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M&T Visa Credit Card
M&T Visa Credit Card
- 18.24% to 22.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.24% to 22.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 27.24% varies based on the Prime Rate Cash Advance APR
- 0% for 12 months from account opening date Intro Purchase APR
At a Glance
The M&T Visa Credit Card from M&T Bank is ideal for those who want a hassle-free credit card with a low APR, the convenience of multiple payment options, and the security and global purchasing power for which Visa is renowned. The card features no annual fee, no foreign transaction fees, and an introductory 0% APR on purchases and balance transfers for the first 12 months.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 0% introductory APR for the first 12 months after opening account
- Ability to pay with Apple Pay®, Google Pay™ or Samsung Pay
- Low APR after 0% introductory period ends
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 18.24% to 22.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months from account opening date
- Balance Transfer APR: 18.24% to 22.24% 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
- Cash Advance APR: 27.24% varies based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 24.99% variable based on the Prime Rate
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $25
- You want a straightforward card with no annual fee
- You're looking for the convenience to pay via multiple digital methods, including Apple Pay®, Google Pay™ or Samsung Pay
- You want a card with 0% introductory APR and a low APR after that
- You want peace of mind with your credit card’s security – especially when traveling abroad
KeyBank Latitude® Credit Card
KeyBank Latitude® Credit Card
- 20.24% to 27.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.24% to 27.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 0% for 12 months from account opening date Intro Purchase APR
At a Glance
With a 0% APR offer for 15 months, the KeyBank Latitude® Credit Card can save you plenty on interest charges.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 0% introductory APR on purchases and balance transfers
- Low regular APR on purchases and balance transfers after promotional rate expires
- No annual fee
- Temporary lock feature lets you freeze your card and prevent fraudulent activity if it gets lost or stole
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 20.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months on transfers made within 60 days from account opening date
- Balance Transfer APR: 20.24% 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
- Foreign Transaction Fee: 3% of the amount of each transaction in U.S. dollars
- Late Payment Penalty Fee: UP to $40
- Over Limit Penalty Fee: $10 for each overdraft protectio
- You want a basic, low-rate credit card
- You're planning to carry or transfer a balance and can take advantage of an introductory 0% APR offer
- You don’t want to pay an annual fee
KeyBank Key2More Rewards® Credit Card
KeyBank Key2More Rewards® Credit Card
- 22.24% to 29.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 22.24% to 29.24% 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
Earn points, get flexible redeeming options, and take advantage of an introductory 0% APR offer on purchases and balance transfers with the KeyBank Key2More Rewards® Credit Card.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 5 points per $1 spent on eligible purchases with no caps
- Spend at least $1,000 per calendar month and you'll earn a 25% monthly points bonus
- Spend at least $2,000 per calendar month and you'll earn a 50% monthly points bonus
- 0% APR on purchases and balance transfers for 6 months
- No annual fee
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 22.24% to 29.24% 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: 22.24% to 29.24% 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
- Foreign Transaction Fee: 3% of the amount of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Over Limit Penalty Fee: $10 on each overdraft protection transfer
- You're looking for a rewards credit card
- You can confidently meet monthly spending requirements in order to earn bonus points
- You want a credit card with an introductory 0% APR on purchases and balance transfers
- You do't want to pay an annual fee
- You want flexibility when redeeming accumulated rewards
PNC points® Visa® Credit Card
PNC points® Visa® Credit Card
- 17.99% to 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 17.99% to 29.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 12 months from account opening date Intro Purchase APR
At a Glance
The PNC points® Visa® Credit Card emphasizes earning you points and gives you the ability to multiply your allotment based on your PNC account relationship.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Get 50,000 bonus points after you make at least $750 in purchases during the first 3 months from account opening
- Earn 4 points per $1 on eligible purchases
- Earn up to a 75% bonus on base points when you maintain select banking accounts or digital wallets
- No limit to the amount of points you can ear
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 17.99% to 29.99% 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 29.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each balance transfer, whichever is greater, for the first 90 days from account opening. After that, either $5 or 4% of each transfer amount, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty APR: 33.99% variable based on the Prime Rate
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $38
- Return Payment Penalty Fee: Up to $38
- You're looking for a rewards credit card that earns points on every purchase
- You have a PNC virtual wallet or checking account that can help you boost your points earning total
- You want various options for which to redeem your accumulated rewards points
- You're looking for a credit card with no annual fee
Amex EveryDay® Credit Card
Amex EveryDay® Credit Card
- 18.24% to 29.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 18.24 Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 15 months from account opening date Intro Purchase APR
At a Glance
A superb option for those with a good credit score and in search of the ideal balance transfer card, the Amex EveryDay® Credit Card features 2x points at U.S. supermarkets on up to $6,000 per year in purchases and 1X points on eligible dollars spent elsewhere. New cardholders can also earn 10,000 Membership Rewards® points after making just $1,000 in purchases within the first three months of their account opening.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 20% extra points when you make 20+ purchases in a billing period
- 2X points per dollar spent at U.S. supermarkets (up to $6,000)
- 1X points on every other eligible dollar spent
- 0% intro APR on purchases for 15 months
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 18.24% to 29.24% variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for 15 months from account opening date
- Balance Transfer APR: 18.24
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty APR: 29.99% variable based on the Prime Rate
- Foreign Transaction Fee: 2.7% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You want to earn 2X points at U.S. supermarkets on up to $6,000 per year in purchases, an easy feat for families and foodies
- You're likely to spend $1,000 within the first three months of the account opening in order to earn those 10,000 Membership Rewards® points bonus
- You will make 20 or more purchases with your card in a billing period to earn 20% extra points on those purchases (minus returns and credits)
- You don’t want to pay an annual fee
Childrens Miracle Network Business Visa Platinum
Childrens Miracle Network Business Visa Platinum
- 9.80% to 12.25% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 9.80% to 12.25% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 9.80% to 12.25% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Children’s Miracle Network Business Visa Platinum Card from CAMPUS USA Credit Union is a charitable business credit card that offers far more than regular donations. Part of every transaction is donated to the Children’s Miracle Network, with over $2 million donated to date through the business and personal versions of this card. The card also offers an impressively low fixed APR, no fees for balance transfers or cash advances, and no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No balance transfer of cash advance fees
- Help the Childre's Miracle Network with every transactio
- Regular Purchase APR: 9.80% to 12.25% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 9.80% to 12.25% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 9.80% to 12.25% 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 want a business card that gives back to a worthy cause
- You plan to carry a balance and want a card that makes that as easy as possible
- You don’t want to pay an annual fee
Valley Visa® Platinum Card
Valley Visa® Platinum Card
- 19.24% to 29.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 19.24% to 29.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 18 months from account opening date Intro Purchase APR
At a Glance
The Valley Bank Visa® Platinum Card is a basic regional card with low APRs and an extensive introductory period; in other words, it could be the right card for handling that pesky balance you’ve been trying to get rid of or making that large purchase you’ve been considering.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 0% introductory APR for 18 months on purchases
- 0% introductory APR for 18 months on balance transfers
- No annual fee
- Visa protections, including car rental collision waivers and zero fraud liability
- Intro Purchase APR: 0% for 18 months from account opening date
- Regular Purchase APR: 19.24% to 29.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 18 months from account opening date
- Balance Transfer APR: 19.24% to 29.24% 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: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- You're interested in banking with a regional institution
- You want a simple card that doesn’t distract with rewards
- You can take advantage of the lengthy introductory APR
Childrens Miracle Network Visa Platinum
Childrens Miracle Network Visa Platinum
- 9.80% to 12.25% based on creditworthiness Regular Purchase APR
- 9.80% to 12.25% based on creditworthiness Balance Transfer APR
- 9.80% to 12.25% based on creditworthiness Cash Advance APR
At a Glance
The Children’s Miracle Network Visa Platinum Card from CAMPUS USA Credit Union is a charitable credit card that doesn’t forget that charity starts at home. Part of every transaction is donated to the Children’s Miracle Network, with over $1.5 million donated to date. The card also offers an impressively-low fixed APR, no fees for balance transfers or cash advances, and Visa protections and perks – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No balance transfer of cash advance fees
- Great low APR
- Regular Purchase APR: 9.80% to 12.25% based on creditworthiness
- Balance Transfer APR: 9.80% to 12.25% based on creditworthiness
- Cash Advance APR: 9.80% to 12.25% based on creditworthiness
- 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 Credit Union
- You want to help out UF Health’s children’s hospital with every purchase you make
- You want a great, low, fixed-APR on purchases, balance transfers, and cash advances
- You do't want to pay an annual fee
Union Plus Rate Advantage
Union Plus Rate Advantage
- 15.9% - 25.9% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 15.9% - 25.9% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 28.99% variable based on the Prime Rate Cash Advance APR
- 0% for the first 15 months Intro Purchase APR
At a Glance
The Union Plus Rate Advantage Card is a balance transfer and low rate credit card issued through Capital One. The no annual fee card is open to AFL-CIO affiliated union members and provides a lengthy 15-month 0% intro APR period on both balance transfers and purchases. Once the intro period ends, the typical APR varies considerably, but those with excellent credit scores can expect a highly competitive APR.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 0% introductory APR on purchases and balance transfers
- $0 Fraud Liability if the card is lost or stolen
- 24/7 U.S-based customer service
- Intro Purchase APR: 0% for the first 15 months
- Regular Purchase APR: 15.9% - 25.9% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for the first 15 months
- Balance Transfer APR: 15.9% - 25.9% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: 3% of the transaction amount for the first 15 months; None after that
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each Cash Advance, whichever is greater
- Late Payment Penalty Fee: Up to $38
- You're members of an AFL-CIO affiliated union
- You have a strong credit history so they can take advantage of the best rates
- You're planning to purchase a big-ticket item
- You do't want to pay an annual fee
Citizens Bank Clear Value® Mastercard®
Citizens Bank Clear Value® Mastercard®
- 18.99%, 22.99%, or 26.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.99%, 22.99%, or 26.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
A lengthy promotional APR period for balance transfers makes the Citizens Bank Clear Value® Mastercard® an ideal choice if you’re looking to save money on interest payments.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Introductory 0% APR on balance transfers for 18 months from account opening date
- No annual fee
- Travel accident and baggage delay insurance included
- Digital wallet compatibility for in-store and in-app touchless purchases
- Regular Purchase APR: 18.99%, 22.99%, or 26.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 18 months from date of account opening date
- Balance Transfer APR: 18.99%, 22.99%, or 26.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or up to 3% of the amount of each cash advance, whichever is greater
- Penalty APR: Up to 29.99%
- Foreign Transaction Fee: Either $1.50 or 3% of the U.S. dollar amount of each transaction, whichever is greater
- Late Payment Penalty Fee: Up to $40
- You plan to carry a balance on purchases
- You want to transfer other existing balances at higher APRs so you can save money on interest charges
- You don’t want to pay an annual fee
- You're not interested in earning rewards on purchases or receiving additional perks with your card
- You're looking for a basic, middle-of-the-road credit card
You've viewed 5 of 69 credit cards
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.