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Oregon State Business Visa
Oregon State Business Visa
- 9.99% to 18.00% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18% Balance Transfer APR
- 18.00% Fixed Cash Advance APR
At a Glance
The Oregon State Business Visa Card is a dependable business credit card from Oregon State Credit Union. The card features a low variable APR on purchases, a fixed APR of around 18% on balance transfers and cash advances, and an annual fee of $25. The yearly fee, however, is waived if the card is used to make a purchase at least once in the calendar year. Beyond great rates, the Oregon State Business Visa Card boasts an array of online account management controls and protections, and more.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No fees for cash advances or balance transfers
- Annual fee waived if card is used once every 12 months
- Employee cards with unique spending limits available
- Regular Purchase APR: 9.99% to 18.00% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 18%
- Cash Advance APR: 18.00% Fixed
- Annual Fee: $25
- Late Payment Penalty Fee: $25
- You're already a member of Oregon State Credit Union
- You want a low variable APR on purchases
- You want to provide employees with employee cards with unique spending limits
- You plan to use the card for purchases at least once every 12 months
BB&T Bright Credit Card
BB&T Bright Credit Card
- 11.24% to 20.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 11.24% to 20.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 22.24% variable based on the Prime Rate Cash Advance APR
- 0% for 15 months from account opening date Intro Purchase APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 0% introductory APR for 15 months on purchases and balance transfers
- Earn cash back with BB&T Deals
- Zero liability unauthorized purchase protection
- No annual fee
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 11.24% to 20.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months from account opening date
- Balance Transfer APR: 11.24% to 20.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each balance transfer, whichever is greater
- Cash Advance APR: 22.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $38
- N/A
Chase Freedom Unlimited®
Chase Freedom Unlimited®
- 19.74% to 28.49% Variable Regular Purchase APR
- 19.74% to 28.49% Variable Balance Transfer APR
- 29.49% Variable Cash Advance APR
- 0% for 15 months from account opening date Intro Purchase APR
At a Glance
The Chase Freedom Unlimited® credit card is a reliable option for customers looking to pair an attractive cash back rewards program with generous introductory interest rates. Cardholders can redeem for cash, travel, and more.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
- Enjoy 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
- After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit, or direct deposit into most U.S. checking and savings accounts. Cash back rewards do not expire as long as your account is open!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.99% - 28.74%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 19.74% to 28.49% Variable
- Intro Balance Transfer APR: 0% for 15 months from account opening date
- Balance Transfer APR: 19.74% to 28.49% Variable
- Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
- Cash Advance APR: 29.49% Variable
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99% Variable
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- You are looking for a low-rate credit card to perform a balance transfer
- You prefer straightforward rewards earnings rather than quarterly categories requiring activation
- You'll make at least $500 in purchases in the first 90 days
- You do't want to pay an annual fee
Security Service Power Mastercard®
Security Service Power Mastercard®
- 11.99% to 18.00% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 8.90% to 9.90% variable based on creditworthiness Balance Transfer APR
- 11.99% to 18.00% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Security Service Power Mastercard® is a no-nonsense credit card offering some of the lowest rates available. This includes minimal fees on foreign transactions, cash advances and balance transfers, as well as low APRs all around for those with decent credit. Qualified individuals and families looking for a card to meet their month-to-month budgeting needs may find that this simple Mastercard feels right at home in their wallets.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Low APRs on purchases and cash advances
- Even lower fixed rate APRs on balance transfers
- Balance transfer fees capped at $200
- No annual fee
- Regular Purchase APR: 11.99% to 18.00% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 8.90% to 9.90% variable based on creditworthiness
- Balance Transfer Transaction Fee: Up to 2% of the transfer amount, with a $200 cap
- Cash Advance APR: 11.99% to 18.00% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Up to 2% of the amount of each cash advance
- Foreign Transaction Fee: Up to 1.10% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $20
- You live or work in Colorado, Texas or Utah, or qualify for membership through employment/association
- You're interested in transferring over one or more large balances
- You want a card with low fees all around, including those for foreign transactions and cash advances
- You tend to maintain a balance, but always make at least the minimum payment each month
Capital One SavorOne Cash Rewards Credit Card
Capital One SavorOne Cash Rewards Credit Card
- 19.99% - 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 19.99% - 29.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for the first 15 months from date of account opening Intro Purchase APR
At a Glance
A younger sibling to the Savor® Rewards version, the Capital One SavorOne Cash Rewards Credit Card also highlights cash back on dining and entertainment while also extending an appealing 0% introductory APR offer.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% on all other purchases
- Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024
- Earn 8% cash back on Capital One Entertainment purchases
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- No rotating categories or sign-ups needed to earn cash rewards
- Cash back wo't expire for the life of the account and there's no limit to how much you can earn
- No foreign transaction fee
- No annual fee
- You're covered by $0 Fraud Liability if your card is ever lost or stole
- Intro Purchase APR: 0% for the first 15 months from date of account opening
- Regular Purchase APR: 19.99% - 29.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for the first 15 months from date of account opening
- Balance Transfer APR: 19.99% - 29.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of each transfer posted during the first 15 months from account opening. None for transfers that post thereafter
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: 3% of the amount of the cash advance, but not less than $3
- Late Payment Penalty Fee: Up to $40
- You frequently dine out or make purchases in the entertainment category
- You want a cash back credit card with no annual fee and no foreign transaction fees
- You plan to pay for your groceries with a credit card over cash or debit
- You're looking for exclusive cardmember perks that give access to unique experiences not available to the public
All In Platinum Card
All In Platinum Card
- 9.99% to 18.00% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 9.99% to 18.00% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 18.00% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The All In Platinum Card is a very good balance transfer Mastercard from All In Credit Union. The card offers a competitively low APR for purchases, cash advances, and balance transfers, as well as no annual fees or fees for balance transfers. While the card lacks rewards, it more than makes up for it with its versatility, meaning it is ideal for carrying a balance or financing more significant purchases.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Travel and death protection
- No balance transfer fee
- Low APR
- Regular Purchase APR: 9.99% to 18.00% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 9.99% to 18.00% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 18.00% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: 3% of each advance transactio
- Foreign Transaction Fee: 1.10% of each transaction in U.S. dollars
- Late Payment Penalty Fee: $29.00
- Return Payment Penalty Fee: Up to $29
- You're already a member of the All In Credit Union
- You want a reliable balance transfer credit card
- You don’t want to pay an annual fee for a good, low APR card
BrightStar Credit Union Visa Platinum Card
BrightStar Credit Union Visa Platinum Card
- 14.99% to 17.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.99% to 17.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 14.99% to 17.99% variable based on creditworthiness and the Prime Rate Cash Advance APR
- 0% for 6 months from account opening date Intro Purchase APR
At a Glance
If you need a credit card to help you fight against your debt, the BrightStar Credit Union Visa Platinum Card may pop up on your radar. It offers features like credit limits up to $50,000, no annual or balance transfer fees, and relatively low rates and fees for everything else.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 2.99% introductory APR for 12 months on balance transfers
- Low regular APR
- No annual fee
- No balance transfer fees
- Credit limits of up to $50,000
- Low cash advance and foreign transaction fees
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 14.99% to 17.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 2.99% for 12 months on transfers made within 60 days from account opening date
- Balance Transfer APR: 14.99% to 17.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 14.99% to 17.99% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: $1 ATM Cash Advance Fee
- Foreign Transaction Fee: up to 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
- You reside or work in one of the associated Florida counties, including Broward, Miami-Dade and Palm Beach
- You want a card with low-to-no fees all around, including for foreign transactions, cash advances, and balance transfers
- You plan to open or already have a bank account with BrightStar to maximize benefits
- You have a particularly high balance to pay off and can benefit from the low regular APR and introductory rate
Wells Fargo Reflect Card
Wells Fargo Reflect Card
- 18.24%, 24.74%, or 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.24%, 24.74%, or 29.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 21 months from date of account opening, with an extension of up to 3 months for meeting minimum requirements Intro Purchase APR
At a Glance
The Wells Fargo Reflect Visa is a low APR credit card that offers one of the lengthiest intro APR periods available. The card, which features no annual fee, starts with 21 months of 0% APR on purchases and balance transfers.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers.
- Cell phone protection for up to $600 when you pay your monthly cell phone bill with your eligible Wells Fargo card
- Intro Purchase APR: 0% for 21 months from date of account opening, with an extension of up to 3 months for meeting minimum requirements
- Regular Purchase APR: 18.24%, 24.74%, or 29.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 21 months from date of account opening, with an extension of up to 3 months for meeting minimum requirements
- Balance Transfer APR: 18.24%, 24.74%, or 29.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each advance, whichever is greater.
- Foreign Transaction Fee: 3% of each transaction converted to U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You have a significant credit card balance they want to pay down
- You plan on making your payments on time each month
- You have a good credit score
- You do't want to pay an annual fee
Upgrade Cash Rewards Visa®
Upgrade Cash Rewards Visa®
- 14.99%-29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.99% to 29.99% Balance Transfer APR
At a Glance
The Upgrade Cash Rewards Visa® offers no fees, low rates, cash back, and credit lines from $500 to $25,000 in one unique package. The card provides consumers the flexibility and predictability to quickly pay down balances and get debt-free. The Upgrade credit card is one of the lowest regular APR credit cards on the market for those with excellent credit scores, putting it firmly on any list of the best balance transfer credit card deals – or any list of the best credit cards in the U.S.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions*
- 1.5% unlimited cash back on every purchase
- No annual fee
- See if you qualify in seconds with no impact to your credit score
- Combine the flexibility of a card with the predictability of a personal loan
- Enjoy Visa Signature benefits, like Roadside Dispatch, Price Protection, Extended Warranty Protection, and more
- Up to 10% cash back from your favorite brands with Upgrade Shopping
- Contactless payments with Apple Pay® and Google Wallet™ bull; Mobile app to access your account anytime, anywhere
- Use your card anywhere Visa is accepted
- Relax knowing that you are protected in case of unauthorized transactions with Visa’s Zero Liability Policy
- Regular Purchase APR: 14.99%-29.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 14.99% to 29.99%
- Balance Transfer Transaction Fee: Up to 5%
- Foreign Transaction Fee: Up to 3%
- You struggle to pay off your credit card balances
- You want a structured repayment plan
- You can reliably pay off your statement balances to earn cash back for your purchases
- You have a desire to get debt-free quickly
- You hate penalty or other hidden fees
Truist Future Credit Card
Truist Future Credit Card
- 16.24% or 25.24%. variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.24% or 25.24%. variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 27.24% variable based on the Prime Rate Cash Advance APR
- 0% for 15 months from account opening date Intro Purchase APR
At a Glance
The Truist Future Visa Credit Card offers 15 months of 0% intro APR on purchases and balance transfers, a competitive APR after that, no foreign transaction fees, and no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Features the lowest APR of Truist's card offerings
- No annual fee
- Enjoy 15 months of 0% APR on purchases and balance transfers
- Contactless payments and mobile wallets for faster checkout
- Customizable card controls for extra security
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 16.24% or 25.24%. variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months on transfers made within 90 days from account opening date
- Balance Transfer APR: 16.24% or 25.24%. variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 27.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $40
- You have an existing credit card balance you want to pay down
- You're planning a big-ticket purchase
- You have excellent credit and can access the very best interest rates
- You do't want to pay an annual fee
You've viewed 5 of 69 credit cards
What Is a Balance Transfer?
A balance transfer is a financial transaction that involves transferring debt from one credit card account to another.
Why Choose a Balance Transfer Credit Card?
If you’re struggling with high-interest credit card debt, balance transfer credit cards can be a game-changer. These financial tools allow you to consolidate your debt onto a single card with a lower interest rate, saving you money and simplifying your finances.
Balance transfer credit cards allow cardholders to consolidate their credit card debt from multiple cards onto one card. This strategy is popular for managing debt because it can potentially reduce overall costs by having all the debt in one place.
Benefits of a Balance Transfer Card
Balance transfer credit cards offer a host of benefits that can help you manage your debt and improve your financial situation. These cards are a great alternative to personal loans, as they can help you avoid origination costs. Additionally, they may offer extra benefits such as cash back, points, or a 0% introductory APR for up to 21 months on purchases.
Many of the best balance transfer credit cards offer features that simplify payments and save money. When applying for a balance transfer card, look for perks like:
- Extended 0% introductory APR periods
- Low or fixed interest rates
- Waived or reduced balance transfer fees
- No annual fee
Because balance transfer credit cards have lengthy introductory APR periods and below-average interest rates afterward, they are intended for consumers with very good or excellent credit scores. Typically, a FICO Score of 670 or higher is required to get approved for a balance transfer credit card, although the specific qualifications may vary by bank.
How Does the Balance Transfer Process Work?
Transferring your balance to a new credit card may seem daunting, but it’s actually a straightforward process. Here’s a step-by-step guide to help you navigate the balance transfer process smoothly:
- Evaluate your current credit card debt: Look closely at your current balance, interest rates, and terms. This will give you a clear understanding of how much you need to transfer and which cards are the best candidates for a balance transfer.
- Apply for the new credit card: Once you’ve identified the best balance transfer credit card for your needs, complete the application process. Make sure to provide accurate information and review the terms and conditions carefully.
- Wait for approval: After submitting your application, the credit card issuer will review your information and decide. This process may take a few days, so be patient.
- Notify your existing credit card issuer: Once you’ve been approved for the new credit card, contact your existing credit card issuer to request a balance transfer. Provide them with the necessary information, such as the new credit card details and the amount you wish to transfer.
- Monitor the transfer process: Monitor both your old and new credit card accounts to ensure that the balance transfer is completed successfully. It may take a few days for the transfer to be processed, so be patient.
- Start making payments: Once the balance transfer is complete, start making payments on your new credit card. Take advantage of the low or 0% APR introductory period to pay down your debt efficiently.
Balance Transfer or Personal Loan: Which Is Right for You?
Balance transfers and personal loans may seem similar, as they both involve opening a new line of credit at a lower interest rate and using it to pay off higher-interest debt. However, there are some important differences to consider. Here are the pros and cons of both options:
Balance Transfer
Pros:
- 0% Intro APR Offers
- Flexible Payments
- Could potentially improve your credit score or demonstrate a positive credit history
- Competitive Interest Rates
Cons:
- Balance transfer fees may apply
- Approval based on credit score
- Late or missed payments can have a negative impact on your credit
- Can only be used for existing credit card debt
Personal Loan
Pros:
- Fixed Rates/Lower Rates
- Installment Payments
- Approval based on credit score and DTI (debt-to-income ratio)
Cons:
- Approval based on credit score and DTI
- Additional loan origination fees may apply
- Late or missed payments can hurt your credit
- May require collateral if applying for a secured personal loan
Tips for Managing Balance Transfer Cards
While balance transfer credit cards can be powerful tools for saving money and simplifying your finances, using them responsibly is important. Here are some tips to help you effectively manage your balance transfer credit card:
- Create a repayment plan: Develop a clear repayment plan that outlines how much you will pay each month and when you aim to become debt-free. Stick to this plan and avoid making unnecessary purchases or additional debt.
- Pay on time: Late payments can result in penalties, fees, and potential damage to your credit score. Set up automatic payments or reminders to ensure you never miss a due date.
- Avoid new charges: While paying down your transferred balance, refrain from using your balance transfer credit card for new purchases. Focus on eliminating your existing debt before taking on additional financial obligations.
- Monitor your credit score: Regularly check your credit score to track your progress and ensure that your financial habits positively impact your creditworthiness.
- Resist the temptation of more debt: With a lower interest rate and an available credit limit, it can be tempting to take on more debt. However, remember that the goal is to become debt-free, so exercise discipline and avoid unnecessary spending.
Common Mistakes to Avoid
While balance transfer credit cards can be incredibly beneficial, there are also some common mistakes that you should avoid, if possible:
- Ignoring the fine print: Before applying for a balance transfer credit card, carefully read the terms and conditions. Understand the introductory period length, regular APR, balance transfer fees, and any other charges that may apply.
- Missing payments: Late payments can result in the loss of your promotional APR and trigger penalty fees. Always make payments on time and set up reminders to avoid any mishaps.
- Overspending: The availability of a new credit limit can be tempting, but remember that the goal is to pay down your debt. Avoid making unnecessary purchases and stay focused on your repayment plan.
- Closing old credit card accounts: While it may be tempting to close your old credit card accounts after transferring the balance, it’s generally better to keep them open. Closing accounts can negatively impact your credit score, so consider keeping them active with minimal usage.
- Applying for multiple credit cards: Opening multiple balance transfer credit cards can be overwhelming and potentially harmful to your credit score. Stick to one or two cards and focus on paying off your debt efficiently.
FAQs
Balance transfers can seem confusing – but they don’t have to be. Here are some of the most commonly asked questions about balance transfers and balance transfer credit cards:
What is a balance transfer?
- A balance transfer is a process of taking an existing credit card balance and moving it to a new account with a lower regular APR. These transfers make it easier to pay down balances and often come with intro APR offers.
Who can qualify for a balance transfer card?
- Because these types of cards offer low-interest rates, a good credit score is a minimum requirement for a balance transfer card. Many issuers require an excellent credit score, so a good benchmark for obtaining a card like these is a FICO Score of 700 or higher.
What are the downsides to a balance transfer?
- Because these cards feature an introductory rate, you might find yourself stuck with more debt than you began. After the promotional period ends, only those with the best credit scores will have the lowest rates. Those with good credit might be paying a higher APR – primarily if they conduct their transfer using a rewards credit card. Other negatives of transferring a balance include:
- Increasing credit utilization on a single card, which can lower your credit score.
- Lowering the average age of your credit accounts by opening a new line of credit.
- A new line of credit also means a further hard inquiry, which can also impact your credit score.
Do all balance transfer cards come with 0% intro APR?
- While many cards feature 0% intro AR, not all balance transfer cards provide an interest-free period, some cards – especially those from credit unions or smaller banks – may only offer a reduced interest rate. These rates maybe 3.99% or higher, but are often significantly lower than the standard variable APR.
Do all card issuers offer a balance transfer card?
- While most major card issuers provide a variety of offers, not all currently offer a balance transfer credit card. Most significant issuers and banks, like Chase (Chase Slate Card), Citi (the Citi Simplicity Card), and others, provide balance transfer cards and low APR Cards. Discover also reintroduced its balance transfer card, the Discover It Balance Transfer.
What is the average interest rate on a balance transfer card?
- According to the BestCards guide to the average APR for all types of credit cards, the current average interest rate for a balance transfer card is approximately 16.99%.
Do rewards cards make good balance transfer cards?
- In some cases, yes. Some cash back cards, like the Citi Double Cash Card, offer 0% APR on balance transfers and cash back rewards program in one package. Just be sure to pay your statement balance in full before the due date, or you might incur a late fee or penalty APR.
What is the minimum payment due on a balance transfer credit card?
- The minimum payment on a balance transfer credit card is typically 1% to 3% of the total balance on the card, depending on the bank that issues the card.
Can you transfer a balance to a bank account?
- No, but you can use the bank account, cash app, or PayPal to pay off the balance.
Can you get cash from a balance transfer credit card?
- Yes, you can get cash from your balance transfer credit card, though this would be a cash advance and would result in instant interest and a cash advance fee.
Can you transfer a negative balance / remaining credit card balance to a debit card, bank account, mobile wallet, or another service?
- You can use a credit card to transfer money into a bank account by using a cash advance or balance transfer check, but this isn’t advisable. Once a cash advance is conducted (banks typically let cardholders take out around 25% of their credit limit), you can then send that money from your bank account to wherever you like. Cash advances are risky due to the high interest rates and costly one-time fees.
Can you transfer money from a bank account, e-wallet, PayPal, Cash app, or Venmo to a credit card?
- In some instances, yes. Of course, when you transfer money from a bank account to a credit card, you are effectively just paying the credit card statement and lowering your overall balance. With wallets and PayPal/Venmo, carefully read your card member agreement. This document will outline the various ways to redeem PayPal cash back to card accounts. PayPal charges 2.9% of the amount, plus a fixed fee of 30 cents, to process a person-to-person money transfer using a credit card.
Can I transfer money from my credit card to someone else’s balance?
Yes, via a cash advance and wire transfer. This simple process involves cash advance fees, high APR, and potential money wire fees.
Conclusion
Balance transfer credit cards can be powerful tools for anyone looking to save money on high-interest credit card debt and simplify their finances. By taking advantage of low or 0% introductory APRs and consolidating your balances onto a single card, you can make significant progress in becoming debt-free.
Remember to choose a balance transfer credit card that suits your needs, develop a repayment plan, and manage your card responsibly. By following the tips and avoiding common mistakes, you can leverage these financial tools to your advantage and achieve financial freedom.
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Balance Transfer Credit Cards
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