Key takeaways ; Balance transfer credit cards allow you to expedite debt repayment as they provide a 0 percent introductory APR period, enabling you to reduce interest expenses for a time. If you can't repay your debt in the promotional period, are nearing the finish line on total debt repayment or are planning on applying for major financing soon, a balance transfer may not be a good move. It’s also not great for those who have bad credit, who feel overwhelmed by their debt or who will be tem...
Key takeaways ; Transferring your credit card balance to a new card that offers a 0 percent introductory APR can help you to pay off your debt while reducing the interest you accrue. However, introductory APRs are limited in length — typically to between 12 and 21 months — so you'll need to plan ahead to pay your balance off before the offer expires. If you're still carrying a balance when your card reverts to its regular APR, you have several options and tools to consider, including lump sum payments, debt consolidation loans and new balan ...
Offers from credit card companies to temporarily skirt interest charges can be enticing. Reducing interest payments by transferring a balance from one card to another is a quick way to lower monthly finance charges. But taking advantage of such a promotion, even one offering a zero interest rate on balance transfers, doesn’t always pay off. That’s especially true for cardholders who have a tendency to carry a balance. That’s because once the low-rate period ends, interest on any unpaid charges starts adding up again. ...
Home buyers will be able to buy a home without putting any money down under a new program launched by United Wholesale Mortgage, one of the largest U.S. mortgage lenders. The Pontiac, Mich.-based company’s new program will be available to first-time home buyers and people earning at or below 80% of an area’s median income, the company said in a press release. UWM (UWMC) will give eligible buyers a second-lien loan of up to $15,000, in the form of down-payment assistance, for 3% of the home’s purchase price. The loan will not accrue intere ...
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 ; 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 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
NPR's Steve Inskeep talks to ethicist Randy Cohen and a listener about the ethics of signing up for loans with zero percent interest and then transferring the balance to another zero-percent loan a...
If you're thinking of transferring a credit card balance, a balance transfer can help you do so. Balance transfers are a money-management strategy that can help you save. Keep reading to find out the answers to questions like, “What is a balance transfer?" and more helpful tips on how to transfer a credit card balance effectively. A balance transfer is when you move outstanding debt from one credit card to another. Balance transfers are typically used by consumers who are looking to move the a...
When you're looking to pay down debt, one of the best things you can do is transfer your balance from a high-interest credit card to one that offers a temporary (the longer, the better) 0 percent i...