Are balance transfers worth it? : r/personalfinance - Reddit

Often the balance transfer comes with an upfront fee of 2 or 3%. That makes it of questionable value. YES! they are totally worth it IF you are disciplined. The trap is to think that you don't …

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Are Balance Transfers Worth It? : R/personalfinance - Reddit

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Often the balance transfer comes with an upfront fee of 2 or 3%. That makes it of questionable value. YES! they are totally worth it IF you are disciplined. The trap is to think that you don't …

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To Balance Transfer Or Not To Balance Transfer : R/personalfinance

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That's where they make their money to a balance transfer. Only do a balance transfer to a card that has a $0 balance. If you do a transfer to a card that carries a balance at 20%, most cards …

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Are Balance Transfers Worth It? Pros And Cons - Credit Karma

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It can consolidate your payments You may be able to combine multiple credit card balances by transferring them to a balance transfer card. Once you consolidate your credit card debtonto one card, you can focus on one payment with one due date, instead of making several payments each month and having to kee… You can save money on interest A major benefit of doing a balance transferis the potential to save money on interest. It’s common to see credit cards with APRs of up to 28% or higher. Some balance transfer cards come with an introductory 0% APR for a set amount of time. That way the money you do put toward your deb…

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Pros And Cons Of Balance Transfers - Investopedia

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Feb 27, 2024 · Transferring your balance to a card with a 27% APR means you’d be paying $810 in interest a year; add on the $90 balance transfer fee, and you’d just about break even after a year. Conclusion ...

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Balance Transfers: Benefits, Drawbacks And Alternatives

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Nov 2, 2023 · With most cards, a fee of 3% to 5% of the amount transferred is added to your balance on the new card when the debt moves over. For example, if you transfer a $5,000 …

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Balance Transfers: Pros, Cons & Tips To Reduce Debt - MoneyGeek

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Nov 8, 2024 · For example, you have a $5,000 balance on an 18.99% credit card, and you transferred it to a credit card that offers a 0% introductory APR for 18 months. With a 3% …

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Are Balance Transfers Worth It? : R/personalfinance - Reddit

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Here are a few scenarios: RV insurance for the year is $840 OR $7 extra per month in fees for a 12 month plan for a total of $924. You pay for it with your 2% rewards card. Then you quickly …

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Balance Transfer - Is It A Good Idea? : R/personalfinance - Reddit

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Check for this. My guess your credit is sufficiently hosed that it'll be difficult to get a balance transfer. When I get balance transfer offers (never done this myself), It's 0% for a period but, …

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Is A Balance Transfer Worth It? : R/personalfinance - Reddit

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Based on the information that you figure that you could have the credit card paid off by the end of the year, which would be 8 payments, if you transferred $12,000 that would add $240 to the …

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Balance Transfer Worth It? : R/personalfinance - Reddit

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18450 balance, 19.24% interest, $498 min 12800 balance, 0% until 2025, $263 min $0 balance I'm currently paying an additional $400 a month to card 1 to pay it off. My question is this, I …

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FAQs about Are balance transfers worth it? : r/personalfinance - Reddit Coupon?

Are balance transfers worth it?

Sometimes they can be good for car repairs. Often the balance transfer comes with an upfront fee of 2 or 3%. That makes it of questionable value. Yes it seems like I’m paying way more in interest versus just paying the 2/3% transfer fee. YES! they are totally worth it IF you are disciplined. ...

Is a balance transfer credit card worth it?

"With a balance transfer, you have to do the math to make sure that balance transfer fee is worth it. If it saves you money compared with the interest you’d to pay with your current credit card over time, it can be a useful tool for paying down debt aggressively. Have a strategy in place when using a balance transfer credit card. ...

Is a 3% balance transfer fee worth it?

For example, if you transfer a $5,000 balance to a card with a 3% balance transfer fee, the total that would show up on your new card after the transfer went through would be $5,150. Paying such a fee can be worth it, given the savings on interest charges. ...

Is a balance transfer right for You?

A balance transfer is ideal for someone who is struggling to make progress on their credit card debt because interest eats up so much of their monthly payment. When, say, $80 of your $100 payment is going just to pay the past month's interest, it's hard to make a meaningful dent in the underlying balance. ...

How much does a balance transfer cost?

If you're going to play the balance transfer game, it's helpful to have multiple $0 balance cards, in hopes to leverage future offers. Most cards charge around 3% as a balance transfer fee these days. Some go as high as 5%. When comparing offers, consider how long you get the promotional APR on the balance. ...

How does a balance transfer work?

That's where they make their money to a balance transfer. Only do a balance transfer to a card that has a $0 balance. If you do a transfer to a card that carries a balance at 20%, most cards will only post payments against the promotional balance at 0%. That leaves the 20% balance trapped and gaining interest. ...