A 0% balance transfer card is a credit card that allows you to transfer debt from one card to another – basically paying all your A credit card, with a new “B” credit card with 0% fee. How to get these cards?
In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting credit card companies in the US, to get more information people can read the article There are a lot of credit card companies in the United States. Now, let find knowledge about the 0% balance transfer credit cards in the post today.
0% BALANCE TRANSFER CREDIT CARDS
Just like a lot of article posts such as how to get a credit card, BP credit card login, credit card offers for bad credit, best credit card deals.., this post about the 0% balance transfer credit cards also includes some main parts. They are:
1. What are the 0% balance transfer credit cards?
A 0% balance transfer card is a credit card that allows you to transfer debt from one card to another – basically paying all your A credit card, with a new “B” credit card. Typically, a person will transfer his balance to a card with lower interest rates, allowing them to save money on monthly payments or pay balances faster.
For example, if you pay a 12 percent interest on $ 3,000 debt, you will have to pay $ 560 per month for six months to pay the balance. If you transfer that $ 3,000 balance to an interest-free card in the first six months, your payment will be $ 500 – with a savings of $ 60 per month.
With the benefits of balance transfer cards, only 15% of those who plan their card debt will consider using balance transfer cards to solve the problem. However, used correctly, they are a great tool to recover from card debt.
2. Some benefits and drawback of the 0% balance transfer credit cards
2.1. Some benefits of the 0% balance transfer credit cards
- Increase your overall credit limit – For example, by withdrawing your BT card after purchasing the new freezer, you will increase your credit limit. This automatically reduces your overall credit usage rate, this is a good thing because that means you have a higher limit than the same debt. This is assuming you don’t have to pay a new debt and you keep your old card.
- Consolidate monthly payments – Instead of tracking the number of different card balances and due dates each month, you can streamline your payments by switching debt from multiple cards to a card.
- Save money – You can save interest and pay off your debt faster when you transfer your balance from a high-interest card to a 0% promotional card. Specifically, you should target 0 APR credit cards instead of just one card with lower interest rates than your current card.
- Credit card debt transfer – Unlimited balance transfer for credit card debt. You can also transfer car loans and monthly installments from equipment, furniture and more.
2.2. Some drawbacks of the 0% balance transfer credit cards
- Negative impact may be on your credit score – While balance transfers will not necessarily affect your credit score, the new balance transfer card registration will.
- Additional fees – Many transfer cards balance transfer fees.
- Exposure to more debt – Once you transfer your balance to a new card, you may be tempted to continue processing the debt on your old credit card. Also, if you do not have a plan, you risk carrying old debt with higher interest rates if you do not pay off before the 0% offer ends.
- You can get higher interest rates – If you do not have excellent credit, you will generally not be approved for promotional interest rates. Instead, you will only be eligible for regular, higher interest rates.
3. Where can people get the 0% balance transfer credit card?
Understand whether you can qualify. With a few exceptions, balance transfer credit cards require good or excellent credit. Generally, that means a credit score of about 690 or better.
Look at the issuer that holds your current debt. In most cases, you can’t transfer balances among cards from the same issuer — from one Chase card to another Chase card, for example. This is important to know because it will save you from getting a card you can’t use. Be especially careful with store-branded credit cards, which often do not clearly identify the issuer.
Compare 0% APR periods for balance transfers. The longer the 0% period, the better, since you’ll have more time to pay down your debt without interest.
Compare balance transfer fees. Transfer fees on most credit cards range from 3% to 5%. That’s equivalent to $30 to $50 for each $1,000 you transfer. A handful of cards do not charge transfer fees or waive them for an introductory period. Such offers have been getting harder to find, however, and cards that don’t charge a transfer fee generally have shorter 0% APR periods than balance transfer cards that do.
| Card | Our pick for… | 0% intro period for transfers | Transfer fee |
|---|---|---|---|
| Citi Simplicity®Card – No Late Fees Ever | Long intro 0% APR period | 21 months | 5% of each balance transfer; $5 minimum. |
| U.S. Bank Visa® Platinum Card | Purchases and transfers (excellent credit) | 20 months | 3% |
| Discover it® Balance Transfer | Long-term value | 18 months | 3% |
| Wells Fargo Platinum Visa® Card | Purchases and transfers (good credit) | 18 months | 3% for 120 days, then 5% |
| BankAmericard® credit card | Purchases and transfers (good credit) | 18 billing cycles | Either $10 or 3% of the amount of each transaction, whichever is greater. |
| Barclaycard Ring® Mastercard® | Repeated transfers over time | • 15 months on balance transfers made within 45 days of account opening • No 0% period on transfers made after 45 days |
• 2% (minimum $5) on transfers made within 45 days of account opening • No fee on transfers made after 45 days |
| Amex EveryDay® Credit Card | $0 introductory transfer fee | 15 months | $0 (transfers must be requested within 60 days of account opening) |
This post is about the 0% balance transfer credit cards. We provide this information to offer you some of the necessary information that is useful for getting the 0% balance transfer credit cards. Also if you are looking for information about the BP credit card, please refer to Some steps BP credit card login to get two benefits link we just provided in the previous article.
Hillary (Team Content) – Info Credit Free