Are Balance Transfer Cards A Good Idea Transferring Credit Card Balances Good Idea

Depending on the credit card company you might also be able to transfer personal loans student loans auto loans home equity loans or monthly installment payments.

Card making ideas for guru purnima 27 wedding anniversary card ideas. Some balance transfer cards are only available to people with good or excellent credit so make sure you dont waste a credit inquiry on a card that might not be a good fit for someone with your. You get a good promotional offer on a balance transfer credit card. Some credit cards are categorized as balance transfer cards because they offer low interest rates on the balances you move to the card.

For credit cards that arent specifically designated as balance transfer cards that fee can range from 2 to 5. Usually credit card balances are the most popular types of debt to transfer from one card to the other due to the high aprs as much as 15 20 or even 29 that are levied. Balance transfers allow you to take the balances on your existing cards and transfer them to another credit card usually at a lower rate says matt freeman head of credit card products at navy federal credit union.

Depending on the amount of your existing debt that can be a big chunk of change. For example at the time of writing this article the citi simplicity credit card is offering zero percent interest on balance transfers and purchases for 21 months. You may have to pay a balance transfer fee.

An example of a good balance transfer. Moving a balance from one credit card to another can be a great way to pay off high interest debt especially if the new card has a 0 apr promotion. Lets say you transfer 5000 and theres a 3 balance transfer fee.

Balance transfers make repaying high interest credit card debt easier. Most good things arent free and that includes balance transfers. A good balance transfer card can cut the rate you pay on what you owe sometimes down to 0.

Balance transfers are a good idea if theyll help you minimize or eliminate interest charges when the balances are transferred to a card with a low apr even better if you dont. Drawbacks to using a balance transfer. But while balance transfers.

An introductory 0 interest rate on balance transfers could help you pay down your debt faster by reducing the amount of interest youll pay on the transferred balance. There could be drawbacks to balance transfers as well.