For example, it might set a limit of $5,000 on balance transfers. When evaluating offers, please review the financial institution’s Terms and Conditions. If your credit standing is just OK, you may not get approved for another card. Transferring a high-interest balance to a credit card with a 0% introductory rate can save you hundreds or even thousands of dollars in interest, money you can apply toward getting out of debt sooner. Our pick for: Long-term value: 0% period for transfers + rewards. Pre-qualified offers are not binding. If you transferred the debt to a card with a 0% intro APR for 18 months, you'd pay no interest at all. Further, if you used the money you would have paid in interest and applied it to paying down the balance, you'd be out of debt a couple of months earlier. • The balance transfer fee. , but you'll get an astonishing three years at a super-low rate, and you can avoid paying a transfer fee. to get a sense of how much you could save by doing a balance transfer. Longest 0% period for transfers and purchases, 0%* intro APR for 20 billing cycles on purchases and balance transfers. Reward scheme If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. 0% Intro APR on purchases and balance transfers for 20 billing cycles. That's why it's better to use two cards: One for paying off debt over time, and one for making (and immediately paying off) new purchases. By offering a little forgiveness: It waives the fee on a late payment if you haven't been late in the preceding year. Cloudflare Ray ID: 61590ba40a94acd0 Transfer fees on most credit cards range from 3% to 5%. Several alternatives on the market offer interest-free promotions of 18 months or even more. And that's about it. For example, if you have debt on a Citi credit card, you can't move it to another Citi card. How do balance transfers work? Your balance will accrue interest at the card’s balance transfer rate throughout the specified introductory period. With balance transfer cards, the more zeroes the better: Look for a $0 annual fee and a 0% period of 15 months or more. There's a 0% intro APR for 18 months on purchases and qualifying balance transfers, and then the ongoing APR of 16.49% - 24.49% Variable APR. Below is a list of credit card balance transfer offers in New Zealand. This card also offers cellphone insurance if you use it to pay your wireless bill. It just gives you a nice, long 0% introductory period for a, 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 13.49% - 23.49% Variable APR. This is critical. The longer the intro period, the better. The cards that save you the most while paying off debt generally don’t offer the best rewards. You may get approved for an amount less than you want to transfer. Aside from losing the card’s most valuable feature, you might also have to pay a late fee (close to $40, typically) and a penalty interest rate (often about 30%). This should be the point of the balance transfer. A balance transfer credit card offers a low interest rate of as low as 0% p.a on balance transfered from another credit card for a fixed period. The Citi Rewards+® Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap. It doesn't have the late-fee forgiveness of Citi's other balance-transfer card, but it's still a great option. . • The annual fee. If you’re late with a payment, your card’s 0% balance transfer APR will probably disappear. Below, you'll find application links for the credit cards from our partners that are available through NerdWallet, followed by the full list of our picks. Unlike many other balance-transfer cards that are available only to those with excellent credit, some applicants may be able to qualify for this card with good credit. If you don’t pay off your debt within the 0% period, you could be worse off. Some cards even charge a $0 balance transfer fee (though such offers are harder to find nowadays). FULL LIST OF EDITORIAL PICKS: NerdWallet's Credit Cards team selects the best balance transfer credit cards based on overall consumer value, as evidenced by star ratings, as well as their suitability for specific kinds of consumers. Your minimum monthly payment due is the absolute least you can pay without incurring a penalty. The BankAmericard® credit card isn't flashy, nor does it aim to be. Read our review. You'll need good to excellent credit to qualify for a card with an introductory 0% period. How does the HSBC Gold Mastercard® credit card set itself apart from competing cards that have a similar introductory 0% APR periods? Citi Flex Plan offers are made available at Citi's discretion. That’s because promotional terms often get voided if your account isn’t in good standing. balance transfer offer over 12 months, you will pay no interest on your transferred balance for one year, usually from card approval. Low interest rate - The main advantage of a balance transfer is the low interest rate or 0% interest rate depending on the amount of your transfer and the time frame for repayments. • The length of the intro APR period. cash advance rate Earn 1 Citi reward Point per $1 spent You won't get a 0% period with the SunTrust Prime Rewards Credit Card, but you'll get an astonishing three years at a super-low rate, and you can avoid paying a transfer fee. The cards that save you the most while paying off debt generally don’t offer the best rewards. What should I look for in a balance transfer card? The last thing you want is to incur an expensive late fee (and possibly damage your credit scores). To earn cash back, pay at least the minimum due on time. Most issuers won’t let you transfer debt from one of their cards to another. Some loans designed for debt consolidation can even be paid directly to your creditors, streamlining the process. (The rewards and sign-up bonuses on such cards encourage spending, and the annual fee eats up money that could be going to pay down debt.). If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. The card offers bonus rewards at gas stations and supermarkets and has no annual fee. This is important to know because it will save you from getting a card you can’t use. Let's say you had that much debt on a card with an APR of 17%, and you wanted to pay off the debt in equal amounts over 18 months: If you left the debt on the 17% card, you'd pay more than $900 in interest over the course of those 18 months. There are no rewards, but you get automatic cell phone protection when you pay your wireless bill with the card, so there's a great reason to hold onto it long-term. Personal loans can be issued by banks, credit unions and online lenders. Enter your balance and choose an interest rate, then see your savings if you reduced the balance by 5% to 50%. A balance transfer involves moving debt from a high-interest credit card to a new card with a lower interest rate, ideally one with an introductory 0% period. 0% intro APR for 12 billing cycles on purchases and balance transfers, and then the ongoing APR of 12.99% - 22.99% Variable APR. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate, Transferring a high-interest balance to a credit card with a 0% introductory rate. Aside from losing the card’s most valuable feature, you might also have to pay a late fee (close to $40, typically) and a penalty interest rate (often about 30%). ), The longer the 0% period, the better, since you’ll have more time to pay down your debt without interest. Another way to prevent getting this page in the future is to use Privacy Pass. There's an intro APR of 0% intro APR for 12 billing cycles on purchases and balance transfers, and then the ongoing APR of 12.99% - 22.99% Variable APR. There's no 0% intro period for purchases and no sign-up bonus, but the high rewards rate more than makes up for the lack of bells and whistles. Factors in our evaluation include annual fees, balance transfer fees, the length of each card's 0% introductory APR period, ongoing APRs, credit-profile requirements, cardholders' access to credit scores, and other noteworthy features such as rewards or perks that give the card ongoing value beyond the promotional APR period. . has been our choice for the best flat-rate cash-back card. It doesn't charge an annual fee, late fees or penalty APRs either. When you take out a balance transfer card, you’ll be able to … Balance … For example, it might set a limit of $5,000 on balance transfers. Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S.Bank Visa® Platinum Credit Card. Some of our selections for the best 0% balance transfer credit cards can be applied for through NerdWallet, and some cannot. A 3% fee (min $10) applies to all balance transfers, No penalty APR. This card earns 2 points per dollar on the first $6,000 spent per year at supermarkets and gas stations, and 1 point per dollar on all other purchases. Before pulling the trigger on a transfer, consider whether the amount you’ll save on interest will be enough to make up for any transfer fee. Your card’s introductory 0% APR period doesn't last forever, and in most cases a $0 transfer fee is available only for a limited time. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Purchase interest p.a. Other account pricing and terms apply, Access your FICO® Score for free within Online Banking or your Mobile Banking app, Contactless Cards - The security of a chip card, with the convenience of a tap, 18 months of 0% intro APR from account opening on purchases and qualifying balance transfers; after that your variable APR will be 16.49% to 24.49%, Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Platinum card, Easy access to your FICO® Credit Score with Wells Fargo Online®, Monitor your spending, purchases and any suspicious activity with text and email alerts and notifications, Convenient tools to help create a budget and manage your spending with My Money Map, Select "Apply Now" to learn more about the product features, terms and conditions. Provide information requested by your issuer, 4. Balance transfers can be helpful if you choose a 0% (interest free) or low-interest deal with enough time to pay it off, such as a transfer period of 14 months or more. (Stores don't typically issue and manage their own credit cards; they partner with a bank to do it. (You can, 2. For a limited time, get a special 0% introductory APR* (view terms and conditions) on purchases and balance transfers for 20 billing cycles. With a balance transfer you get a new card to pay off debt on old credit and store cards, so you owe it instead, often at 0% interest – sometimes for a small fee. The introductory APR of 0% for 15 months on balance transfers (13.49%-23.49% variable after that) is one of the shorter offers on the balance transfer market, but it still gives you more than a year to pay down debt with 0% interest. Also remember that the 0% interest is only applicable on the balance that you transfer to the new card and will not apply on new transactions on the card. Say you choose a 0% p.a. Use your balance transfer credit card only for debt. Your best move is to pay off the transferred debt first, then start using this card for the rewards. The fee you'll have to pay when you transfer a balance to the credit card. Don't spend/withdraw cash on this card, the interest rate for new purchases is 9.95% To see real interest savings, you need to. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. There are other ways to get a handle on your debt. The Citi® Diamond Preferred® Card offers a long 0% introductory APR period on balance transfers and a shorter (but still pretty good) one for purchases. When evaluating balance transfer credit cards, you'll want to pay attention to: • The balance transfer fee. 0% balance transfer deal. It won't get you very far toward paying off your debt. The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. You earn 2% cash back on every purchase — 1% when you buy something and 1% when you pay it off. By offering a little forgiveness: It waives the fee on a late payment if you haven't been late in the preceding year. You can try asking for a higher amount. . There's no 0% period for purchases. Although the rewards that give this card its name won't exactly set the world on fire, the. Our pick for: 0% period + 'rounded-up' rewards. It also offers cell phone protection if you use it to pay your cell phone bill. BEST BALANCE TRANSFER CREDIT CARDS, Citi Simplicity® Card - No Late Fees Ever. All financial products, shopping products and services are presented without warranty. Term: When you balance transfer to a new credit card, you get the introductory interest rate for a specified length of time. Plus, earn 1X ThankYou® Points on All Other Purchases. Our opinions are our own. How long the interest-free deal lasts. Most cards have a balance transfer fee, and depending on how much you owe and the terms you’re looking for, it may not be worth it to shift your debt. If that fails, consider, Compare 0% interest credit cards for good credit, In most cases, 0% balance transfer credit cards require good or excellent credit. 0% transfer credit card: 18 months interest-free on balance transfers and purchases - BT fee of 2.75% Long 0% balance transfer credit card: 26 months interest-free - … A balance transfer by itself isn't going to have much of an. You get a nice, long introductory 0% APR period on both purchases and balance transfers, plus no annual fee. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. Our guide to choosing a balance transfer card. However, if you'd been planning to pay off the debt in six months rather than 18, then the transfer would have saved you only about $330 in interest — so a 3% fee would have eaten up most of your savings while a 5% fee would have ended up costing you money. Once the 0% period ends, so does the chief benefit of this card. How to get a lower APR on your credit card. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. You may also be told it’s not possible, but it’s worth a phone call to ask. Balance Transfer fee of 0% or 0.5% applies to transfers made within your first three months, depending on your individual circumstances. • The issuer. Sometimes they don’t offer it at all. Read our review. That’s equivalent to $30 to $50 for each $1,000 you transfer. Before applying, confirm details on the issuer’s website. Not everyone can apply. If you're saving $900 in interest, then the fee is worth paying. 2. So even if you already have a card with a 0% period in effect, it might be too late to use it for a transfer. It doesn't charge an annual fee, late fees or penalty APRs either. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness. That means if you transfer a balance onto this card, you'll get no grace period, and you'll be paying interest on purchases right away. Read our review. purchase interest rate | 22.24% p.a. Read our review. Most of the really good balance transfer cards will offer you 0% interest on both the balance transfer amount and new purchases, but they will not offer you $0 payment required. Might let you transfer your balance transfer is applying for the best flat-rate cash-back card our. Cash back, pay at least the minimum account until the debt to card... Per year and then 1X points thereafter with our calculator a NerdWallet favorite shows that the variable will! 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