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A balance transfer is when you move credit card debt from a card with a high interest rate to one with a lower interest rate—or even a card that offers a 0% APR for an introductory period of time.
The most important reason to pursue a balance transfer credit card is to take advantage of a low or 0 percent introductory APR offer. By transferring your debt to this new card, you start saving ...
Most credit card issuers charge a balance transfer fee upfront. Usually it’s the greater of a percentage of the debt or a flat fee. For example, 3% of the balance or $20, whichever is higher.
Assuming you pay it down to $9,000 and move that loan — now including an estimated $360 fee — to a balance transfer card with a 0 percent intro APR for 15 months, the payments would rise to ...
With the 0 percent APR credit card, you’d save $771.90, even with the 3 percent balance transfer fee factored in. Not only that, but you’d become debt-free three months faster by using the ...
Some cards charge an intro balance transfer fee of 3% for transfers made in the first 60 or 120 days. After that, the fee goes up to 5%. On $5,000 in debt, that's the difference between paying ...
Fees. Balance transfer fees are typically 3 percent to 5 percent of the transfer amount. You should also consider any other fees, including if the card comes with an annual fee. Intro APR on ...
A balance transfer is a transaction that moves existing debt from one source of debt to a different credit card. If you transfer the balance from a credit card with a higher APR to a card with a ...