If you carry a balance on more than one card, wouldn't it be nice to consolidate your debt on one card and only remember one due date per month? You'll save on fees and interest, and only having to make one payment instead of several will make life easier. When you're looking to transfer a balance, a card with no balance transfer fee can save you the most money.
Not so many banks offer balance transfers with no fee these days, but there are always a few of these offers out there. Credit-Land.com shows you which cards have no balance transfer fees and can save you the most.
NB! You cannot transfer a balance between credit cards from the same bank.
Transferring balances can be a great way to save money. When you consolidate several balances from high-interest cards onto one low-interest card, you can save hundreds of dollars and pay off your balance much faster. However, banks often charge a balance-transfer fee for this convenience, so if you're transferring a large balance, or several small ones, it might be a good idea to look for a no balance transfer fee card.
What exactly is a balance transfer fee? It's a percentage of your balance that is charged back to you by the bank when you move your debt to their card. Most balance transfer fees are between 3% and 5%, so transferring a balance of $1,000 will cost you between $30 and $50.
Sometimes cards that offer no balance transfer fee carry a higher interest rate than cards that charge a fee. Whether it makes more sense for you to pay a fee up front or pay higher interest later depends on the size of your balance and how long you think it will take you to pay it off. Do the math and see which works out well.
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