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

However, if you transfer the balance in order to pay down your debt (hopefully pay off the debt completely), it's totally worth it because if you get a balance transfer card that charges 0% …

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

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However, if you transfer the balance in order to pay down your debt (hopefully pay off the debt completely), it's totally worth it because if you get a balance transfer card that charges 0% …

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

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20k in credit card debt. 23.24% APR. I keep reading on transferring debt to another card to help tackle payments without interest, however, it dings credit.

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Balance Transfers: Benefits, Drawbacks And Alternatives

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Nov 2, 2023 · A good balance transfer offer can save you a bundle on interest charges. If you moved high-interest debt to a credit card with an introductory 0% APR period on balance …

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12 Best Balance Transfer Credit Cards Of November 2024

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2 days ago · See our picks for best balance transfer credit cards. ... Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash …

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

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Credit cards waste SO much money in interest it's ridiculous. Right now about $230/month is being completely wasted on these cards :( A 0% balance transfer is a good option. I used that …

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What Is A Balance Transfer? Should I Do One? - NerdWallet

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Sep 25, 2024 · A balance transfer is a transaction in which you move debt from a high-interest credit card to a card with a lower interest rate, ideally one with a 0% introductory APR.

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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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How Credit Card Balance Transfers Work - Investopedia

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Oct 7, 2024 · After securing a 12-month 0% balance transfer on a new credit card and moving the $5,000 balance, the cardholder gets a year to pay it off with no interest and just a fee to …

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Credit Card Balance Transfer. Is It Worth It? : R/povertyfinance - Reddit

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The transfer fee seems excessive, at about 6.3%. A Wells Fargo Reflect Visa (21 month 0%) only charges 5%, and even that's a bit high. Still, 5%(or 6.3%) is less than two months 'typical' …

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How Does A Balance Transfer Affect Your Credit Score?

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Nov 23, 2022 · You qualify for a credit card with a $10,000 limit and transfer $5,000 worth of existing credit card debt to the new account. Account Credit Limit

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Are Balance Transfers Worth It? | Credit Cards | U.S. News

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Jul 1, 2021 · When you make a credit card balance transfer, you can save on interest if you move a high-interest debt to a card with a 0% introductory annual percentage rate.

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Should I Get A Balance Transfer Credit Card, And Can I Do It ... - Reddit

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When doing a blog post about balance transfer cards for my site, I did some research and found 2 cards that offer BOTH 0% APR on transferred balances for 12 months and NO BALANCE …

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Balance Transfer Calculator: See How Much You Can Save In 2024

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A balance transfer is one of the best ways to save money on credit card interest and get out of debt sooner. The best balance transfer credit cards offer 0% balance transfer APRs that last …

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Eli5 What Is A Credit Card Balance Transfer And What Does It Do?

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Say you have two credit cards: Card A - has a $5000 balance (this is what you've got to pay back), with a 11% APR interest rate Card B - has a $0 balance, with a 4% APR interest rate …

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

Is a balance transfer card worth it?

However, if you transfer the balance in order to pay down your debt (hopefully pay off the debt completely), it's totally worth it because if you get a balance transfer card that charges 0% (hopefully for the balance as well as purchases), you'll be able to make a significant dent on your debt and quite quickly. ...

Should you make a credit card balance transfer?

Making a credit card balance transfer can save you on interest if you move a high-interest debt to a card with a 0% introductory annual percentage rate. You'll likely pay a fee for each transfer, but it can be worth it if you save money in the long run. Here's what you should know before you proceed. ...

How much does a credit card balance transfer cost?

Most good things aren’t free, and that includes balance transfers. Many balance transfer credit cards will charge a balance transfer fee of 3% to 5% of the amount you transfer, usually with a minimum of $5 to $10. Let’s say you transfer $5,000 and there’s a 3% balance transfer fee. You’ll end up paying a $150 fee just to do the transaction. ...

Are balance transfer offers worth it?

Some cards with balance transfer offers come with rewards and other perks, while others offer little value beyond the intro APR offer. While a balance transfer card can be an appealing option to help pay down debt, it’s important to consider the pros and cons of balance transfer offers before opening up a new card. ...

Can a balance transfer credit card save money on interest?

A balance transfer credit card can save money on interest, but it’s not without cost. In most cases, the amount you move over will be subject to a balance transfer fee — typically 3% to 5% of the total amount transferred. Let’s say, for instance, that you transfer a balance of $10,000 to a card with a 3% balance transfer fee. ...

Should I transfer my balance to a 0% credit card?

Balance transfers to a 0% card can be a great way to deal with your credit card debt. Keep in mind there's usually a fee for doing it, but it's well worthwhile in your situation. A way to dodge that fee is to use your 0% card for your daily expenses. Pay the monthly minimum on that and then plow all you can into the higher rate cards. ...