A true 0-percent balance transfer card does not charge interest during the introductory period as long as you make your monthly payments on time , even if you are still carrying a balance at the end of the introductory period. Apply now Save Card. Finally, it is important to be a responsible cardholder. If you are managing debt, try a balance transfer card to help you pay down debt faster by transferring an existing balance to a new card with lower interest.
Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched. Redeem cash back any amount, any time. How to use it Transfer balances that are subject to high APRs, and pay off as much as you can during the intro period.
Start your application now Back to top. Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise. How to use it Transfer balances that are subject to high interest rates; budget to pay them off during the intro APR period.
Keep this card after you pay off your balance to earn extra cash back at U. Balance Transfer Fee See Terms. Highlights Provided by Barclays Show Highlights. If you own another card with a rewards program, make new purchases on that card to earn cash back or points.
Best Balance Transfer Cards: Balance transfer credit cards can be a handy tool for dealing with debt before it takes over your life. Sometimes, this is easier said than done. Sometimes, you do need to pull the trigger on a big purchase you might not have the cash for.
What is a Balance Transfer Fee? A balance transfer fee is usually a percentage you need to pay when you transfer a balance. This percentage is applied to the transferred credit card balance although some cards will also require a flat rate. How Do You Transfer a Balance? This can vary, but the general estimate is a week or more. In the case of dealing with a creditor who needs to be paid by check, this can take even longer.
This is doable, but also risky. Your overall credit history will be affected as well if you miss payments. Maintaining credit longevity helps your overall credit score, and you could get dinged for canceling your older cards. You could also eliminate any future rewards benefits that these cards provide.
However, the main goal of getting a balance transfer card is to alleviate debt. So, if you got overextended with your old cards, you may want to remove the temptation by cutting ties.
Is a Balance Transfer Worth It? To calculate your interest and potential savings, check out our debt payoff calculator. Where a balance transfer credit card can help your score is credit utilization, which accounts for about one-third of your credit score. The more you can reduce your credit utilization rate , the better the outcome for your credit score. What is a Low Interest Credit Card? Typically, balance transfer credit cards are going to extend their best introductory rates to transfers specifically for up to 18 months.
Sick of paying interest? Dump your debt onto one of these cards and get rid of it faster. At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from our partners. All transfers must be completed in first 4 months.
After that, the variable APR will be Who it's good for: Someone who needs extra time to pay down debt interest-free. Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched. View Rates and Fees. Someone who prefers to use one card for everything. In recent years, those categories have included such common merchants as gas stations, restaurants and Amazon.
There's also a new-cardholder bonus that gets bigger the more you use the card. That could add up quickly. Learn more about how grace periods work. Finally, having to activate the categories each quarter can be a hassle. Keep it for the rewards.
After that, a variable APR currently Great Offer for Customers of U. The card offers no rewards. Like most credit cards, it doesn't allow same-issuer transfers. It also requires excellent credit. It also gives you access to a free FICO score. The card doesn't come with rewards and doesn't allow same-issuer transfers. Paying late won't automatically raise your interest rate APR.
Other account pricing and terms apply. You also can access your FICO score for free. A balance transfer fee applies: Then a variable APR of If you're the occasionally absent-minded type, the issuer offers a break on late fees. The fee is waived on your first late payment and on any late payment that occurs more than 12 billing periods since your last waiver. Even so, it's best to make doubly sure you pay on time.
After that, a variable That makes it an option for someone looking to pay down debt over a few months, rather than a year or more. Further, no transfer fee means you can make such transfers repeatedly. If you expect to only ever need to make a single transfer, you'll probably be better off with a different card. These include several rewards credit cards.
This card pays you 1. In a balance transfer, you use one credit card to pay off another, effectively transferring the debt to a new card. Transferring a balance makes sense if you can move the debt to a card with a significantly lower interest rate.
What is a balance transfer, and should I do one?
Balance Transfer Credit Cards. A balance transfer could help you save money on your existing credit card debt. It can also help you pay down your credit card debt faster. Cards without balance transfer fees are rare (only 9 out of the 38 cards in our balance transfer survey), but keep a lookout for them – transferring a balance to a card without a fee could save you more money than transferring a balance to a card with a longer introductory period. While some balance transfer cards offer a 0% introductory APR on purchases and balance transfers, the Citi® Double Cash Card‘s intro rate applies only to balance transfers, and only for .