payments can hurt your credit
- May require collateral if applying for a secured personal loan
Tips for Managing Balance Transfer Cards
While balance transfer credit cards can be powerful tools for saving money and simplifying your finances, using them responsibly is important. Here are some tips to help you effectively manage your balance transfer credit card:
- Create a repayment plan: Develop a clear repayment plan that outlines how much you will pay each month and when you aim to become debt-free. Stick to this plan and avoid making unnecessary purchases or additional debt.
- Pay on time: Late payments can result in penalties, fees, and potential damage to your credit score. Set up automatic payments or reminders to ensure you never miss a due date.
- Avoid new charges: While paying down your transferred balance, refrain from using your balance transfer credit card for new purchases. Focus on eliminating your existing debt before taking on additional financial obligations.
- Monitor your credit score: Regularly check your credit score to track your progress and ensure that your financial habits positively impact your creditworthiness.
- Resist the temptation of more debt: With a lower interest rate and an available credit limit, it can be tempting to take on more debt. However, remember that the goal is to become debt-free, so exercise discipline and avoid unnecessary spending.
Common Mistakes to Avoid
While balance transfer credit cards can be incredibly beneficial, there are also some common mistakes that you should avoid, if possible:
- Ignoring the fine print: Before applying for a balance transfer credit card, carefully read the terms and conditions. Understand the introductory period length, regular APR, balance transfer fees, and any other charges that may apply.
- Missing payments: Late payments can result in the loss of your promotional APR and trigger penalty fees. Always make payments on time and set up reminders to avoid any mishaps.
- Overspending: The availability of a new credit limit can be tempting, but remember that the goal is to pay down your debt. Avoid making unnecessary purchases and stay focused on your repayment plan.
- Closing old credit card accounts: While it may be tempting to close your old credit card accounts after transferring the balance, it’s generally better to keep them open. Closing accounts can negatively impact your credit score, so consider keeping them active with minimal usage.
- Applying for multiple credit cards: Opening multiple balance transfer credit cards can be overwhelming and potentially harmful to your credit score. Stick to one or two cards and focus on paying off your debt efficiently.
FAQs
Balance transfers can seem confusing – but they don’t have to be. Here are some of the most commonly asked questions about balance transfers and balance transfer credit cards:
What is a balance transfer?
- A balance transfer is a process of taking an existing credit card balance and moving it to a new account with a lower regular APR. These transfers make it easier to pay down balances and often come with intro APR offers.
Who can qualify for a balance transfer card?
- Because these types of cards offer low-interest rates, a good credit score is a minimum requirement for a balance transfer card. Many issuers require an excellent credit score, so a good benchmark for obtaining a card like these is a FICO Score of 700 or higher.
What are the downsides to a balance transfer?
- Because these cards feature an introductory rate, you might find yourself stuck with more debt than you began. After the promotional period ends, only those with the best credit scores will have the lowest rates. Those with good credit might be paying a higher APR – primarily if they conduct their transfer using a rewards credit card. Other negatives of transferring a balance include:
- Increasing credit utilization on a single card, which can lower your credit score.
- Lowering the average age of your credit accounts by opening a new line of credit.
- A new line of credit also means a further hard inquiry, which can also impact your credit score.
Do all balance transfer cards come with 0% intro APR?
- While many cards feature 0% intro AR, not all balance transfer cards provide an interest-free period, some cards – especially those from credit unions or smaller banks – may only offer a reduced interest rate. These rates maybe 3.99% or higher, but are often significantly lower than the standard variable APR.
Do all card issuers offer a balance transfer card?
- While most major card issuers provide a variety of offers, not all currently offer a balance transfer credit card. Most significant issuers and banks, like Chase (Chase Slate Card), Citi (the Citi Simplicity Card), and others, provide balance transfer cards and low APR Cards. Discover also reintroduced its balance transfer card, the Discover It Balance Transfer.
What is the average interest rate on a balance transfer card?
- According to the BestCards guide to the average APR for all types of credit cards, the current average interest rate for a balance transfer card is approximately 16.99%.
Do rewards cards make good balance transfer cards?
- In some cases, yes. Some cash back cards, like the Citi Double Cash Card, offer 0% APR on balance transfers and cash back rewards program in one package. Just be sure to pay your statement balance in full before the due date, or you might incur a late fee or penalty APR.
What is the minimum payment due on a balance transfer credit card?
- The minimum payment on a balance transfer credit card is typically 1% to 3% of the total balance on the card, depending on the bank that issues the card.
Can you transfer a balance to a bank account?
- No, but you can use the bank account, cash app, or PayPal to pay off the balance.
Can you get cash from a balance transfer credit card?
- Yes, you can get cash from your balance transfer credit card, though this would be a cash advance and would result in instant interest and a cash advance fee.
Can you transfer a negative balance / remaining credit card balance to a debit card, bank account, mobile wallet, or another service?
- You can use a credit card to transfer money into a bank account by using a cash advance or balance transfer check, but this isn’t advisable. Once a cash advance is conducted (banks typically let cardholders take out around 25% of their credit limit), you can then send that money from your bank account to wherever you like. Cash advances are risky due to the high interest rates and costly one-time fees.
Can you transfer money from a bank account, e-wallet, PayPal, Cash app, or Venmo to a credit card?
- In some instances, yes. Of course, when you transfer money from a bank account to a credit card, you are effectively just paying the credit card statement and lowering your overall balance. With wallets and PayPal/Venmo, carefully read your card member agreement. This document will outline the various ways to redeem PayPal cash back to card accounts. PayPal charges 2.9% of the amount, plus a fixed fee of 30 cents, to process a person-to-person money transfer using a credit card.
Can I transfer money from my credit card to someone else’s balance?
Yes, via a cash advance and wire transfer. This simple process involves cash advance fees, high APR, and potential money wire fees.
Conclusion
Balance transfer credit cards can be powerful tools for anyone looking to save money on high-interest credit card debt and simplify their finances. By taking advantage of low or 0% introductory APRs and consolidating your balances onto a single card, you can make significant progress in becoming debt-free.
Remember to choose a balance transfer credit card that suits your needs, develop a repayment plan, and manage your card responsibly. By following the tips and avoiding common mistakes, you can leverage these financial tools to your advantage and achieve financial freedom.
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Balance Transfer Credit Cards
Editorial Disclosure – The opinions expressed on BestCards.com's reviews, articles, and all other content on or relating to the website are solely those of the content’s author(s). These opinions do not reflect those of any card issuer or financial institution, and editorial content on our site has not been reviewed or approved by these entities unless noted otherwise. Further, BestCards.com lists credit card offers that are frequently updated with information believed to be accurate to the best of our team's knowledge. However, please review the information provided directly by the credit card issuer or related financial institution for full details.