Hi…I am asking for my 27 yr daughter. She has... - Balance Transfers Questions


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Credit Card Applications » Questions » User Questions » Balance Transfers » Hi…I am asking for my 27 yr daughter. She has two credit cards that has reached a combine...

Hi…I am asking for my 27 yr daughter. She has two credit cards that has reached a combine total of $10,000.00. She wants to take advantage of transfering that balance to a 0% credit card for the longest time (21 months??) and also one that has no annual fee and also one that doesn’t charge for tranfers. She is committed to wiping out this debt as soon as possible. What card do you reccommend? Also is there any other pitfalls that we need to be aware of?

Answered on | Updated on September 13th, 2018
The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

The Citi Simplicity® Card - No Late Fees Ever card can be a good option. The card gives 21 months of 0% intro APR on balance transfers. All transfers should be completed within the first 4 months to qualify for this promo offer. The balance transfer fee is 5% of the amount transferred, but the annual fee is zero. The ongoing interest rate on this card is 16.24% - 26.24%* (Variable). It will apply if a monthly payment is missed or late, and will apply to the unpaid balance when the introductory period is over.

There are credit cards with lower balance transfer fees, but their promotional period is also shorter. For example, the Discover it® Balance Transfer card charges 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* while 0% introductory period on balance transfer is 18 months. The annual fee is $0, and the ongoing interest rate is 14.24% - 25.24% Variable.

Here are some basic balance transfer rules and tips:

- balance transfers between credit cards that are issued by one bank are not allowed;

- it usually takes 14 days to transfer balances to a new 0% intro APR credit card;

- if you request to transfer the amount that exceeds the available credit limit on your new 0% intro APR credit card, the transfer will be declined;  

- you should make at least minimum monthly payments on your new balance transfer credit card to keep your 0% intro APR;

- if you make a single payment late or miss it, you may be charged a late payment fee and lose your 0% intro APR;

- credit card(s) from which you transfer, won’t be closed automatically. They will stay active and you will still need to make monthly payments on them;

- if you are unable to pay off the transferred balance in full by the end of the zero introductory period, an ongoing APR will apply to the remaining balance.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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Intro APR on Balance Transfer: 0% 12 months on Balance Transfers

Ongoing APR on Balance Transfer: 15.74% - 25.74% (Variable)

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Excellent, Good Credit

Intro APR on Balance Transfer: 0% (first 12 billing cycles following each balance transfer that posts to your account within 45 days of account opening)

Ongoing APR on Balance Transfer: 18.24%, 22.24% or 25.24% variable based on your creditworthiness

Balance Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater

Good/Excellent Credit
See Rates & Fees

Intro APR on Balance Transfer: 0% Intro APR for 12 months

Ongoing APR on Balance Transfer: Variable APR of 15.24%, 19.24% or 25.24%

Balance Transfer Fee: Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check

Good, Excellent Credit
See Rates & Fees

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