switch credit card balance

Read the full Wells Fargo Platinum card review. If you don’t pay off the balance before the offer ends, the go-to rate, usually the regular APR, kicks in. If you follow the steps above and analyze your debt, your offers, and create a paydown plan, taking advantage of a balance transfer is a smart financial decision, and it can help you get out of debt quicker. There’s a certain mindset you need to have if you’re going to use balance transfers effectively because it will feel like you’ve paid your debt off when all you’ve done is move it somewhere else. Your credit cards journey is officially underway. This is a common hidden cost to balance transfers. When using an existing card, you’ll typically get a few offers to choose from. Opening a new card will also lower your average length of credit history—which factors in the age of all your accounts (adding a brand new card will reduce the average age overall slightly). For example, if it’s a new card, it will likely take longer, but you can ask your issuer to get an idea of how long it will take for the transfer to go through. The standard variable APR for Citi Flex Plan is 13.49% - 23.49%, based on your creditworthiness. Many balance transfer cards require good or excellent credit. Let’s first start with determining how much you’re dealing with. On the positive side, you tend to get the best offers for a balance transfer on new cards. best offers for a balance transfer on new cards, not to open up your credit limit for more purchases, 5 Important Reasons Why A Balance Transfer Fee Matters. But instead of the endless game of transferring your debt, we advise you to pay off the balance before the offer ends. How to Switch Credit Cards and Save Money While Doing It. The new credit card may even offer credit card rewards on your new purchases. By providing my email address, I agree to CreditCards.com’s With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more. Citi Flex Plan offers are made available at Citi's discretion. With average interest rates on credit cards recently hitting an all-time high, I can understand why you may just want to give up. However, you want to get the best deal you can on your new credit card. Read the full Wells Fargo Cash Wise credit card review. This leaves you with about $10,000 that you’re unable to transfer, so you’ll either have to find another place for it, call the credit card company and ask for a reconsideration on your credit line (which these days won’t happen very often), or keep the balance where it’s at. CreditCards.com is an independent, advertising-supported comparison service. Paying late won't automatically raise your interest rate (APR). The main benefits of a balance transfer credit card include: In light of the pandemic, risk-averse lenders have tightened the qualifications for balance transfer credit cards. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening, Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases, 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. There’s no 0% introductory APR offer for purchases. There’s a way to pay your debt off faster if you buckle down with a plan a good plan. Balance transfer credit cards allow you to transfer debt from one credit card provider to another. Cons: Again, you’ll need to act fast to capitalize on the balance transfer offer, given it applies only to balances transferred in your first 60 days. Balance transfer fee applies with this offer 3% of each balance transfer; $5 minimum. Contact your new creditor to make the transfer. To confirm terms and conditions, click the "Apply Now" button and review info on the secure credit card terms page. As I stated above, make sure to read the terms and conditions carefully, as that may be the best rate you can get—but not necessarily the rate you will get. If you’re getting a big bonus at the end of the year and need a short-term tie-over, then you may be good with a shorter duration (which would typically give you a better rate). Thanks for your help! Tracy Stewart is a personal finance writer specializing in credit card loyalty programs, travel benefits, and consumer protections. Offers can be for 6 months to 18 months, taking you well into 2022. A balance transfer card can let you move your old debt onto a new account with an interest-free period. Who should apply? These types of credit cards … Our comparison service is compensated by our partners, and may influence where or how products are featured on the site. Remember, there are costs involved in doing this, so you’ll have to decide what’s worth it and what isn’t. His money-saving tips have appeared in the Washington Post, the Wall Street Journal, Consumer Reports, MarketWatch, Vice, People, the Zoe Report and elsewhere. Here are the steps you should follow: The coronavirus continues to take a toll on Americans’ health and financial well-being. 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. Find out how much the minimum payment will be after you transfer your balance before you go through with the transfer. While it’s possible to do a balance transfer with bad credit, whether it’s wise will depend on which cards you can qualify for and what your new APR will be. Doing a balance transfer can be a very smart financial move—but only if you’re doing it for the right reasons. If you have less than stellar credit, it … Card issuers typically require good or excellent credit for the best balance transfer offers. If, however, earning rewards is a must for you, the Citi Double Cash Card, listed below, offers a similarly lengthy intro offer and a decent cash back rate. Here’s the deal: They often come with a temporary 0% interest rate. This can help you save money as you pay down debt. This is the toughest option, but perhaps the most straightforward. Pros: The Bank of America Customized Cash Rewards card offers a solid 3% cash back on a category of your choice and 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%). Not a good situation. Fortunately, these respondents feel optimistic about their ability to get out of the red: 64% of debtors believed they would be debt-free within 10 years. If your current credit card has bad terms – high fees or a short grace period, for example – you can move your balance to a better credit card and close out your old credit card account for good. ADVERTISER DISCLOSURE CreditCards.com is an independent, advertising-supported comparison service. Who should apply? 0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. Existing Wells Fargo customers and anyone else on the hunt for an uncomplicated flat-rate cash back card will surely love the unlimited 1.5% cash rewards on all purchases. Published Feb 4th, 2020. This involves simply making a phone call. There’s no annual fee for the card. When you take out a balance transfer credit card, you’ll specify which balances from other cards you want to transfer. If your application for a balance transfer card is denied, there may be other options, such as applying for a personal loan or asking your existing card issuer for a lower interest rate. Our credit card comparison service lets you easily compare interest rates, balance transfer options, and card features from Ireland’s main credit card providers … , 18 months, 0% for 18 months on Balance Transfers Privacy Policy. If you have tons of debt and you’re looking to add to it by moving money from one card to the other (yes, people do this) then focus instead on paying your balances down the traditional way. The card issuer taking over the balance charges the fee, which is usually 3%-5% or $5-$10, whichever is greater. See your unique approval odds listed next to cards on our site. On the other hand, you may need a longer period, which would typically be at a higher rate. After that, the variable APR will be 13.49% – 23.49%, based on your creditworthiness. Apply for a credit card, but be aware of APR first. Why we picked it: This card comes with a solid introductory APR on both qualifying balance transfers and new purchases: Pay 0% for 15 months from account opening on new purchases and on qualifying balance transfers made in the first 120 days (14.49% to 24.99% variable after that). The offers that appear on this site are from companies from which CreditCards.com receives compensation. So, for example, the $5 you spend on a morning coffee run would be rounded up from five to 10 ThankYou points. I would recommend you use an existing credit card if you can. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. Get free access to your FICO® Score online. Give the gift of fun with a Nintendo eShop Card. A precious few waive any balance transfer fees, and when they do, they may not have the rewards or longer offer you might be looking for. After deciding that a balance transfer will save you … Remember, a credit card switch is not the same thing as simply applying for a new credit card. Get free access to your FICO® Score online. You also will get a small, temporary ding every time you apply for a card, whether you get it or not. You’ll pay a balance transfer fee of $5 or 3%, whichever is higher. Why we picked it: This Citi card pairs a competitive balance transfer offer (0% for 15 months from the date of your first transfer, then 13.49% to 23.49% variable) with solid rewards on two popular spending categories. We analyzed hundreds of balance transfer cards to find the most favorable introductory offers with low interest and low fees. By now you’ve figured out how much you want to transfer and found a few options for doing the transfer. You can connect with Chris on. If you’re considering a balance transfer card, you may be wondering how much work goes into moving the balance from one card to another. Offer two has no transfer fee, but the interest rate is higher. The regular APR is 12.99% to 22.99% variable, which is good, especially if you can secure an interest rate at the low end of that spectrum. Research methodology: We analyzed 1,002 credit cards to identify the top balance transfer credit cards on the market. Citi Flex Plan offers are made available at Citi's discretion. What Credit Score Do You Need to Get Approved? If you want a balance transfer card, do the maths before you apply. The Nintendo eShop Cards are a good way to buy new digital games! That may not seem like a lot, but it’s effectively doubling your monthly payment. Get essential reads every week with our newsletter. When a card presents a 0% intro APR offer on a balance transfer, it’s losing out on the interest charges you would normally pay for carrying a balance into the next month. For example, a 2.99 APR (annual percentage rate) on an offer that is only good for nine months isn’t 2.99%. Look for 0 percent or low APR rates. Plus, there’s no annual fee. So for example, if you have a $5,000 credit card balance at 15.99% APR, you might want to consider finding a better card to transfer that balance to. Plus, you’ll have to act fast to capitalize on that intro APR. Pretty magical, right? There’s no annual fee. Learn more about our partners and how we make money. 12.99% - 22.99% Variable APR on purchases and balance transfers. Doing a balance transfer can be a very smart financial move---but only if you’re doing it for the right reasons. Typically introductory offers, these cards will give you a great balance transfer rate for a specific period, then move you to the standard rate on the card (more on this below). Or you may have excellent rates, so you may only want to move bits and pieces of your debt. Balance transfer checks can be used to transfer a balance from one credit card to another. Cons: Keep in mind that the 120-day period is extra limiting because the card’s balance transfer fee increases from 3% (or $5, whichever is greater) to up to 5% ($5 minimum) after that period ends. This card is an excellent option for balance transfers with the potential to maximize rewards on small purchases, particularly if you’re an existing Citi customer. The Citi® Diamond Preferred® Card is one of the best intro APR cards on the market today.  New cardholders will receive a 0% intro APR on both purchases and balance transfers for 18 months (regular APR is 14.74% – 24.74% Variable).  And there is no annual fee. Balance transfer fee applies with this offer 3% of each balance transfer; $5 minimum.. In addition to an introductory 18-month zero interest offer on balance transfers (then a variable APR of 13.99% to 23.99% after that), you’ll earn 1% cash back when you make a purchase and another 1% as you pay your balance, or 2% total. My advice would be to think about how much time you need to pay all (or at least most) of the balance back before the promotion ends. If you don’t know your credit score, use our free, 0% for 18 months on Purchases So does it look bad to transfer & max out my existing credit card, but pay down the card with a current interest rate? Carrier's Early Termination Fee or remaining device balance, including lease purchase option, up to $650, paid via (1) trade-in credit on bill and (2) virtual prepaid MasterCard® Card (expires in 6 months) typically within 8 weeks. The rates are too high, and it creates spending behaviors that aren’t sustainable long-term. After the intro APR offer ends, 12.99% - 22.99% Variable APR will apply. Many balance transfer credit cards offer a 0% intro APR for a set time frame, typically 12 to 18 months. Personal loans can have a lower interest rate than a credit card, and there are a number of options available. I understand that this is not an application for credit and that, if I wish to apply for a credit card with any participating credit card issuer, I will need to click through to complete and submit an application directly with that issuer. Read the full Bank of America Customized Cash Rewards credit card review. A 3% fee (min $10) applies to all balance transfers, If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase, Earn a $150 cash rewards bonus after spending $500 on purchases in the first 3 months, Earn unlimited 1.5% cash rewards on purchases, 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 14.49% to 24.99% variable APR; balance transfers made within 120 days qualify for the intro rate and fee, 1.8% cash rewards on digital wallet purchases including Google Pay™ or Apple Pay® during the first 12 months from account opening, 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 Wells Fargo Cash Wise Visa® card, No category restrictions or sign ups and cash rewards don’t expire as long as your account remains open. The thing to consider, though, is that you don’t know what, if any, offers will be available for you when you’re ready to do another one. The potential to earn 2% cash back (1% when you buy and 1% as you pay), after all, is competitive among the best rewards credit cards. Transferring your balance means moving all or part of a debt from one credit card to another. How do balance transfers work? To take advantage of this offer, click "Apply Now" above. Other account pricing and terms apply, Access your FICO® Score for free within Online Banking or your Mobile Banking app, Contactless Cards - The security of a chip card, with the convenience of a tap. Creditcards.com analyst Ted Rossman has helped consumers make well-informed decisions about credit cards for over ten years. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. Pay your cellphone bill with the card and you can be reimbursed up to $600 per claim and $1,200 per year should your phone be damaged or stolen (subject to a $25 deductible). Once you’re en route to a nice, new, shiny balance, you need to think about a plan to pay it back. You’ll pay a balance transfer fee of 3% or $10 (whichever is greater). While its regular APR is a super-high 26.99% variable, there is no balance transfer fee. Is doing the transfer than going to make the credit card I am transferring from appear on my report, therefore damaging my debt to income ratio? That way you don’t get into the situation where you’ll need to do a balance transfer again. A hard pull on your credit will result in a hit to your credit score (usually only a few points, but it can vary widely based on your credit situation). The offers that appear on this site are from companies from which CreditCards.com receives compensation. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. My Discover offer above requires that I pick the offer, enter my account numbers of the accounts I want to transfer (they’re giving me up to four) and clicking a button to approve. If you are managing debt, a balance transfer credit card could help you pay down debt faster by transferring an existing balance to a new card with lower interest. As you can see in the offers above, Offer one comes with a 3% transfer fee. Once you’ve chosen the right balance transfer card for you, you … Cons: The introductory APR of 0% for 15 months on balance transfers from date of first transfer (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. Who should apply? After that, it’d go to 20.4% (whatever balance was left). (As we mentioned earlier, only balance transfers made within the first 60 days of opening an account qualify.) Jeanine Skowronski is a credit card expert, analyst, and multimedia journalist with over 10 years of experience covering business and personal finance. Having said that, you have to be careful of having too much credit available. All information about Citi Simplicity® Card, Navy Federal® Platinum Credit Card, and the U.S. Bank Visa Platinum has been collected independently by CreditCards.com and has not been reviewed by the issuer. 0% intro APR on purchases and balance transfers for 18 months (regular APR of 14.74% – 24.74% Variable). According to a CreditCards.com poll, 51% of U.S. adults with credit card debt have added to it during the pandemic. We analyzed hundreds of balance transfer cards to find the most favorable introductory offers with low interest and low fees. However, all credit card information is presented without warranty. The Citi® Diamond Preferred® Card is a great choice because of its low intro offer on purchases and balances transfers. Card issuers must give you 45 days' notice before an interest rate hike goes into effect. Now you’ve gotten to the phase of actually choosing the best offer. A balance transfer could also hurt your credit score, as it could both increase your single-card credit utilization and lower your length of credit history. Another transfer option, you ’ ll typically get a small, ding!, however, if that ’ s time to compare your options and check for any made! To look for the best credit cards recently hitting an all-time high, and we! % – 24.74 %, based on your creditworthiness APR extends to purchases 12.99. Or 3 % of each balance transfer, whichever is greater America financial Centers old debt onto a new with. The monthly payment way you don ’ t sustainable long-term score 8, which Dave Ramsey advocates also to! 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