Good idea to balance transfer? : r/debtfree - Reddit

Yes, it makes sense to do a balance transfer to Discover. Your BoA interest is at 25%, so you will still save $$. They wouldn’t increase based on the higher amount, but it’s possible they can …

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Good Idea To Balance Transfer? : R/debtfree - Reddit

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Yes, it makes sense to do a balance transfer to Discover. Your BoA interest is at 25%, so you will still save $$. They wouldn’t increase based on the higher amount, but it’s possible they can …

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0% Interest Balance Transfer A Good Idea? : R/debtfree - Reddit

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I’m considering transferring the $6900 to take advantage of the 0% interest, but there’s a few additional considerations: The $2500 currently on that card will accrue regular interest until the …

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0% Interest Balance Transfer A Good Idea? : R/debtfree - Reddit

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The $2500 currently on that card will accrue regular interest until the whole balance is paid off Any new purchases on the card would accrue regular interest until the balance is paid off There’s a …

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Looking For Balance Transfer Advice : R/debtfree - Reddit

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Card #1 has a limit of $8,400; card #2 has a limit of $2,600. I’m torn between option 1: bringing down the utilization of Citibank #2 or the PNC Mastercard and option 2: putting the balance of …

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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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Balance Transfer Good Idea? : R/personalfinance - Reddit

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I have a chase cc (interest 23%) with a balance around 4k. My goal this year is to become 100% debt free after last year caused a lot of issues to put me into this debt. Chase sent me an offer …

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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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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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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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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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FAQs about Good idea to balance transfer? : r/debtfree - Reddit Coupon?

Are balance transfers a good idea?

Balance transfers are a lesser-known and potentially underutilized aspect of some credit cards. They allow you to move debt from a high-interest card to another with a much lower annual percentage rate — even as low as 0% APR. But what are the pros and cons of balance transfers, and should you rely on them to save money? ...

Is a balance transfer credit card a good idea?

Some balance transfer credit cards come with an introductory 0% APR offer for a set number of months and most balance transfer cards will charge a fee to transfer the debt over. So, this can be a great option, but if you’re not careful or aware of the potential drawbacks, you could wind up with even more debt. ...

Are You a good candidate for a balance transfer card?

It’s in your best interest to make sure you’re a good candidate for a balance transfer ahead of your decision. “A good candidate for a balance transfer card is someone with a good to excellent credit score who is eligible for cards with the best terms and rates,” Latham says. ...

Is a 0% balance transfer a good option?

A 0% balance transfer is a good option. I used that to pay off cc debt and it worked very well. It did have a 3% balance transfer fee, but that fee paid for itself with just 2 months of interest savings. If I was in your position, I'd do what already worked for me which is to get a 0% card and transfer as much as you can to it. ...

How do I choose a balance transfer credit card?

Since the ultimate purpose of a balance transfer is to save money, you want to choose a card that minimizes your costs as much as possible. The "perfect" balance transfer credit card comes with three big zeroes: A 0% introductory APR offer for balance transfers. A $0 annual fee. A $0 balance transfer fee (or a way to avoid paying such a fee). ...

Should you get a balance transfer card if you have high-interest debt?

Those who could benefit most from great balance transfer cards — folks with a large amount of high-interest debt — often have trouble qualifying for them. That's because the best balance transfer cards generally require good or excellent credit (FICO scores of 690 or higher), and carrying a lot of debt can drag down your scores. ...