Debt payment calculators show you how much you could save in interest by paying down your credit card balance without a transfer. NerdWallet’s best credit cards with no balance transfer fee, Estimate your savings with our calculator. There's a 0% intro APR for 18 months on purchases and qualifying balance transfers, and then the ongoing APR of 16.49% - 24.49% Variable APR. Evaluating 0% Credit Card Balance Transfer Offers. To see real interest savings, you need to pay interest on less money, and that means reducing the principal by paying more than the minimum. What matters is what you do after you transfer your balance. You get a decent 0% introductory APR period to whittle down debt or finance a large purchase. Citi Flex Plan offers are made available at Citi's discretion. The new card's issuer might let you transfer only a portion of what you owe. You typically can't transfer debt between cards from the same issuer. You may get approved for an amount less than you want to transfer. If you’re juggling multiple payments and due dates, you may find it easier to consolidate into one monthly lower-interest payment. Your card’s introductory 0% APR period doesn't last forever, and in most cases a $0 transfer fee is available only for a limited time. Moving debt to a card with an introductory 0% APR period for balance transfers will obviously save you money in interest. • The introductory interest rate. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. Some of our selections for the best 0% balance transfer credit cards. The big catch? If you're saving $900 in interest, then the fee is worth paying. Before pulling the trigger on a transfer, consider whether the amount you’ll save on interest will be enough to make up for any transfer fee. gets 5 stars for its best-in-class cash-back rewards, but it comes with a great balance-transfer offer, too. can be applied for through NerdWallet, and some cannot. 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. Generally, that means a credit score of about 690 or better. Certain terms, conditions, and exclusions apply. You still must craft a debt payoff plan that … An interest free balance transfer is where a credit card customer makes a balance transfer from a credit card with a high rate of interest to another card offering an introductory interest fee period.. Apply the money you save in interest to your balance to get you out of debt faster. After that, the variable APR will be 13.49% - 23.49%, based on your creditworthiness. With balance transfer cards, the more zeroes the better: Look for a $0 annual fee and a 0% period of 15 months or more. Choosing a 0% balance transfer card could help you pay off outstanding debt on a credit card, which could be handy if you’re being charged a high rate of interest on an existing balance. Balance … Aside from losing the card’s most valuable feature, you might also have to pay a late fee (close to $40, typically) and a penalty interest rate (often about 30%). There are a large range of interest free balance transfer credit cards available in the UK. Read our review. COVID-19 has had quite an impact on the financial world, whether that be mortgages, interest rates, or credit cards. Some cards charge no transfer fee, although such offers are getting harder to find. Here is a list of our partners. 0% balance transfer deal. If the math on a balance transfer works in your favor, here’s what to do next. give you plenty of time to pay down new and old debts interest-free. The point of a balance transfer is to save money, so you shouldn't be paying an annual fee. NerdWallet's ratings are determined by our editorial team. A balance transfer credit card offers a low interest rate of as low as 0% p.a on balance transfered from another credit card for a fixed period. The big catch? The Wells Fargo Platinum card is pretty bare bones — but they're good bones. 0% Intro APR on purchases and balance transfers for 20 billing cycles. can save you hundreds or even thousands of dollars in interest, money you can apply toward getting out of debt sooner. Balance transfer is a smart way to get rid off your debt as long as you pay off your outstanding dues within the interest free period, after which the regular interest rate will apply. You can pay off your debt faster. 0% interest on balance transfers for up to 15 months from account opening, with a 1.99% transfer fee 0% interest on money transfers for up to 15 months from account opening, with a 3.99% fee. Read our review. Know when promotional periods end. Some loans designed for debt consolidation can even be paid directly to your creditors, streamlining the process. The charge will depend on your current offer thereafter Balance transfers can be helpful if you choose a 0% (interest free) or low-interest deal with enough time to pay it off, such as a transfer period of 14 months or more. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. Most cards charge a fee of 3% to 5% of the amount transferred. If you transferred the debt to a card with a 0% intro APR for 18 months. A 0% APR balance transfer promotion allows you to transfer a balance from an existing account and pay no interest until the promo period ends. You're debt-free quicker as more of your repayments reduce the debt, rather than pay interest. Also remember that the 0% interest is only applicable on the balance that you transfer to the new card and will not apply on new transactions on the card. Year after year, the Citi® Double Cash Card – 18 month BT offer has been our choice for the best flat-rate cash-back card. • The length of the intro APR period. Your minimum monthly payment due is the absolute least you can pay without incurring a penalty. If you transfer a $5,000 balance to an account with 0% intro APR for 12 months and a 3% balance transfer fee (about $150), you'll pay just under $430 a month for a year to pay off the balance by the end of the promo period. Debt payment calculators show you how much you could save in interest by paying down your credit card balance without a transfer. Read your credit card statements carefully — or just call your issuer and ask if you're not sure when the clock will run out. The longer the intro period, the better. Continue making payments on the old card, Should you get a 0% balance transfer card? . Avoid this basket of bad news by setting up automatic payments, if you’re confident you’ll have enough money in your account to cover at least the minimum. Sainsbury's Bank may offer you a 0% interest period on balance transfers of 18 or 12 months instead, depending on your individual circumstances. We believe everyone should be able to make financial decisions with confidence. Get free access to your FICO® Score online. The fee for balance transfers in the first 120 days is only 3% ($5 minimum), before rising to 5%. In many cases, cards with an introductory 0% APR offer for transfers give you only a short period of time after opening your account to take advantage of the offer — say, 60 days. After that the APR is variable, currently (view terms and conditions). It won't get you very far toward paying off your debt. isn't flashy, nor does it aim to be. Generally, that means a credit score of about 690 or better. With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more. Transfer debt and pay it off within those time periods to avoid interest and fees. There are no rewards, but you get automatic cell phone protection when you pay your wireless bill with the card, so there's a great reason to hold onto it long-term. This card also offers cellphone insurance if you use it to pay your wireless bill. Many or all of the products featured here are from our partners who compensate us. ), The longer the 0% period, the better, since you’ll have more time to pay down your debt without interest. Essentially, you're using one card to pay off another, but because you aren't paying as much in interest, you have more money available to pay down your debt more quickly. Choosing a balance to get a sense of how much you could save in interest payments one card to Citi! 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