Know when promotional periods end. You get a nice, long introductory 0% APR period on both purchases and balance transfers, plus no annual fee. A balance transfer by itself isn't going to have much of an effect on your credit score. (You can sometimes do this through your credit card's online portal or mobile app; in other cases, you'll have to call the number on the back of the card.). A 3% fee (min $10) applies to all balance transfers, No penalty APR. It doesn't charge an annual fee, late fees or penalty APRs either. offers a long 0% introductory APR period on balance transfers and a shorter (but still pretty good) one for purchases. Standard Chartered Instant Approval Terms and Conditions For details, please click here *Important information about our 0% p.a. Our pick for: Long-term value: 0% period for transfers + rewards. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate, Transferring a high-interest balance to a credit card with a 0% introductory rate. 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. You need good to excellent credit to qualify. Pay on time. Provide information requested by your issuer, 4. When the promotional period ends, the interest rate shoots up, so you'll want to have your debt paid off by the end of that time. For example, if you have debt on a Citi credit card, you can't move it to another Citi card. If your credit score has improved since you opened the account, it could pay off to ask your issuer to lower your interest rate. Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions. Our pick for: Longest 0% period for transfers and purchases. It won't get you very far toward paying off your debt. Cons: Why a balance transfer card might not be for you. You get a decent 0% introductory APR period to whittle down debt or finance a large purchase. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness. Read our review. And, frankly, if you’re looking for a deal that allows you to avoid payments, you’re swimming in dangerous waters. The transfer doesn't make the debt go away; it simply moves it to a new place. Read our review. There's an intro APR of 0% intro APR for 12 billing cycles on purchases and balance transfers, and then the ongoing APR of 12.99% - 22.99% Variable APR. Generally, that means a credit score of about 690 or better. The lengthy introductory 0% APR periods for both purchases and balance transfers on the. Low interest rate - The main advantage of a balance transfer is the low interest rate or 0% interest rate depending on the amount of your transfer and the time frame for repayments. For example, a 0% interest vs. the regular 19.99% for 6 months or longer. You can pay off your debt faster. How long the interest-free deal lasts. Read our review. Our pick for: Long 0% period for transfers and purchases + late fee waiver. And the 0% intro APR period shouldn't be overlooked. Read your credit card statements carefully — or just call your issuer and ask if you're not sure when the clock will run out. It doesn't have the late-fee forgiveness of Citi's other balance-transfer card, but it's still a great option. By offering a little forgiveness: It waives the fee on a late payment if you haven't been late in the preceding year. (You can, 2. With others, you’ll need to call the customer service number on the back of the card. Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. If you’re juggling multiple payments and due dates, you may find it easier to consolidate into one monthly lower-interest payment. If that's you, though, definitely give it a look. For example, you can’t transfer a balance from one Chase card to another. Further, rewards on all purchases are rounded up to the nearest 10 points, which amplifies the value for smaller spenders. See the calculator here. The big catch? Our pick for: 0% period + 'rounded-up' rewards. The introductory APR of 0% for 15 months on balance transfers (13.49%-23.49% variable after that) is one of the shorter offers on the balance transfer market, but it still gives you more than a year to pay down debt with 0% interest. Keep in mind that a personal loan makes sense only if the interest rate on the loan is the less than the interest rate you were paying on your credit card debt. How to get a lower APR on your credit card. Let’s say you have £3,000 debt on a card … . Be especially careful with store-branded credit cards, which often do not clearly identify the issuing bank. Read our review. Use your balance transfer credit card only for debt. • All financial products, shopping products and services are presented without warranty. Cloudflare Ray ID: 61590ba40a94acd0 Enter your balance and choose an interest rate, then see your savings if you reduced the balance by 5% to 50%. , although such offers are getting harder to find. There are other ways to get a handle on your debt. There are many more factors to consider, other than just the initial interest rate. Year after year, the Citi® Double Cash Card – 18 month BT offer has been our choice for the best flat-rate cash-back card. Read our review. When the promotional period ends, the interest rate shoots up, so you'll want to have your debt paid off by the end of that time. Unfortunately, one of the areas it’s hitting credit cards the hardest is introductory balance transfer offers.. Just recently, MBNA removed the 0% balance transfer offers on both the MBNA True Line ® Mastercard ® credit card With some cards, you can do this from your online account dashboard or even the issuer’s mobile app. (Stores don't typically issue and manage their own credit cards; they partner with a bank to do it. The Wells Fargo Platinum card isn't flashy, nor does it aim to be. As with many cards with a long 0% intro APR period, there isn't a lot of incentive to keep using it after the introductory rate expires. In general, you'll need good credit to qualify for a balance transfer card. You can try asking for a higher amount. A balance transfer involves moving debt from a high-interest credit card to a new card with a lower interest rate, ideally one with an introductory 0% period. The standard variable APR for Citi Flex Plan is 13.49% - 23.49%, based on your creditworthiness. The cards that save you the most while paying off debt generally don’t offer the best rewards. Without a solid plan in place to pay off the balance you’ve transferred, you could end up paying interest at even higher rate than on your previous card when the 0% period expires. • The annual fee. Long-term value: 0% period for transfers + rewards, 0% intro APR on Balance Transfers for 18 months. purchase interest rate | 22.24% p.a. However, if you'd been planning to pay off the debt in six months rather than 18, then the transfer would have saved you only about $330 in interest — so a 3% fee would have eaten up most of your savings while a 5% fee would have ended up costing you money. You might get some points knocked off your rate, or possibly get your account moved to a card with a lower rate. Your minimum monthly payment due is the absolute least you can pay without incurring a penalty. Our partners compensate us. set itself apart from competing cards that have a similar introductory 0% APR periods? Debt payment calculators show you how much you could save in interest by paying down your credit card balance without a transfer. You can choose your own due date with this card, which allows you to schedule debt payment for when its easiest on your wallet. Your minimum monthly payment due is the absolute least you can pay without incurring a penalty. Pre-qualified offers are not binding. Still, the cell phone coverage is a good reason to hold onto it. These offers are pitched as a way to help you move high-interest debt to a new card so you can pay it down without interest. You may get approved for an amount less than you want to transfer. Your best move is to pay off the transferred debt first, then start using this card for the rewards. Make at least the minimum payments on the old account until the debt is transferred. You get a decent 0% introductory APR period to whittle down debt or finance a large purchase. Performance & security by Cloudflare, Please complete the security check to access. You may also be told it’s not possible, but it’s worth a phone call to ask. To see real interest savings, you need to. Read our review. on balance transfers for 30 months with no balance transfer fee, reverts to 22.24% p.a. For instance, let's say Card X has a promotional balance transfer rate of 0% for ten months. Our pick for: Longest 0% period for transfers + no late fees. The fee you'll have to pay when you transfer a balance to the credit card. Let's say you had that much debt on a card with an APR of 17%, and you wanted to pay off the debt in equal amounts over 18 months: you'd pay more than $900 in interest over the course of those 18 months. Further, rewards on all purchases are rounded up to the nearest 10 points, which amplifies the value for smaller spenders. This will then provide you with lower monthly payments by consolidating all … » MORE: NerdWallet’s best credit cards with no balance transfer fee. Some of our selections for the best 0% balance transfer credit cards can be applied for through NerdWallet, and some cannot. Term: When you balance transfer to a new credit card, you get the introductory interest rate for a specified length of time. You can't transfer a balance from another ANZ card. If your credit standing is just OK, you may not get approved for another card. Depending on the credit limit on your new card and the card issuer’s policies (which may limit the amount of a transfer), you may get approved to transfer the entire amount or just a part of it. If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. A balance transfer won’t automatically solve your problems. Enter this information into NerdWallet's balance transfer calculator to get a sense of how much you could save by doing a balance transfer. If you don’t pay off your debt within the 0% period, you could be worse off. This may influence which products we write about and where and how the product appears on a page. has one of the longest available introductory 0% APR periods for balance transfers, and a decent one for purchases as well. The card offers bonus rewards at gas stations and supermarkets and has no annual fee. ), In most cases, you can't transfer balances among cards from the same bank — from one Chase card to another Chase card, for example. Certain terms, conditions, and exclusions apply. With a balance transfer you get a new card to pay off debt on old credit and store cards, so you owe it instead, often at 0% interest – sometimes for a small fee. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. isn't flashy, nor does it aim to be. According to NerdWallet's American Household Credit Card Debt Study, the average household with revolving credit card debt — that is, debt that was carried from one month to the next — had a total of $6,741 in such debt in March 2019. This should be the point of the balance transfer. 0% intro APR for 18 months on purchases and qualifying balance transfers, and then the ongoing APR of 16.49% - 24.49% Variable APR. The Citi® Double Cash Card – 18 month BT offer gets 5 stars for its best-in-class cash-back rewards, but it comes with a great balance-transfer offer, too. Continue making payments on the old card, Should you get a 0% balance transfer card? 0% intro APR for 15 months on purchases and balance transfers. The big catch? So how do we make money? It won't get you very far toward paying off your debt. give you plenty of time to pay down new and old debts interest-free. If you transferred the debt to a card with a 0% intro APR for 18 months, you'd pay no interest at all. 0% Intro APR on balance transfers and purchases for 15 months. The Citi® Diamond Preferred® Card offers a long 0% introductory APR period on balance transfers and a shorter (but still pretty good) one for purchases. You won't get a 0% period with the SunTrust Prime Rewards Credit Card, but you'll get an astonishing three years at a super-low rate, and you can avoid paying a transfer fee. The cards that save you the most while paying off debt generally don’t offer the best rewards. During the intro 0% APR period, you won't be charged interest on new purchases or balance transfers. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. The new card's issuer might let you transfer only a portion of what you owe. When evaluating offers, please review the financial institution’s Terms and Conditions. • The length of the intro APR period. There's no 0% intro period for purchases and no sign-up bonus, but the high rewards rate more than makes up for the lack of bells and whistles. The transfer can take a while, so keep an eye on both accounts until the debt disappears from the old one and shows up in the new one. There’s typically a fee involved. The best balance transfer credit cards have 0% APRs for 15-20 months, balance transfer fees between 0% and 3%, and $0 annual fees. And the card has tremendous ongoing value: 2% cash back on all purchases — 1% when you buy something and 1% when you pay it off. You get an introductory 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 13.49% - 23.49% Variable APR. You typically can't transfer debt between cards from the same issuer. Debt payment calculators show you how much you could save in interest by paying down your credit card balance without a transfer. You might get some points knocked off your rate, or possibly get your account moved to a card with a lower rate. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Balance Transfers do not earn cash back and will have a fee of either $5 or 3% of the amount of each transfer, whichever is greater. Some cards charge no transfer fee, although such offers are getting harder to find. You can move your $5,000 balance to the new card and you’ll have a whole year … A handful of cards do not charge transfer fees or waive them for an introductory period. How do balance transfers work? Most issuers won’t let you transfer debt from one of their cards to another. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. ), The longer the 0% period, the better, since you’ll have more time to pay down your debt without interest. is all about the long 0% intro APR period. A card that offers an introductory 0% APR on balance transfers might not include that same introductory 0% rate on purchases for the same length of time. Typically, these cards charge a one-off fee for a balance transfer, worked out as a percentage of the amount you’ve moved across, often up to 3%. Our partners cannot pay us to guarantee favorable reviews of their products or services. A 0% APR credit card offers no interest for a set amount of time, usually 12 to 20 months. The Citi Rewards+® Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap. You get a nice, long introductory 0% APR period on both purchases and balance transfers, plus no annual fee. Transferring a high-interest balance to a credit card with a 0% introductory rate can save you hundreds or even thousands of dollars in interest, money you … » MORE: Compare personal loan rates from multiple lenders. Balance transfer credit cards and promotions The best balance transfer credit cards come with rock-bottom promotional balance transfer rates. • The issuer. Maybe a balance transfer card isn’t right for you. This card also offers cellphone insurance if you use it to pay your wireless bill. Read our review. Transfer money to your current account at the standard cash interest rate. A good balance transfer card will not charge an annual fee. Some rewards cards with annual fees do offer 0% introductory periods, but they're a bad choice for getting out of debt. You earn 2% cash back on every purchase — 1% when you buy something and 1% when you pay it off. For example, it might set a limit of $5,000 on balance transfers. Sainsbury's Bank may offer you a 0% interest period on balance transfers of 18 or 12 months instead, depending on your individual circumstances. When evaluating balance transfer credit cards, you'll want to pay attention to: • The balance transfer fee. The average balance transfer card has a 0% APR for nearly 12.21 months, along with a 3.04% transfer fee and a 17.31% regular APR. Be sure to do the math before committing to a card's terms. For example, if you have debt on a Citi credit card, you can't move it to another Citi card. Please enable Cookies and reload the page. Our opinions are our own. This card earns 2 points per dollar on the first $6,000 spent per year at supermarkets and gas stations, and 1 point per dollar on all other purchases. Some cards charge. might not be right for everyone, but its unique rounding-up feature means that every purchase will earn at least 10 points. Balance transfers must be completed within 4 months of account opening. There are no rewards, but you get automatic cell phone protection when you pay your wireless bill with the card, so there's a great reason to hold onto it long-term. Once you're approved for the new card, tell that card's issuer that you want to do a transfer. Most cards charge a fee of 3% to 5% of the amount transferred. Take stock of your debt and figure out what you’ll have to do to become debt-free. Purchase interest p.a. Because it doesn't earn rewards, there's not a lot of ongoing value to the card once that 0% period runs out. Most cards have a balance transfer fee, and depending on how much you owe and the terms you’re looking for, it may not be worth it to shift your debt. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness. The longer the intro period, the better. Unlike many other balance-transfer cards that are available only to those with excellent credit, some applicants may be able to qualify for this card with good credit. Balance transfer is a smart way to get rid off your debt as long as you pay off your outstanding dues within the interest free period, after which the regular interest rate will apply. The BankAmericard® credit card has reduced its 0% intro APR period but remains a decent option for people looking for a little breathing room to whittle down high-interest credit card debt. Some online lenders charge origination fees, similar to when a balance transfer card charges a balance transfer fee. You may get approved for an amount less than you want to transfer. The charge will depend on your current offer thereafter. » MORE: Our guide to choosing a balance transfer card. Paying late won't automatically raise your interest rate (APR). After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness. You’ll need to know the account number of the debt you want to transfer and how much you want to move. If long-term value is a paramount concern, bigger spenders might want to go elsewhere. If you're saving $900 in interest, then the fee is worth paying. When evaluating offers, please review the financial institution’s Terms and Conditions. Our pick for: Low rate for an extended period. Credit cards designed for balance transfers offer a lower interest rate, often 0%, when you first open the account. If the card doesn't charge an annual fee, keep it open. With balance transfer cards, the more zeroes the better: Look for a $0 annual fee and a 0% period of 15 months or more. That’s because promotional terms often get voided if your account isn’t in good standing. A lengthy 0% introductory APR period for both purchases and balance transfers has made the U.S. Bank Visa® Platinum Card a NerdWallet favorite. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. Another way to prevent getting this page in the future is to use Privacy Pass. And every time you apply for a new card. With balance transfer cards, the more zeroes the better: Look for a $0 annual fee and a 0% period of 15 months or more. You may also be told it’s not possible, but it’s worth a phone call to ask. Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S.Bank Visa® Platinum Credit Card. Please review the financial institution ’ s because promotional terms often get voided your! Also, cards that do, a 2020 world 's most Ethical Company® - Ethisphere Institute, 2020! Pay without incurring a penalty tell the new card 's defining feature, giving you more than the minimum on... 4 % ( minimum £4 ) at application made within 60 days of account.... Purchases as well pros: Why it ’ s paid off on the issuer ’ s %. Choose a payment, your card ’ s best credit cards designed for balance transfers, plus no fee... Account moved to a card from the same issuer card its name wo n't exactly the. Interest by paying more than a year to whittle down debt or finance large! After the 0 % APR periods for both purchases and balance transfers within... 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