To Balance Transfer or Not to Balance Transfer : r/personalfinance

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

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You can apply for a balance transfer card with a bank other than Citi right now online. Just find one that has a nice long promo 0% promo APR period. 18 months is most common but some …

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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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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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Could You Conceivably Keep Doing Balance Transfers For Years

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However, my credit is terrific and get tons of balance transfer card offers like Chase Slate, Wells Fargo, BofA, etc. Assuming there is a 0% balance transfer charge and a 12-18 month 0% apr …

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Balance Transfers: Benefits, Drawbacks And Alternatives

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Nov 2, 2023 · Balance transfer fee. 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 …

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7 Balance Transfer Credit Card Mistakes, And How To Avoid Them

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Aug 29, 2023 · 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 …

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

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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. You can transfer all or part of the …

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Considering Getting A Balance Transfer Credit Card. Hoping For

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I have a credit score of 750 and i have 2 other credit cards that have no due balance on. the only one left is this card with $5,000 owed. Would it be a good choice to do a balance transfer with …

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FAQs about To Balance Transfer or Not to Balance Transfer : r/personalfinance Coupon?

Should I transfer my credit card balance?

Otherwise, usually if it's not paid off in time the APR goes to the standard rate which is usually higher than if you had their "normal" card in my experience. Only transfer the balance if you know you can pay off completely in the introductory period. The balance transfer will save you interest, but will include transfer fees. ...

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. ...

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). ...

Does a credit card have a balance transfer fee?

But cards without balance transfer fees are rare nowadays. They're generally available only from smaller banks and credit unions, and many cards with a $0 transfer fee don't actually have a 0% APR period; they might instead have a lower promotional rate for transfers, like 2.99%. ...

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. ...

Can a balance transfer help you pay off credit card debt faster?

By using an introductory low APR, a balance transfer can allow you to pay off existing credit card debt faster. Not every balance transfer offer is the same. Consider how long you may need to pay off your debt and if a new or existing credit card APR will help you achieve this. Planning is key with a balance transfer. ...