0% Intro APR for Up to 21 months!
So, let’s try to understand what is credit card balance transfer. Balance transfer is when you move your credit card debt from one card, usually with high APR, into another one with lower or zero interest. As a result, balance transfer makes it possible to pay off debts on better terms and save money. Low interest credit cards are offered by most credit card issuers so you have wide range of cards to choose from and compare with.
Many issuers will allow you to transfer your balance from your current card or cards to another one with a lower interest rate and probably without any fees. Banks offer no balance transfer fee credit cards and cards with 0% intro APR on balance transfer. However, a rare issuer will combine 0% interest with no balance transfer fee on one credit card. But 0% interest on balance transfers, 0% intro APR on purchases and no annual fee are often go together on one interest free credit card.
Such option as debt consolidation is also possible with balance transfer credit cards. But note that balance you are going to transfer should not exceed the credit limit on your new card. Also, 0% interest or low intro period usually lasts from 6 to 21 months and you'd better clear your debt before this period is over.
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When you apply for a balance transfer card you should know your credit score. Most banks offer such cards only to cardholders with good or excellent credit. If you have bad credit history or limited/no credit, you'll appear too risky to any lender. Short credit history and your debt won't show you in favorable light.
Usually credit card issuers place high charges on applicants with limited credit history. And it will be hard enough to find a balance transfer credit card with 0% intro APR on balance transfer and without balance transfer fee. However, there are balance transfer credit cards for limited credit with attractive terms. Banks may not offer you super low APR on balance transfers. The balance transfer fee is usually around 3% of the amount transferred, so transferring your debt for free to a new card that has better terms is a money-saving opportunity even if there is no zero interest on balance transfer.
Balance Transfer Video
Balance Transfer: Save on Average $1,400
May 08, 2015
Balance Transfer Calculator helps you determine how much you can save on interest by transferring your balance to a lower interest rate card. Thus you can optimize your debt. Just enter all the data needed and this calculator will determine which balance transfer offer will produce greatest savings. Balance Transfer Calculator will help you to choose the balance transfer credit card that fits your needs.
With Discover, Capital One, Citi (a Credit-Land.com advertising partner) or Chase, you’ll definitely find a no interest credit card to transfer your debt. Just remember one thing when you choose a 0% percent credit card: you won’t be able to transfer your debt between credit cards issued by one bank.
Balance transfer credit cards may also have no balance transfer fee, 0% intro APR on purchases and no annual fee. Such attractive feature as no fee on balance transfer is rare and is usually available to those with good credit.
You can transfer debt from up to four cards at once. Butmake sure you do not transfer more than the credit limit on your new card or the transaction will be canceled. You’ll lose time and your long introductory period won’t be that long any more. So be attentive when you request a balance transfer.
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