Consolidate Debt And Save With These Unbeatable Balance Transfer Offers
Consolidate Debt And Save With These Unbeatable Balance Transfer Offers
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Are you struggling to keep up with multiple credit card payments and high interest rates? If so, you're not alone. Millions of Americans are in the same boat. But there is a way to get out of debt and save money: balance transfer credit cards.
Balance transfer credit cards allow you to transfer your existing high-interest credit card debt to a new card with a 0% introductory APR. This means you can pay off your debt without accruing any interest for a set period of time, typically 12 to 21 months. This can save you hundreds or even thousands of dollars in interest charges.
How to Choose the Right Balance Transfer Credit Card
There are a few things to keep in mind when choosing a balance transfer credit card:
- The length of the 0% introductory APR period. The longer the period, the more time you'll have to pay off your debt without accruing interest.
- The balance transfer fee. Most balance transfer credit cards charge a fee for transferring your debt, typically 3% to 5% of the amount transferred.
- The regular APR. Once the introductory APR period ends, the regular APR will apply to any remaining balance.
- Your credit score. Your credit score will determine whether you qualify for a balance transfer credit card and what APR you'll be offered.
Top Balance Transfer Credit Cards
| Card Name | 0% Intro APR Period | Balance Transfer Fee | Regular APR |
|---|---|---|---|
| Citi® Diamond Preferred® Card | 21 months | 5% or $5 minimum | 15.24% - 25.24% Variable |
| Wells Fargo Reflect℠ Card | 21 months | 5% or $5 minimum | 14.49% - 26.49% Variable |
| Chase Freedom Unlimited® | 15 months | 5% or $5 minimum | 15.74% - 24.49% Variable |
| BankAmericard® credit card | 18 months | 3% or $10 minimum | 14.74% - 24.74% Variable |
| Discover it® Balance Transfer | 18 months | 3% intro fee, then up to 5% | 13.49% - 24.49% Variable |
How to Make the Most of a Balance Transfer Credit Card
Once you've chosen a balance transfer credit card, it's important to use it wisely to maximize your savings:
- Transfer your balances as soon as possible. The sooner you transfer your balances, the sooner you'll start saving money on interest.
- Make a plan to pay off your debt during the introductory APR period. This will ensure that you don't end up paying interest on your debt.
- Avoid making new purchases on your balance transfer credit card. This will help you avoid accruing new debt and keep your credit utilization ratio low.
Balance transfer credit cards can be a great way to consolidate debt and save money on interest. By following these tips, you can make the most of your balance transfer credit card and get out of debt faster.
Please note that this blog post is for informational purposes only and should not be considered financial advice.