Free Transfer Credit Card Balances – – Our experts review and recommend products to help you buy the products you need. If you sign up for a credit card after clicking one of our links, we will receive a small referral fee. However, our choices and opinions are independent of the USA TODAY newsroom and any marketing support.
If you’re paying off a credit card but don’t see a bump in your balance, this event can help: You’re not imagining things. A portion of your monthly payment goes to interest before the principal is due. Using a credit card helps you pay off credit card debt faster.
Free Transfer Credit Card Balances
Balanced credit cards offer low or zero interest rates specifically for the balance that moves from the old card to the new card. Normally, the special lasts from 12 to 18 months. At this point, you can attack the money manager without worrying about interest getting in the way.
What Is A Balance Transfer? Understanding Balance Transfers
My name is Taylor, and I am a self-employed accountant who has been reviewing credit and gift cards since 2015. For this challenge, I looked at 17 credit cards to review what they gave. Then I compared the transfer fees, the duration of low interest rates, and other fees and features of the cards from this “best of” list.
No annual fee US Bank Visa Platinum Card offers the longest 0% APR balance transfer cycle. If you have a high balance to pay off over a long period of time, this card gives you an interest-free holiday that lasts up to two years before interest rates kick in.
Balance payment: 0% APR on purchases and transfers for the last 20 months. The card has a 3% transaction fee.
Other important features: U.S. The bank lets you choose your payment deadlines. The card comes with TransUnion VantageScore® updates and offers cell phone protection.
Average Credit Card Debt In America: 2021
The Citi Double Bonus is getting a lot of attention for its rewards which give a total of 2% cash back on every purchase – 1% when you make a purchase and 1% when you pay.
In addition, Citi Double Cash offers an introductory APR of 0% for more than one year on account transfers. After 18 months from opening the account, the interest rate increases between 16.24% and 26.24% depending on your creditworthiness. This is an especially great option if you’re looking for a card that will come in handy after you clear your balance, because you can keep unlimited cash back on previous purchases.
Balance payment: 0% APR for 18 balance transfer cycles within four months of account opening. The transaction fee is 3%, or a minimum of $5.
Other important features: There is no limit or cap on the rewards. You can redeem the cash back earned to a credit card, direct deposit, check, or transfer for points. Cardholders can take advantage of contactless payments, theft prevention, and more. Also, for a limited time only, you’ll get $200 cash back after you spend $1,500 on purchases in the first six months of opening your account.
Money Balances Stock Illustrations
While the 0% APR offered on the no annual fee Navy Federal Platinum Credit Card is shorter than the other cards on this list (only 12 months), no balance changes and has an APR lower even after the introduction of 0% APR ends.
For this reason, it can be a very beneficial card for those who qualify for Navy Federal Credit Union membership. Be sure to transfer balances quickly – only balances transferred within 30 days of account opening qualify for the special 0% APR.
Participating in a credit union is open to more people than you might think. Active duty personnel, Army National Guard and Air Force, Department of Defense (DoD) civilians, government employees and contractors working for DoD settings, and the their families are all worthy.
Balance payment: 0% APR for 12 balance transfer cycles within 30 days of account opening, and no transfer fees. While credit limits vary for individuals, Navy Federal notes that transfers cannot exceed $30,000.
Balance Transfer Credit Card Vs. Personal Loan
Other important features: The Navy Federal Platinum Credit Card has no upfront fees when you withdraw money from a Navy Federal branch or ATM. There are no foreign exchange fees either. The card comes with mobile phone protection, collision damage, and travel assistance.
The BankAmericard has no annual fee and offers a special flexible balance that gives you a year and a half to pay off your balance before the interest rate increases. The card doesn’t charge a penalty APR if you pay late, but there is a late fee to watch out for. If you are a Bank of America customer, you have the option to link this credit card to your bank account for overdraft protection.
Balance charge: 0% APR for 18 balance transfer cycles within 60 days of opening your account. The conversion rate is 3%.
Other key features: Bank of America provides monthly FICO credit score updates through online and mobile banking. With this free feature, you can see what is affecting your credit score.
What Is The Limit For A Balance Transfer Card?
With no annual fee Citi Simplicity, you can make interest-free payments on balance transfers for a year and a half, after which the variable APR comes into effect. Plus, the card has no late fees and no APR penalties if you don’t pay. While the intro APR of 0% is also valid for purchases for 12 months, we recommend that you stay on the payment plan you come up with.
Balance payment: 0% APR for 21 balance transfer cycles within four months of account opening. The transaction fee is 5%, or a minimum of $5.
Other important features: You can choose your payment schedule. The card also comes with anti-theft solutions, 24/7 customer support, and the ability to make automatic payments.
The Wells Fargo Platinum card has no annual fee and comes with a host of benefits, including rental car accident coverage and roadside assistance. This is in addition to the 0% APR offered on balance transfers that last for a year and a half before the variable interest rate kicks in.
How To Transfer A Credit Card Balance In 3 Simple Steps
Balance payment: 0% APR for 18 balance transfer cycles within four months of account opening. The conversion rate is 3%.
Other important features: The card comes with travel insurance, mobile phone protection, and more. Wells Fargo Online® also offers a free FICO score and Credit Report, which can help you budget and track spending.
While the no-annual-fee SunTrust Prime Rewards card has a 0% intro APR on balance transfers, it offers a very low transfer fee for up to three years with no transfer fees (you just switch within 60 days ). If when evaluating other cards you think you’ll still have debt after the 0% APR deal ends, the lower long-term rate may offer more savings.
Here’s an example: Let’s say you transfer $15,000 to a card that offers a 0% intro APR for 18 months on a transfer with a 3% fee. The balance due will be $15,450 including fees.
Smart Ways To Consolidate Credit Card Debt
If you pay $500 a month, you will have a balance of $6,450 at the end of 18 months. If the APR jumps to 19% after the 0% introductory period, the balance will take another 15 months to pay off, and you’ll pay $823 in interest.
On the other hand, if you transfer $15,000 to a credit card with no variable rate and a lower APR — say 3.25% — you’ll pay $665.86 in total interest over 32 months with a $500 payment.
Depending on how much you have to pay and the monthly payments you can afford, using a short-term loan can be good value.
Variable balance: The interest rate for this card is a fixed rate (currently 3.25%) for three years. In most cases, credit card interest is a significant fee plus a percentage of the balance. For comparison, the current national average credit card APR is around 16%.
What Does 0% Apr Mean?
Remember that the interest rate of this card is variable and can change as the principal amount changes. In May 2021, the main rate is 3.25%, in May 2019 it is 5.5%. However, the Fed plans to keep rates low, so you won’t have to worry about rate hikes for a while.
To get the most out of this card, transfer your balance on time: There is no fee for balance transfers within 60 days; After that, the rate increases to 3%.
Other key features: SunTrust offers FICO credit score updates and no exchange fees if you find yourself out of the country, though watch out for a higher APR on cash advances.
Also, try to avoid new purchases. If you make a purchase with a card, interest on the new purchase will be charged to your account unless you pay the balance in full (including your transaction balance) by the end of the month.
How To Do A Balance Transfer
For this list, we focus on balance changes and related costs. Many credit cards have shorter 0% APR periods but still come with many perks and benefits.
Good credit card to transfer balances, how do you transfer credit card balances, best credit cards to transfer high balances, transfer credit card balances, how do you transfer credit card balances to another card, credit cards that let you transfer balances, best credit cards to transfer balances, best credit cards transfer balances no fee, credit card interest free transfer balances, best credit card to transfer balances with no transfer fee, best credit card for transfer balances, credit card to transfer balances