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.
Written by India Davis and Garrett Yarbrough ; Edited by Nouri Zarrugh ; Reviewed by Beverly Harzog
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.
Key takeaways ; A 0 percent intro annual percentage rate (APR) card can help you consolidate and pay down debt faster – without interest payments – if you’re disciplined in how you use it. ; These cards typically come with a balance transfer fee, and you risk losing the 0 percent intro APR if you’re late with a payment. ; If you can’t pay off what you transfer before the intro period ends, you’ll pay much higher interest on the remaining balance.
Key takeaways A balance transfer credit card is a type of card offering a 0 percent introductory APR period during which you... different cards and make a plan to pay off the amount you...
Written by Garrett Yarbrough ; Edited by Courtney Mihocik ; Reviewed by Jason Steele
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.
Balance transfers are a useful financial tool but often come with fees. Here's how to save with the best credit union cards offering no transfer fees.
Figure out what credit score you need · Determine the type of offer you need · Consider the length of the offer · Take note of any offer limitations · Understand the credit card’s fees · Look for credit card rewards · Consider additional cardholder perks · Where to find the best zero interest credit cards
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