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As an option, if your daughter has at least fair credit history, she can apply for the Citi Double Cash® Card. It is a no annual fee credit card with cash back rewards - 2% back on all purchases (1% cash back when you buy, plus an additional 1% as you pay for those purchases). She can transfer her balances to the card at a 0% intro APR. The balance transfer fee: Intro fee 3% of each transfer ($5 min) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 min). The zero introductory period will be 18 months giving her plenty of time to pay off the transferred balance at the 0% intro APR. Once the promotional interest rate is over, the ongoing variable APR will be 18.74% - 28.74% (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.
