
Craig Jenkins
February 8, 2017
A balance transfer is the act of moving high interest debt from one card to another card with a lower interest rate. The result is lower interest payments and the ability to pay down the debt faster. Before you apply, be sure to have your existing account details ready as you will want to request a balance transfer with your application. Be sure to read the fine print on the application page for details of each balance transfer offer.
Annual Fee | Purchase APR | Balance Transfer APR | Cash Advance APR | $39 | 8.99% | 0% for 6 months | 24.99% |
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Annual Fee | Purchase APR | Balance Transfer APR | Cash Advance APR | $0 | 12.99% | 0% for 6 months | 24.99% |
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Annual Fee | Purchase APR | Balance Transfer APR | Cash Advance APR | $0 | 19.99% | 1.99% in the first 6 months | 22.99% |
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Annual Fee | Purchase APR | Balance Transfer APR | Cash Advance APR | $29 | 11.99% | 0.99% on balance transfers for the first six months. | 11.99% |
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Annual Fee | Purchase APR | Balance Transfer APR | Cash Advance APR | First year free then $39 | 19.99% | 2.99% on balance transfers for 6 months | 22.99% |
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Annual Fee | Purchase APR | Balance Transfer APR | Cash Advance APR | $0 | 16.99% | 3.99% on balance transfers for 6 months | 16.99% |
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Annual Fee | Purchase APR | Balance Transfer APR | Cash Advance APR | $0 | 19.99% | 1.99% on balance transfers for the first 10 months | 24.99% |
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As the name suggests, a "balance transfer" allows you to transfer your outstanding balance owed to your current credit card issuer to another credit card at a lower interest rate. Balance transfers effectively reduce the amount of interest you pay while carrying a monthly balance on your credit card.
So in a nutshell, balance transfers save money. By reducing your interest payments, more of your monthly payments can go towards paying down the balance. This also means you’ll be debt-free sooner.
When evaluating balance transfer offers, there’s a few key points to pay attention to:
Getting the most out of a balance transfer requires a plan. The goal is to pay down your debt as quickly as possible during the introductory period. As you work to reduce your debt don’t take on new expenses. Be prepared for what happens when the into rate expires so there’s no surprises.