Balance transfers reddit

This thread is archived. Basically 2% is the top I don't want to have to worry about it just give me some return on my spending number. If you’re looking for a good balance transfer card, the Citi Double Cash Card offers a low APR for 18 months on all balance transfers. A travel rewards credit card is still a good option … With these tips in mind, here's a round-up of the most popular types of credit cards in Singapore, sorted by category. I’ve noticed there’s amazing cards people talk about on the thread and was curious is there were better everyday cards to use .. no specific categories just regular spendings . Being able to get your cash back once a month, regardless of the amount, is rare. For the best rewards credit cards 2020 ranking, MoneySense tapped into Ratehub.ca ’ s‡ credit card tool and ran the numbers for cash back and travel credit cards… However, the absolutely best everyday spending card is BOA's Premium Rewards with Platinum Honors, which gives you 3.5% on dining/travel, 2.62% on everything else, $100 in incidental travel credits, TSA Pre Check / Global entry credit, and some other travel insurance perks all for an annual fee of $95. From a straightforward 2% cash back card, to cards that potentially get you a lot more value with a few tricks, you’re probably leaving money on the table. One of our favorites is the Blue Cash Preferred® Card from American Express, which gives you a whopping 6% cash back on U.S. supermarket purchases and (up to $6,000 in purchases per year, 1% thereafter), 6% cash back on select U.S. streaming … Alliant has a 2.5% card but it has a $99 annual fee (waved the first year though). Best Credit Cards for EZ Link. Points cards offer the most versatile rewards experience, providing a wide variety of redemption options, even cash back in most cases, making them a flexible everyday credit card option. To achieve Platinum Honors you need to have $100k invested in combined Merrill Edge / BOA accounts. Then the 2% back on restaurants, gas, drugstores is a nice everyday thing. Press J to jump to the feed. (Low apr, if you consider this a benefit). In addition, Freedom Unlimited offers … There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever … However, the absolutely best everyday spending card is BOA's Premium Rewards with Platinum Honors, which gives you 3.5% on dining/travel, 2.62% on everything else, $100 in incidental travel credits, TSA Pre Check / Global entry credit, and some other travel insurance perks all for an annual fee of $95. Credit card providers with instant approval can provide a digital credit card that you can start using even before your physical card arrives in the mail. With enough patience and strategy, you can earn enough credit card rewards to cover everyday expenses, like gas and groceries, or big-ticket items like airline tickets, hotel rooms or rental cars. Up to 3% cash back on your choice of six categories. NerdWallet rating 4.9/5. Easily makes up the. They have other categories you can choose for the 3% but I have other cards for those. Capital One gives you rewards as transactions post. There are many cash back credit cards that offer bonus rewards on everyday purchases such as gas and groceries. creditcardGenius is a smart credit card matchmaker that compares 126+ features of 178+ credit cards, with objective ratings, rankings and reviews. I would prefer a card that does not have a yearly fee. Chase Freedom Unlimited® Check out the benefits of POSB Everyday Card. Most cards only give you your cash back once a billing cycle, so if that's a big deal for you, your options will get quite limited. Best Everyday Cash-Back Credit Cards of April 2021 We help you choose the best cash-back card for your lifestyle. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. There are lots of great credit cards for maximizing your everyday, non-bonused personal spending. Seems like a no brainer to have if you rely on Prime with the 5% back on Amazon/Whole Foods purchases. 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, … The Chase Freedom Unlimited is a wonderful starter card to begin accruing treasured Ultimate Rewards points. Supplementary Cards Share your spending privileges with your loved ones by giving them supplementary EastWest EveryDay Titanium Mastercard credit cards. Rates & Fees. Credit cards that are more difficult to get include the ones with higher annual income requirements that … Best Everyday Credit Card For Bad Credit: Discover it® Secured Credit Card The Discover it® Secured Credit Card is a secured credit card that offers rewards comparable to unsecured cards. Best for cash back: PNC Cash Rewards® Visa® Credit Card. While the 2% cash back on restaurants and gas stations is limited to $1,000 per quarter, Unlimited Cashback Match – only from Discover. For 2% card I suggest either Citi double cash, fidelity rewards Visa, or penfed powercash. The PayPal card is also good because there are no foreign transaction fees, and I believe no minimum redemption amount. New comments cannot be posted and votes cannot be cast, More posts from the CreditCards community. 100% Upvoted. Here’s why: This rewards card offers points for all your purchases and even more for purchases at supermarkets, gas stations and restaurants. My personal recommendation would be Citi double cash and chase freedom. Maximise Reward Points. I would prefer a card that does not have a yearly fee. Sadly, I am not eligible. Like 2% what and 5% what? Apply now. Please ask questions and contribute to the knowledge surrounding credit cards. It really depends on your lifestyle. 1. u/baller72 is totally right. I will add that if you are eligible for USAA, sub in their Limitless card for the DoubleCash for an extra .5%. Only 1.5% cash back, but has $200 sign up bonus after spending $1000 in 3 months. Get points, pay annual fees, use different cards for different categories, etc. 5% back at Whole Foods probably doesn't break even for more average grocery stores by cost. Please ask questions and contribute to the knowledge surrounding credit cards. Hey I currently have a PayPal 2% card which has been good for me . It is important to pay them in full and on time. Honestly since rewards are a pretty small amount of money it doesn't make or break anything to wait until the end of the month for me. Probably citi DoubleCash for domestic use. Mostly just for rotating categories at wholesale clubs, dining, and groceries. If you use a credit card to pay for the majority of your everyday purchases, odds are you’ll walk away with far more value with an annual fee card (even after paying the fee). 5 comments. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. save. Important. The best credit cards for online shopping put money back in your pocket. Or in addition to! Best everyday credit card? If you're going to look at any other cards, I'd say look at category cards, especially the Chase Freedom or Discover IT for 5% on rotating categories - if you can deal with following the categories each quarter. Press question mark to learn the rest of the keyboard shortcuts. Here are our top-pick cards with the next best below, all with a long 0% period. If you have a lot of money with BoA (100k+) you can get 2.625%. Definitely a positive feature. Best for everyday spending: NFCU More Rewards American Express® Card. Travel Rewards Credit Cards In Canada. Here’s why: The PNC Cash Rewards® Visa® Credit Card offers high cash back rates on everyday spending, has a $0 annual fee and even offers a small sign-up bonus. Use 5% card whenever your purchase is in the 5% category and 2% card for everything else. Best Balance Transfers. The only benefit to the double cash is that IIRC you can also transfer the cash to thank you points. Best Miles Credit Cards. I use those 2 because their bonuses are what I spend almost all of my money on. Pairing easy rewards with no annual fee, these cards can ensure you’re not wasting your time or money. If you don’t use credit all that much or your monthly spending is below $500, a no fee card could be a better fit. Has so many other perks though. I don't know much about the Paypal card but I'd imagine it's essentially the same thing in the end. I just got approved for the Citi Discover It Cashback card. Enjoy up to 10% cash rebates on your everyday spend with POSB Everyday Card! It is important to pay them in full and on time. The Best Credit Cards in Singapore 2020. The key is having money to pay for all your purchases and paying off your card in full every month.

Sours: https://www.apede.org/afw4f9/best-everyday-credit-card-reddit

Can you earn rewards with a balance transfer credit card?

Credit card rewards can be a helpful and lucrative benefit. You can earn cash back or frequent flyer miles or points that are redeemable for travel or other perks.

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If you are carrying a balance on a card – or if you have trouble paying your bills on time – you really shouldn’t be shopping around for a rewards credit card because any rewards that you earn will be meager compared to the money you spend on interest charges or late fees. Instead, focus on paying off your balance and on lowering that monthly payment by finding a balance transfer cardwith a 0% introductory APR.

There are cards that offer both low-interest balance transfers and rewards. But you shouldn’t let the promise of rewards be the deciding factor in choosing a card.

Benefits of a balance transfer credit card

A balance transfer can help you pay off a large balance in a timely manner, without getting charged interest (but typically for a balance transfer fee of 3% or 5% of the transferred amount).

Let’s say, right now, you have a $2,000 balance on a credit card that has 25% annual interest. It would take payments of around $200 per month to pay off your credit card balance in 12 months. You would also pay approximately $267 in interest charges.

But if you transferred your balance to a card with a promotional rate of 0% APR for 12 months, no annual fee and a 3% balance transfer fee, you could pay off your balance in 12 months by making payments of $172 per month.

You won’t pay interest on that balance, but you will pay immediate interest on any other charges unless your card also has a 0% introductory APR on purchases.

Can you earn rewards for a balance transfer?

Before you choose a balance transfer rewards card, you should know you do not earn rewards on the amount of a balance transfer. You earn rewards only on new spending. And if you’re carrying a balance, you’ll pay interest immediately on any new spending.

Let’s look at some examples. If you look at the best balance transfer credit cards, you’ll notice a wide variety of cards from different issuers. The cards on this list tend to have lower interest rates than other cards – as well as introductory balance transfer APRs of 0% for 12 to 18 months.

Some of the best balance transfer cards also happen to have rewards programs:

The Citi® Double Cash Card offers a 0% introductory APR on balance transfers for the first 18 months (followed by a variable APR of 13.99% to 23.99%). You can also earn 1% cash back when you spend and another 1% when you pay off your purchases. But the card does not offer an introductory APR on purchases.
The Chase Slate Edge℠* offers a 0% introductory APR on balance transfers for the first 12 months (followed by a variable APR of 14.99% to 23.74%). Other notable features of the card include an annual 2% reduction in your APR if you pay your balance on time and spend at least $1,000 in the first year after opening the card, and a $100 bonus when you spend $500 in the first six months.
The Bank of America® Customized Cash Rewards credit card offers a 0% introductory APR on balance transfers and purchases for the first 15 billing cycles (then a variable APR of 13.99% to 23.99%). This card also allows you to earn 3% cash back on one of the following categories: gas, online shopping, dining, travel, drugstores or home improvement – it’s your choice. It also offers 2% cash back at grocery stores and wholesale clubs and 1% back on everything else. Note that you’ll earn bonus cash back on up to a combined $2,500 in spending in the 3% and 2% categories each quarter.
The Wells Fargo Active Cash℠ card offers a 0% introductory APR on qualifying balance transfers for the first 15 months from account opening (then a variable APR of 14.99% to 24.99%). Additional card benefits include a $200 cash rewards bonus when you spend $1,000 in the first three months and a flat rate 2% cash rewards on purchases.

Should you get a balance transfer credit card without rewards?

If you are dead-set on earning rewards, you might want to separate the cards that have balances from those that have rewards. In other words, don’t try to earn rewards with cards on which you carry balances, because you will pay interest on those charges.

Instead, if you qualify for a rewards-earning card, don’t carry a balance on it. Rather, carry the balance on a card with low or introductory 0% interest.

And there are some good non-rewards-earning options among balance transfer cards. For instance, the Citi® Diamond Preferred® Card offers 0% intro APR on balance transfers for 21 months and a 0% intro APR on purchases for 12 months (then a variable APR of 13.74% to 23.74%). Balance transfers must be completed within 4 months of account opening. It also provides cardholders with VIP access to ticket sales, preferred seating and other perks through Citi Entertainment.

Should you get a balance transfer credit card with rewards?

If you like any of the aforementioned balance transfer cards that offer rewards, by all means, apply for it. But you may want to consider holding off on making any new purchases on the new card until you’ve paid off your transferred balance. So, if you want one of these cards and want to earn rewards now, don’t transfer a balance to it.

Bottom line

It’s better to focus on paying down your debt than worry about rewards. But if you absolutely must have a rewards card, make it one that you’re not paying interest for the privilege of earning rewards.

*All information about the Chase Slate Edge has been collected independently by CreditCards.com and has not been reviewed by the issuer.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Tony Mecia is a freelance business writer based in Charlotte, N.C. In addition to his articles for CreditCards.com, Tony writes for a variety of trade and general-interest publications and companies. As a reporter and editor with the Charlotte Observer, he won “Best in Business” awards from the Society of American Business Editors and Writers for his coverage of the airline and textile industries.

Sours: https://www.creditcards.com/credit-card-news/balance-transfer-rewards-cards/

Credit card 0% APR balance transfer offers are disappearing—here's why and alternatives

If you don't qualify for a balance transfer card, there are a few other ways you can get out of debt.

Ask a family member or close friend for a loan: You may have the option to ask someone who's in a better financial position for a loan. This provides an affordable and easy way to pay off debt without the need to pay interest to a creditor. Before you borrow money, create a repayment plan so you don't damage your relationship.
Take out a personal loan:Personal loans typically have more lenient credit requirements compared to balance transfer cards which are often reserved for borrowers with good and excellent credit. With a personal loan, you'll receive a preset amount of money that you'll repay over a predetermined time period and at a fixed interest rate.

If these options don't work for you, aim to improve your credit score before applying for a balance transfer card. Check out these six easy tips to help raise your credit score.

Don't miss:

Information about the Aspire Platinum Mastercard® has been collected independently by Select and has not been reviewed or provided by the issuer of the cards prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

Sours: https://www.cnbc.com/select/0-percent-apr-balance-transfer-offers-disappearing/

© 2007–2016 Credit Karma, Inc. Credit Karma™ is a registered trademark of Credit Karma, Inc. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. This site may be compensated through third party advertisers.

iPhone is a trademark of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Android is a trademark of Google Inc.

The Equifax logo is a registered trademark owned by Equifax in the United States and other countries.

Sours: https://www.creditkarma.com/credit-cards/i/what-does-0-percent-apr-offer-mean

Transfers reddit balance

Best Balance Transfer Credit Cards Of October 2021

Best Balance Transfer Cards Of 2021

Best Overall

U.S. Bank Visa® Platinum Card

Regular APR

14.49% - 24.49%* (Variable)

Credit Score

Good/Excellent (700 - 749)

Why We Picked It

The U.S. Bank Visa® Platinum Card offers a very lengthy intro APR rate and no annual fee. There are two caveats, which are the balance transfer fee and the lack of a rewards program. Still, the savings on interest during the introductory period can eclipse the fee.

Pros & Cons

No penalty APR
Long 0% intro APR period
Cell phone protection coverage is a handy benefit

Balance transfer fee applies
No rewards program
No welcome bonus
Foreign transaction fee

Card Details

0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 14.49% – 24.49%.
Great offer from U.S. Bank, a 2021 World’s Most Ethical Company® – Ethisphere Institute, February 2021.
No Annual Fee*
Flexibility to choose a payment due date that fits your schedule.
Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S. Bank Visa® Platinum Credit Card. Certain terms, conditions, and exclusions apply.

Best Balance Transfer Card for Cash Back

Citi® Double Cash Card

Up to 2% Reward Rate

First, you earn 1% unlimited cash back on every purchase you make. Then, as you pay for those purchases, youRead More

Regular APR

13.99% - 23.99% (Variable)

Credit Score

Excellent, Good (700 - 749)

Why We Picked It

The Citi Double Cash card's simple cash back structure and long lasting APR offer make the Citi Double Cash a favorite among those who want to set it and forget it. It offers a solid cashback rate on all purchases, plus a long-lasting 0% intro APR offer, all without an annual fee.

Pros & Cons

Earn up to 2% cash back—1% when the purchase is made and 1% when payment is made on the account
No cash back cap—no limit on the amount of cash back that can be earned
No annual fee
Introductory APR period for balance transfers

Foreign transaction fee
Balance transfer fee
Lack of benefits seen in other no annual fee cards
No introductory 0% APR on purchases

Card Details

Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
To earn cash back, pay at least the minimum due on time.
Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness.
Balance Transfers do not earn cash back.
If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.

Best Balance Transfer Card for Long Transfer Window

Citi® Diamond Preferred® Card

Regular APR

13.74% - 23.74% (Variable)

Credit Score

Excellent, Good (700 - 749)

Why We Picked It

Those looking to consolidate debt and pay it off over time will appreciate the long introductory offer on balance transfers. A $0 annual fee further enhances its frugal appeal. On the downside, this card is light on perks and comes with a heavy balance transfer fee.

Pros & Cons

$0 fee
0% intro APR for 21 months on eligible balance transfers from the date of the first transfer and 0% intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 13.74% - 23.74% based on your creditworthiness. Balance transfers must be completed within 4 months of account opening. There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
$0 liability on unauthorized purchases, travel and entertainment benefits

3% foreign transaction fee
No welcome bonus or rewards program
High variable APR when introductory period ends

Card Details

0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 13.74% – 23.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
Get free access to your FICO® Score online.
With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions.
The standard variable APR for Citi Flex Plan is 13.74% – 23.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.

Honorable Mention

Wells Fargo Reflect℠ Card

Regular APR

12.99%-24.99% Variable APR

Credit Score

Excellent, Good (700 - 749)

Why We Picked It

Those seeking a balance transfer card will likely appreciate that the Wells Fargo Reflect Card offers a generous introductory APR period on purchases and qualifying balance transfers. However, the card doesn’t offer rewards or other notable benefits, so give it a pass if you don’t need a long introductory APR period.

Pros & Cons

Generous introductory APR period for purchases and qualifying balance transfers
$0 Annual Fee

No rewards program or welcome bonus
Balance transfer fee
Foreign transaction fee

Card Details

0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension of up to 3 months with on-time minimum payments during the intro and extension periods. 12.99% to 24.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5
$0 Annual Fee
Get up to $600 of cell phone protection when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
Through My Wells Fargo Deals, you can earn cash back in the form of a statement credit while you shop, dine, or enjoy an experience simply by using your eligible Wells Fargo Credit Card
Select “Apply Now” to learn more about the product features, terms and conditions

Best Balance Transfer Card For Small Purchases

Citi Rewards+® Card

Up to 2X Reward Rate

Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter.Read More

Welcome Bonus

20,000 points

Regular APR

13.49% - 23.49% (Variable)

Credit Score

Excellent, Good (700 - 749)

Why We Picked It

The Citi Rewards+® Card is an intriguing option as an everyday card for small purchases. In terms of rewards earnings, Citi rounds up all purchases to the next 10 points. Meaning, that a $3 purchase will earn 10 points. Earn additional rewards with a 10% redemption bonus each year (on up to 100,000 redeemed points) plus an increased earning rate on supermarkets and gas spending up to the annual $6,000 cap— with no annual fee.

Pros & Cons

All purchases rounded up to the nearest 10 rewards points.
10% points bonus added to the first 100,000 points redeemed annually.
No rotating categories to manage.

3% foreign transaction fee.
Potentially high APR depending on your creditworthiness.
3% balance transfer fee (min $5).
Annual $6,000 spending cap on 2x points category.

Card Details

For a Limited Time, earn 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com
0% Intro APR on balance transfers for 15 months from date of first transfer and on purchases from date of account opening. After that, the variable APR will be 13.49% – 23.49%, based on your creditworthiness. Balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater.
The Citi Rewards+® Card – the only credit card that automatically rounds up to the nearest 10 points on every purchase – with no cap.
Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X ThankYou® Points on All Other Purchases.
The standard variable APR for Citi Flex Plan is 13.49% – 23.49%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.

Best Balance Transfer Card With Travel Perks

HSBC Gold Mastercard® credit card *

Regular APR

13.99% - 23.99% Variable APR on purchases and balance transfers

Credit Score

Good/Excellent (700 - 749)

Why We Picked It

The HSBC Gold Mastercard® credit card comes with a very long 0% intro APR period, no annual fee, and no penalty APR. No rewards program and no welcome bonus make this a pure balance transfer or major purchase card. It could have been a fantastic one, but the 4% balance transfer fee reduces its appeal.

Pros & Cons

No foreign transaction fees
Once-every-twelve-months late fee waiver
No penalty APR
18-month 0% introductory APR, followed by the standard APR

High balance transfer fee (4%)
No welcome bonus
No rewards

Card Details

0% Introductory APR on Purchases and Balance Transfers for the first 18 months from account opening
Late Fee waiver: If your payment is late, we’ll waive the late fee once every 12 months
Tap & go® with any HSBC credit card: Tap & go® contactless payments are faster than swiping or inserting your card for payment
No Foreign Transaction Fees: There are no added costs when using your card to make purchases in a foreign country
Mobile Pay: All HSBC Credit Cards are available with Apple Pay, Google Pay, and Samsung Pay
MasterRental Coverage: Provides protection for physical damage and theft to most rental vehicles
Emergency Card Services: Mastercard Global Service® provides worldwide, 24-hour assistance with Lost and Stolen Card Reporting

Best Balance Transfer Card for Late Fee Forgiveness

Citi Simplicity® Card

Regular APR

14.74% - 24.74% (Variable)

Credit Score

Excellent, Good (700 - 749)

Why We Picked It

The Citi Simplicity Card offers a very long intro APR offer for balance transfers, with the catch that each transfer incurs a 5% fee ($5 minimum). You'll also get a long intro APR offer on purchases. However, there is no rewards program nor any welcome bonus, making this truly a "simple" card for those looking to hold a balance for a long period of time.

Pros & Cons

No late fees
No penalty APR
No annual fee
Intro APR offer on purchases and balance transfers
Purchase protection

High regular APR
No rewards program

Card Details

No Late Fees, No Penalty Rate, and No Annual Fee… Ever
0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 14.74% – 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
The standard variable APR for Citi Flex Plan is 14.74% – 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.
Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges

Best for No Transfer Fee

Navy Federal Credit Union Platinum Credit Card *

Regular APR

5.99% - 18.00% variable APR

Credit Score

Average to Excellent (650 - 699)

Why We Picked It

Many people skip credit union cards because they assume they won't qualify. Navy Federal might be easier to join than you realize, and the card doesn't charge a fee for balance transfers, making for a low cost balance transfer option.

Pros & Cons

No annual fee
No balance transfer fees
No foreign transaction fees
Low ongoing interest rates

No promotional interest rate on purchases
No rewards program
There are longer promotional APR periods available

Card Details

0% intro APR on balance transfers for 12 months
No annual fee
No foreign transaction, cash advance or balance transfer fee
Zero Liability policy for unauthorized transactions
24/7 access to stateside member reps
Enjoy the ability to freeze and unfreeze your cards
Gain free access to your FICO® Score

Sours: https://www.forbes.com/advisor/credit-cards/best/balance-transfer/

What is a balance transfer? Is it a good idea? - Credit Card Insider

iPhone is a trademark of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Android is a trademark of Google Inc.

The Equifax logo is a registered trademark owned by Equifax in the United States and other countries.

Sours: https://www.creditkarma.com/advice/i/balance-transfer-vs-personal-loan

Now discussing:

Reddit Questions Answered: Your Balance Transfer Guide

From ‘what is a balance transfer’ to the best credit cards for balance transfers, Reddit’s finance threads have asked many questions. Here are the most popular balance transfer questions answered

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hurt

What is a balance transfer ?

A: A balance transfer is a process of transferring credit card debt from a card with a high-interest rate to one with a lower interest rate. A balance transfer credit card allows you to carry out this process. Balance transfer credit cards may have no fees or a 0% APR (interest rate) for a specified period of time, costing less money and sometimes enabling you to get out of credit card debt more easily.

When is it a good idea to do a balance transfer?

A: When you can’t pay off the debt of your old credit card in full because its interest rate is too high. If your old credit card debt can be paid off in a relatively short period (say two months or so), it may not be worth it, as these cards sometimes have a transfer fee of 3-5%.

Do balance transfers hurt your credit?

A: The answer to this is twofold. In the short term, yes, they may cause a temporary dip in your credit score. Since you’re adding a new account but also have the balance of your old account with unpaid debt showing up in your reports at first, your credit score will likely fall. However, this only lasts for a few weeks, until your credit reports are updated. In the long term, however, it may actually boost your credit score. A balance transfer will mean that you have a larger credit line but with a lower debt which you’ll be able to pay off faster.

How long do you have to pay off your debt on a balance transfer card?

A: You should pay off your debt before the period with a 0% or nominal APR expires. This period varies from bank to bank but is generally up to fifteen months. If the debt is not paid off during this period, the higher interest rate or transaction fee is applied, negating the benefits of getting a balance transfer.

Can existing small loans be transferred onto a balance transfer card?

A: Balance transfer cards can only transfer credit card debt between cards. Most loans are not taken out on credit cards. Therefore, balance transfer cards cannot be used for this. The cards that can be used for this are called money transfer cards.

A: Firstly, they help banks capture more customers and collect their balance transfer fees (although these don’t exist for every bank). Secondly, the 0% or nominal APR generally expires after a given period. If customers miss this window to make their payments, they can charge fees, higher interest, and sometimes even charge retroactive interest. They can also increase the interest rate if a minimum monthly payment is missed. Therefore, banks usually profit off fees related to balance transfers.

What’s the best advice on using balance transfer credit cards?

Assess whether you need it based on how long you can pay off your existing debt in
Research and find the best balance transfer credit card for you
Keep $0 of balance in your balance transfer card because some companies may charge interest on the unpaid amount already in the card
Don’t use the balance transfer card to make too many purchases as interest could be accrued from them
Set up autopay so that you do not miss monthly payments
Be cognizant of the promotional period APR and pay off your debt within this period

Sours: https://clyde.ai/article/8-reddit-questions-answered-your-balance-transfer-guide

balance+transfers+reddit

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