• The balance transfer fee. You can choose your own due date with this card, which allows you to schedule debt payment for when its easiest on your wallet. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. • The length of the intro APR period. How long the interest-free deal lasts. However, if you'd been planning to pay off the debt in six months rather than 18, then the transfer would have saved you only about $330 in interest — so a 3% fee would have eaten up most of your savings while a 5% fee would have ended up costing you money. Be sure to do the math before committing to a card's terms. You won't get a 0% period with the SunTrust Prime Rewards Credit Card, but you'll get an astonishing three years at a super-low rate, and you can avoid paying a transfer fee. Moving debt to a card with an introductory 0% APR period for balance transfers will obviously save you money in interest. Now it’s time to pay it down. Citi Flex Plan offers are made available at Citi's discretion. The transfer doesn't happen as soon as you ask for it. NerdWallet's ratings are determined by our editorial team. You can try asking for a higher amount. The Citi® Diamond Preferred® Card is all about the long 0% intro APR period. Your minimum monthly payment due is the absolute least you can pay without incurring a penalty. So how do we make money? Keep in mind that a personal loan makes sense only if the interest rate on the loan is the less than the interest rate you were paying on your credit card debt. In fact, applying for the balance transfer card could knock a few points off your score in the short term. The introductory APR of 0% for 15 months on balance transfers (13.49%-23.49% variable after that) is one of the shorter offers on the balance transfer market, but it still gives you more than a year to pay down debt with 0% interest. 0% Intro APR on purchases and balance transfers for 20 billing cycles. Once the 0% period ends, so does the chief benefit of this card. The standard variable APR for Citi Flex Plan is 13.49% - 23.49%, based on your creditworthiness. After that the APR is variable, currently (view terms and conditions). After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness. Calculate how much extra money you can put toward your credit card debt each month, and track your progress as you chip away at the balance . The cards that save you the most while paying off debt generally don’t offer the best rewards. If your credit score has improved since you opened the account, it could pay off to ask your issuer to lower your interest rate. isn't flashy, nor does it aim to be. Below is a list of credit card balance transfer offers in New Zealand. NerdWallet strives to keep its information accurate and up to date. Earn 15,000 bonus points after you spend $1,000 in purchases with your card within 3 months of account opening; redeemable for $150 in gift cards at thankyou.com. 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%). The card offers bonus rewards at gas stations and supermarkets and has no annual fee. The longer the intro period, the better. The lengthy introductory 0% APR periods for both purchases and balance transfers on the U.S. Bank Visa® Platinum Card give you plenty of time to pay down new and old debts interest-free. Shop around to find the most favorable terms and know that credit unions typically offer some of the best rates but you typically have to become a member to apply. A balance transfer can save you hundreds of dollars in interest payments. Performance & security by Cloudflare, Please complete the security check to access. You might get some points knocked off your rate, or possibly get your account moved to a card with a lower rate. Be especially careful with store-branded credit cards, which often do not clearly identify the issuing bank. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. This should be the point of the balance transfer. It won't get you very far toward paying off your debt. to get a sense of how much you could save by doing a balance transfer. The average balance transfer card has a 0% APR for nearly 12.21 months, along with a 3.04% transfer fee and a 17.31% regular APR. » MORE: Compare 0% interest credit cards for good credit, In most cases, 0% balance transfer credit cards require good or excellent credit. You might get some points knocked off your rate, or possibly get your account moved to a card with a lower rate. The new card's issuer will ask for information about the balance you want to transfer, including the financial institution, the account number and the amount of the debt. Most cards charge a fee of 3% to 5% of the amount transferred. • Our opinions are our own. It also offers cell phone protection if you use it to pay your cell phone bill. . It won't get you very far toward paying off your debt. Longest 0% period for transfers and purchases, 0%* intro APR for 20 billing cycles on purchases and balance transfers. This card also offers cellphone insurance if you use it to pay your wireless bill. Look at the issuer that holds your current debt, 3. A lengthy 0% introductory APR period for both purchases and balance transfers has made the U.S. Bank Visa® Platinum Card a NerdWallet favorite. For example, it might set a limit of $5,000 on balance transfers. Pre-qualified offers are not binding. 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. Transfer money to your current account at the standard cash interest rate. purchase interest rate | 22.24% p.a. If the math on a balance transfer works in your favor, here’s what to do next. Below, you'll find application links for the credit cards from our partners that are available through NerdWallet, followed by the full list of our picks. Some rewards cards with annual fees do offer 0% introductory periods, but they're a bad choice for getting out of debt. Provide information requested by your issuer, 4. Our pick for: Low rate for an extended period. Read our review. Also, cards that don’t charge a transfer fee generally have shorter 0% APR periods than balance transfer cards that do. With others, you’ll need to call the customer service number on the back of the card. Enter your balance and choose an interest rate, then see your savings if you reduced the balance by 5% to 50%. The best offers available here range anywhere from 0% to 3.99%. There's no 0% period for purchases. Unlike many other balance-transfer cards that are available only to those with excellent credit, some applicants may be able to qualify for this card with good credit. Say you choose a 0% p.a. You get a nice, long introductory 0% APR period on both purchases and balance transfers, plus no annual fee. has been our choice for the best flat-rate cash-back card. Cloudflare Ray ID: 61590ba40a94acd0 , and that means reducing the principal by paying more than the minimum. Look for 15 months or more at 0%. Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. A handful of cards do not charge transfer fees or waive them for an introductory period. on balance transfers for 30 months with no balance transfer fee, reverts to 22.24% p.a. Transferring a high-interest balance to a credit card with a 0% introductory rate can save you hundreds or even thousands of dollars in interest, money you can apply toward getting out of debt sooner. It's about as much breathing room as you'll find anywhere for transferring debt. Typically, these cards charge a one-off fee for a balance transfer, worked out as a percentage of the amount you’ve moved across, often up to 3%. Read our review. Read our review. When evaluating offers, please review the financial institution’s Terms and Conditions. It doesn't charge an annual fee, late fees or penalty APRs either. See the calculator here. 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. Make extra payments throughout the month, as your budget allows. gets 5 stars for its best-in-class cash-back rewards, but it comes with a great balance-transfer offer, too. Term: When you balance transfer to a new credit card, you get the introductory interest rate for a specified length of time. 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. 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. Take stock of your debt and figure out what you’ll have to do to become debt-free. • The issuer. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. In fact, applying for the balance transfer card could knock a few points off your score in the short term. Balance … There are a large range of interest free balance transfer credit cards available in the UK. Low interest rate - The main advantage of a balance transfer is the low interest rate or 0% interest rate depending on the amount of your transfer and the time frame for repayments. By offering a little forgiveness: It waives the fee on a late payment if you haven't been late in the preceding year. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate, Transferring a high-interest balance to a credit card with a 0% introductory rate. Service provider or specific product ’ s equivalent to $ 50 for each $ 1,000 transferred then. For balance transfer 0% interest, it might set a limit of $ 5,000 on balance transfers and out... 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