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Air Force Federal Credit Union Visa Platinum
Air Force Federal Credit Union Visa Platinum
- 15.75% to 18.00% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 15.75% to 18.00% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 15.75% to 18.00% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Air Force Federal Credit Union Visa Platinum card wants to make credit simple, so it offers the same low rates across all its features. If you join this credit union, you’ll have one APR for purchases, balance transfers, and cash advances for maximum convenience. Not to mention, you’ll earn steady rewards to cash in for merchandise. Though there are membership qualifications to meet, military affiliation is not necessarily required to join.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Low APRs for purchases, balance transfers, and cash advances
- No annual fee
- Earn rewards on all purchases
- Regular Purchase APR: 15.75% to 18.00% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 15.75% to 18.00% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $2 or 2% of the amount of each transfer, whichever is greater
- Cash Advance APR: 15.75% to 18.00% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $2 or 2% of the amount of each cash advance, whichever is greater
- Penalty APR: 18.00%
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $37
- Return Payment Penalty Fee: Up to $25
- Over Limit Penalty Fee: Up to $25
- You live or work in Texas, Mississippi, Louisiana, Arkansas, or Oklahoma
- You meet the membership qualifications or are willing to join the Airmen Heritage Foundation
- You want the same interest rates for purchases, balance transfers, and cash advances
- You need a card with no annual fee and low additional fees, but still want to earn rewards
M&T Business Credit Card
M&T Business Credit Card
- 15.24% to 22.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 15.24% to 22.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 27.24% variable 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 Business Credit Card provides an uncomplicated way to make everyday purchases without the fear of a high APR. The card features no annual fee and an introductory 0% APR on purchases and balance transfers for the first 12 months, followed by a competitive APR after that.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 0% introductory APR for the first 12 months after opening account
- No foreign transaction fees
- Global acceptance and chip technology for added security
- Additional cards for employees at no added cost
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 15.24% 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: 15.24% 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% variable 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
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $25
- You're Interested in a straightforward and hassle-free business card
- You enjoy the convenience online, and mobile account management provides
- You enjoy the convenience online, and mobile account management provides
- You want a business card with no annual fee and no foreign transaction fees
SLFCU Visa Signature Business Card
SLFCU Visa Signature Business Card
- 12.50% variable based on the Prime Rate Regular Purchase APR
- 12.50% variable based on the Prime Rate Balance Transfer APR
- 12.50% variable based on the Prime Rate Cash Advance APR
At a Glance
The SLFCU Visa Signature Business from Sandia Laboratory Federal Credit Union is a business credit card that offers a yearly 1% rebate on purchases and a low APR every day. The card also features no annual membership fee, no fee for balance transfers, and the benefits and protections that come from a Visa Signature Business credit card.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 1.00% year-end rebate on purchases
- No annual fee
- No balance transfer fees
- Regular Purchase APR: 12.50% variable based on the Prime Rate
- Balance Transfer APR: 12.50% variable based on the Prime Rate
- Cash Advance APR: 12.50% variable 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: $25
- Return Payment Penalty Fee: $25
- Over Limit Penalty Fee: $25
- You already bank with Sandia Laboratory Federal Credit Union
- You want a low APR and basic cash back each year
- You want Visa Signature travel protections
- You plan to issue additional employee cards to maximize your rewards rebate
BMO Harris Bank Platinum Rewards Mastercard®
BMO Harris Bank Platinum Rewards Mastercard®
- 21.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 21.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 32.49% variable based on the Prime Rate Cash Advance APR
At a Glance
The BMO Harris Bank Platinum Rewards Mastercard® credit card is a solid option for those who wish to maximize the points they earn from gas and grocery purchases. Earn 2x points per $1 spent on gas and grocery purchases and 1 point per dollar on all other purchases; you’ll also enjoy a low introductory APR on purchases, an anniversary points bonus each year, and the opportunity to earn up to 25,000 bonus points when you spend $2,000 in the first three months of opening your account.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Receive 2 points per $1 spent on eligible gas and grocery purchases, up to $2,500 in combined spend each calendar quarter; receive 1 point per $1 spent on all other purchases
- 0% 12-month introductory APR on balance transfers made within 90 days of opening an account
- Earn 25,000 bonus points when you spend $2,000 in the first 3 months of account opening
- 10% anniversary point bonus every year
- Regular Purchase APR: 21.24% to 28.24% 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: 21.24% to 28.24% 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: 32.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $39
- You want to receive compensation of up to 2x rewards points on gas and groceries
- You want flexibility when you redeem your rewards points
- You're looking for a card with no annual fees
- You wlike to earn up to 25,000 points in the first three months of having your new card
Quorum RateWise Mastercard®
Quorum RateWise Mastercard®
- 12.9% to 18.00% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 12.9% to 18.00% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 12.90% to 18.00% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
With no annual fees or balance transfer fees, a competitively low APR and low cash advance fees, the Quorum RateWise Mastercard® is a great no-frills credit card offer for anyone looking to enjoy daily savings as they build their credit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Features Tap & Go contactless technology; compatible with digital wallets
- No annual fee and no balance transfer fees
- Low cash advance fee with a $25 cap
- Same APR for purchases, cash advances, and balance transfers
- Regular Purchase APR: 12.9% to 18.00% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 12.9% to 18.00% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 12.90% to 18.00% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 2% of the amount of each cash advance, whichever is greater (max $25)
- 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
- You want a card with no annual fee and no balance transfer fees
- You want a low APR (based on your creditworthiness)
- You want the perks that come with being a Mastercard® cardholder
- You want a card with contactless technology
KeyBank Business Mastercard® Credit Card
KeyBank Business Mastercard® Credit Card
- 16.24% to 26.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.24% to 26.24% 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
An unassuming business credit card, the KeyBank Business Mastercard is a simple solution for customers looking to fund their companies’ expenses without the promise of additional perks.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 0% introductory APR for 6 months on purchases and balance transfers
- No annual fee
- Generous credit lines offered
- Lost or stolen reporting available 24/7
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 16.24% to 26.24% 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: 16.24% to 26.24% 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: Up to 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
- Own or operate a business
- Want a business credit card without an annual fee
- Have a large upcoming expense that they can benefit from paying off over time with 0% interest
Fort Bragg FCU Visa Credit Card
Fort Bragg FCU Visa Credit Card
- 13.65% to 17.00% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 13.65% to 17.00% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 13.65% to 17.00% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Fort Bragg FCU Visa is a low APR credit union credit card for members of the U.S. Armed forces, those living in and around Fort Bragg, North Carolina, and other eligible members of Fort Bragg Federal Credit Union. The card features a great variable APR for those with excellent credit scores, and no annual fee – or fees for balance transfers or cash advances.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Great low APR
- No hidden charges
- Regular Purchase APR: 13.65% to 17.00% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 13.65% to 17.00% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 13.65% to 17.00% variable based on creditworthiness and the Prime Rate
- Foreign Transaction Fee: Up to 1% of the transaction in U.S. dollars
- Late Payment Penalty Fee: $25
- Return Payment Penalty Fee: $29
- You're an active or retired member of the United States military
- You're more interested in an excellent APR than rewards
- You don’t want to pay an annual fee
Safe 1 Credit Union Mastercard Platinum Rewards Card
Safe 1 Credit Union Mastercard Platinum Rewards Card
- 14.75% to 21.75% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.75% to 21.75% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 14.75% to 21.75% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Safe 1 Mastercard Platinum Rewards Card offers several features that make it stand out from many competitors. It provides cardholders many of the same benefits as the regular Platinum credit card, cardholders can earn points for every purchase and redeem those for merchandise or travel vouchers. Keep reading for more information on this credit card.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 0% intro APR for 12 months on purchases and cash advances
- Earn 1 point for ever $1 you spend with your credit card
- No balance transfer fees
- Regular Purchase APR: 14.75% to 21.75% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 14.75% to 21.75% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 14.75% to 21.75% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 2% of the amount of each cash advance, whichever is greater
- Penalty APR: 27.50%
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $15
- Return Payment Penalty Fee: $25
- You want a credit card that earns rewards points
- You don’t want to pay an annual fee
- You don’t want to pay balance transfer fees
Golden 1 Member Rate Advantage Visa® Card
Golden 1 Member Rate Advantage Visa® Card
- 13.04% to 19.04% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 13.04% to 19.04% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 13.04% to 19.04% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
A low-rate card that empowers you to pay down balances faster or to consolidate debt from other cards- that’s what you’ll find with the Golden 1 Member Rate Advantage Visa® Card.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Our Lowest Rates
- No Balance Transfer Fees
- Regular Purchase APR: 13.04% to 19.04% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 13.04% to 19.04% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 13.04% to 19.04% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 2.5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: Up to 1% of the transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $15
- Return Payment Penalty Fee: Up to $25
- You want to pay for large purchases over time
- You need to pay down debt
- You're consolidating other high-rate card balances
Randolph-Brooks Premier Rate Mastercard
Randolph-Brooks Premier Rate Mastercard
- 11.95% to 18.00% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 11.95% to 18.00% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 11.95% to 18.00% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Randolph-Brooks Premier Rate Credit Card is designed for those that want an exceptionally low APR for conducting balance transfers, paying down existing credit card balances, or making purchases and spreading the cost over time. The card features a typical APR of around 10% for those with excellent credit, as well as 0% introductory APR on cash advances and balance transfers for the first 12 months. The card also features no annual fees or foreign transaction fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Excellent low APR
- No foreign transaction fees
- 0% introductory APR for 12 months from account opening
- Regular Purchase APR: 11.95% 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: 11.95% to 18.00% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 11.95% to 18.00% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Up to 2% of the amount of each cash advance
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $24
- You live in either Austin, Corpus Christi, Dallas, or San Antonio
- You want an exceptional APR
- You don’t want to pay an annual fee
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
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