Key takeaways ; Before taking on a balance transfer offer to consolidate debt, budget for a monthly payment plan to pay it off. ; Select a balance transfer card that’s suited to your credit score and look into the terms and conditions of the offer. ; Make it a priority to pay off the transferred balance within the introductory 0 percent APR period, otherwise you will face a much higher interest rate once the promotion ends.
Are you looking for a temporary break from APR? One of the balance transfer credit card offers available on Bankrate could help you pay down balances, improve your credit score and save on interest...
Key takeaways ; A credit card balance transfer is a popular option for tackling high-interest debt. ; A balance transfer credit card typically offers a 0-percent intro APR period that allows you to save on interest payments for a limited time. ; You can transfer more types of debt than you may think, depending on the issuer of your balance transfer card.
You can transfer as many balances as you want, as long as you don’t exceed your credit limit — and as long as your balances qualify for the 0 percent intro APR.
Key takeaways A balance transfer credit card is a type of card offering a 0 percent introductory APR period during which you can pay off your debt faster without interest. With a balance...
Written by Erik J. Martin , Edited by Liza Carrasquillo ; Published on February 02, 2024 | 6 min read
Balance Transfer Basics ; What is a balance transfer fee? ; How to manage debt with a balance transfer card ; How long does a balance transfer take? ; What is the limit for a balance transfer card? ; Everything you need to know about balance transfer checks
Key takeaways ; Zero percent APR cards generally offer promotional periods between 12 and 21 months, during which no interest is charged on your qualifying balance. Many consumers use 0 percent APR cards to save on interest, pay off debt more quickly or catch up on their savings. Zero percent APR cards are typically only available to consumers with good or excellent credit, but all users need to be cautious about running up balances they can't pay off before the promotional period expires.
1. Try the avalanche method · 2. Test the snowball method · 3. Consider a balance transfer card · 4. Get your spending under control · 5. Grow your emergency fund · 6. Switch to cash · 7. Explore debt consolidation · FAQs
Key takeaways ; A balance transfer credit card with an introductory 0 percent APR can help you pay off existing debt. Decide whether it’s worthwhile to transfer the debt considering that balance transfer offers typically carry a fee, and the regular APR can be considerably higher if you don’t pay off your debt within the introductory window. Compare different card offers to determine which might work best for you, keeping in mind that — even if balance transfer cards offer introductory zer...