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CCU Platinum Visa
CCU Platinum Visa
- 14.70% to 25.70% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.70% to 25.70% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 14.70% to 25.70% variable based on creditworthiness and the Prime Rate Cash Advance APR
- 0% for 365 days from account opening date Intro Purchase APR
At a Glance
The CCU Platinum Visa Card from Consumers Credit Union is a low APR card that is short on perks. While the card offers a competitive APR on purchases, balance transfers, and cash advances, it doesn’t provide any introductory bonuses or perks, nor does it refrain from applying foreign transaction fees, or fees for cash advances or balance transfers. The card does offer no annual fee, however, as well as the perks and protections you’d typically associate with a Visa card.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No fees on balance transfers or cash advances
- Intro Purchase APR: 0% for 365 days from account opening date
- Regular Purchase APR: 14.70% to 25.70% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 365 days from account opening date
- Balance Transfer APR: 14.70% to 25.70% 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: 14.70% to 25.70% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater
- 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're already a member of Consumers Credit Union
- You want a basic card with a decent APR
- You don’t want to pay an annual fee
PNC Visa® Business Credit Card
PNC Visa® Business Credit Card
- 14.99% to 24.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.99% to 24.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 26.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The PNC Visa® Business Credit Card prioritizes low APRs over perks, giving customers the benefit of saving on interest payments over the long run.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Introductory APR of 0% for 13 months on balance transfers
- No annual fee
- Add, activate, or close employee cards and set spending limits for each
- Manage your transactions online and download them to accounting software programs
- Regular Purchase APR: 14.99% to 24.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 13 months on transfers made within 90 days from account opening date
- Balance Transfer APR: 14.99% to 24.99% 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% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% 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 $39
- Return Payment Penalty Fee: $35
- Over Limit Penalty Fee: $39
- You own or operate a business
- You need additional working capital to cover expenses but prefer not to opt for a loan
- You want a credit card with a lower APR that can save you money on interest payments
- You're looking for an introductory 0% APR offer on balance transfers
Fifth Third 1% Cash/Back Card
Fifth Third 1% Cash/Back Card
- 16.24% to 27.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.24% to 27.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 21 months from account opening date Intro Purchase APR
At a Glance
The Fifth Third 1% Cash/Back Card earns an unlimited amount of cash on every purchase with 0% introductory APR on purchases and balance transfers for a whopping 21 months - all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn an unlimited 1% back on all purchases
- No annual fee
- No foreign transaction fees
- Redeem rewards for statement credits, deposits, or a check
- Enjoy 0% intro APR on purchases and balance transfers for 21 months
- Intro Purchase APR: 0% for 21 months from account opening date
- Regular Purchase APR: 16.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 21 months from account opening date
- Balance Transfer APR: 16.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 4% 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
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You live in an area covered by Fifth Third Bank
- You don't want to pay an annual fee or hidden fees
- You have an existing loan balance you want to pay off
First Citizens Rewards® Visa® with No Annual Fee
First Citizens Rewards® Visa® with No Annual Fee
- 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
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn 1 point for every $1 you spend
- Points added to your account daily
- 0% introductory APR for 12 months on balance transfers made within 90 days from account opening
- 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
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $25
- N/A
NHL® Discover it®
NHL® Discover it®
- 17.24% to 28.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 17.24% to 28.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 18 months from date of account opening date Intro Purchase APR
At a Glance
The NHL Discover It is a cash back credit card that offers enhanced earning potential in a selection of rotating categories, but with an NHL touch. Cardholders earn 5% back on purchases in categories that rotate each quarter, and 1% on all other purchases. The card also features 0% intro APR for the first 15 months on purchases and balance transfers, Discover’s 100% U.S.-based customer service, and no foreign transaction fees and no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Save 10% at Shop.NHL.com with the code ITPAYS. Save 10% on your NHL.TVTM subscription when you use your Discover card
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate. Plus unlimited 1% cash back on all other purchases
- Discover automatically matches all the cash back you've earned at the end of your first year—only for new cardmembers
- View your FICO® score for free on monthly statements, mobile, and online
- Choose your team, show your pride - all 31 team logos are available as card art
- No annual fee
- Intro Purchase APR: 0% for 18 months from date of account opening date
- Regular Purchase APR: 17.24% to 28.24% variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for 18 months from date of first transfer
- Balance Transfer APR: 17.24% to 28.24% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of transfers that post at the promotional rate. After that, 5% of the amount of each transfer
- 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
- Late Payment Penalty Fee: None the first time you pay late. After that, up to $41
- Return Payment Penalty Fee: Up to $41
- You want to earn 5% back on select categories each quarter, including restaurants, gas stations, select rideshares, and online shopping.
- You don’t want to pay an annual fee or foreign transaction fees
- You want to support your favorite NHL team
- You want a card where Discover will match all the cash they earn for the first year
M&T Business Rewards Credit Card
M&T Business Rewards Credit Card
- 17.24% or 24.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 17.24% or 24.24% 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 Business Rewards Credit Card from M&T Bank provides companies with the ability to earn rewards on all purchases while including no annual fees and no foreign transaction fees. It also features a 0% introductory APR for 12 months and a highly competitive APR after that. New members can earn 10,000 bonus points with purchases of $500 in the first 3 months.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 10,000 bonus points after making $500 in purchases during first 90 days
- No annual fee
- Add employee cards at no additional cost, plus the ability to manage spend limits for all users
- 0% intro APR on transactions and balance transfers for the first 12 months
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 17.24% or 24.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months from account opening date
- Balance Transfer APR: 17.24% or 24.24% 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
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $25
- You're looking to earn unlimited 1.5% cash back on all your business purchases
- You want a business card with no annual fee and no foreign transaction fees
- You enjoy the convenience of multiple balance payment options and online and mobile account management
- You want a business card with 0% introductory APR for 12 months
SchoolsFirst FCU School Employee Mastercard®
SchoolsFirst FCU School Employee Mastercard®
- 11.75% to 17.90% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 11.75% to 17.90% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 16.75% to 17.90% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The SchoolsFirst FCU School Employee Mastercard is an exceptional cash back credit card that provides special payment terms for educators and school employees. The card offers 1.5% cash back on all purchases and features no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1.5% cash back on purchases — deposited into your Summer Saver account
- Enjoy an interest-only payment option during the summer when you may not be working or getting a paycheck
- Ability to skip your December billing cycle without credit score being impacted
- Automatically get a 0.50% lower rate for every year you make on-time payments
- Regular Purchase APR: 11.75% to 17.90% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 11.75% to 17.90% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 16.75% to 17.90% variable based on creditworthiness and the Prime Rate
- Penalty APR: 17.90%
- Foreign Transaction Fee: 2% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $25
- Return Payment Penalty Fee: $20
- You are a school employee
- You prefer the freedom to opt for interest-only payments in the summer months
- You plan to use cash back rewards towards direct deposits
- You do't want to pay an annual fee
AACS Visa Card
AACS Visa Card
- 20.24% to 30.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.24% to 30.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 30.24% variable based on the Prime Rate Cash Advance APR
- 1.99% for 6 months from account opening date Intro Purchase APR
At a Glance
The AACS Visa® Card presents a no-frills credit card opportunity for those who want to save money while showing support for Christian education. Featuring exceptional pricing and benefits, it allows cardholders to promote their Christian values by donating a portion of net purchases to Christian education and the American Association of Christian Schools (AACS).
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Promote Christian Education
- For every $100 in net merchandise purchases made with this card, Commerce Bank donates $0.50 to AACS
- No annual fee
- Competitive interest rates for purchases and balance transfers
- Intro Purchase APR: 1.99% for 6 months from account opening date
- Regular Purchase APR: 20.24% to 30.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 1.99% for 6 months from account opening date
- Balance Transfer APR: 20.24% to 30.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each Balance Transfer, whichever is greater
- Cash Advance APR: 30.24% 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: 32.24% variable with the Prime Rate
- Foreign Transaction Fee: 1% of each transaction in U.S. dollars. 2% of each transaction made in currencies other than U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Those who want to support Christian education
- You do't want a credit card with the added cost of an annual fee
- You will take advantage of a competitive regular purchase APR and an introductory APR period
- You want to save money on existing debt by transferring a balance towards smaller interest charges
Regions Life Visa® Credit Card
Regions Life Visa® 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
- 30.24% variable based on the Prime Rate Cash Advance APR
- 0% for 15 months from account opening date Intro Purchase APR
At a Glance
If you’re in the market for a balance transfer card, the Regions Life Visa® Credit Card features an intro balance transfer APR of 0% for 15 months that can help you get back on your feet. Coupled with the numerous fees that this card waives, your finances will be off and running again in no time.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 0% introductory APR for 15 months on purchases that post in the same period
- 0% introductory APR for 15 months on balance transfers that post within 60 days of account opening
- Use instead of cash for everyday purchases to help you manage
- No annual fee
- Intro Purchase APR: 0% for 15 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 15 months 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
- Cash Advance APR: 30.24% 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 $39
- You want an intro balance transfer APR of 0% for 15 months for balances posted within 60 days of the account opening
- You also want a card featuring an intro purchase APR of 0% for 15 months for purchases posted in the same time period
- You prefer a card without annual fees or foreign transaction fees
Farm Sanctuary Visa® Credit Card
Farm Sanctuary 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
- 29.24% variable based on the Prime Rate Cash Advance APR
At a Glance
Are you a friend of farm animals? Animal advocates will crow about the Farm Sanctuary Visa® Credit Card; issued by UMB Bank, this Visa credit card is a simple financial tool with good intentions that donates money to a great cause each time it’s used. Designed for animal lovers, it features images of our favorite farm animals to help raise awareness about the plight of cattle, livestock and other domestic creatures.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- A donation of $50 is made to Farm Sanctuary after each credit card account is approved and used within the first 90 days of approval
- Each time the card is used, 0.5% of the amount of each purchase is donated to Farm Sanctuary
- No annual fee
- 0% introductory APR on balance transfers for 12 months, when balance transfer is completed within 90 days of opening an account
- Regular Purchase APR: 18.24% to 22.24%variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% APR for 12 months on transfers made within 60 days 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 $15 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 3% of the amount of each cash advance, whichever is greater ($50 maximum)
- Foreign Transaction Fee: 2% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $38
- Return Payment Penalty Fee: Up to $38
- You love farm animals and want to help end farm animal abuse
- You want to give back each time you make a purchase
- You will help farm animals by using this card for everyday spending
- You want a credit card that has no annual fee
- You would like convenient online access to manage card account information and make payments
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.