Stop Paying Interest on Debt with a Balance Transfer Credit Card in Three Steps

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Credit Card Applications » Research » Guides » Balance Transfer Cards » Stop Paying Interest on Debt with a Balance Transfer Credit Card in Three Steps

Stop Paying Interest on Debt with a Balance Transfer Credit Card in Three Steps


Updated: July 1, 2020

The content is accurate at the time of publication and is subject to change.
Balance Transfer Basics

Do you feel like you’re drowning in credit card debt? Does it feel like you’ll never pay off what you owe, because so much of your money is going toward the black hole of high interest rates? Once you’ve gotten behind on your credit card payments and your balance has crept up, month after month, your debt can feel like a runaway train that’s impossible to catch. But good news! Doing a balance transfer to a low-interest – maybe even a zero-interest – credit card can put the brakes on your balance and speed up the progress of your payments, allowing you to catch up and pay off your balance in full.

Paying off your balance faster and saving hundreds, maybe even thousands of dollars in the process sounds great, but how do you do it? If you have a good credit score, you probably get lots of offers for balance transfer credit cards – how do you know which one to choose, and what’s the next step once you’ve chosen?

Doing a balance transfer doesn’t have to be tricky, but there are some things you need to know first. This infographic breaks the process into three easy steps – first, ask questions, second, make the transfer, and third, hold on to that low interest rate! Read on to find out what questions you need to ask before accepting a balance transfer offer, how to actually make the transfer, and what to do once your new balance transfer card is active.

Infographic - Stop Paying Interest on Debt with a Balance Transfer Credit Card in Three Steps

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Low APR Credit Cards
Best credit cards from our partners that can help you save money.

Citi® Diamond Preferred® Card

Intro APR on Purchases: 0% (18 months on Purchases)

Regular APR: 14.74% - 24.74% (Variable)

0% Intro APR on Balance Transfers: 18 months on Balance Transfers

Balance Transfer Fee: Balance transfer fee applies with this offer 3% of each balance transfer; $5 minimum.

Annual Fee: $0

0% Intro APR on
Balance Transfers:YES

Citi Rewards+ Card

Intro APR on Purchases: 0% (15 months on Purchases)

Regular APR: 13.49% - 23.49% (Variable)

0% Intro APR on Balance Transfers: 15 months on Balance Transfers

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

Annual Fee: $0

0% Intro APR on
Balance Transfers:YES

Citi® Double Cash Card – 18 month BT offer

Intro APR on Purchases: N/A

Regular APR: 13.99% – 23.99% (Variable)

0% Intro APR on Balance Transfers: 18 months on Balance Transfers

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

Annual Fee: $0

0% Intro APR on
Balance Transfers:YES

Simmons Visa®

Intro APR on Purchases: N/A

Regular APR: 8.25% (variable)

Intro APR on Balance Transfers: N/A

Balance Transfer Fee: NONE

Annual Fee: NONE

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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