The standard variable APR for Citi Flex Plan is 13.99% - 23.99%, based on your creditworthiness. 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. Flexibility to choose a payment due date that fits your schedule. If long-term value is a paramount concern, bigger spenders might want to go elsewhere. » MORE: Our guide to choosing a balance transfer card. If the card doesn't charge an annual fee, keep it open. Enter your balance and choose an interest rate, then see your savings if you reduced the balance by 5% to 50%. Cons: Why a balance transfer card might not be for you. purchase interest rate | 22.24% p.a. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. You may also be told it’s not possible, but it’s worth a phone call to ask. 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%. • The length of the intro APR period. After that, a variable APR currently 13.99% - 23.99%. And that's about it. The cards that save you the most while paying off debt generally don’t offer the best rewards. Now it’s time to pay it down. The card comes with generous introductory 0% APR periods. 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. You can move your $5,000 balance to the new card and you’ll have a whole year … A balance transfer by itself isn't going to have much of an effect on your credit score. » MORE: NerdWallet’s best credit cards with no balance transfer fee. . Let's say you had that much debt on a card with an APR of 17%, and you wanted to pay off the debt in equal amounts over 18 months: If you left the debt on the 17% card, you'd pay more than $900 in interest over the course of those 18 months. There's no 0% intro period for purchases and no sign-up bonus, but the high rewards rate more than makes up for the lack of bells and whistles. Be sure to do the math before committing to a card's terms. 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. In fact, applying for the balance transfer card could knock a few points off your score in the short term. Read your credit card statements carefully — or just call your issuer and ask if you're not sure when the clock will run out. Interest rates: Credit card balance transfers tend to be at 0% interest whereas debt consolidation loans usually charge somewhere in the region of 5 - 12%, which is significantly higher. Most cards have a balance transfer fee, and depending on how much you owe and the terms you’re looking for, it may not be worth it to shift your debt. If you're saving $900 in interest, then the fee is worth paying. You earn 2% cash back on every purchase — 1% when you buy something and 1% when you pay it off. The Citi Simplicity® Card - No Late Fees Ever has one of the longest available introductory 0% APR periods for balance transfers, and a decent one for purchases as well. You typically can't transfer debt between cards from the same issuer. The lengthy introductory 0% APR periods for both purchases and balance transfers on the. And every time you apply for a new card, your score takes a hit, so it’s best not to apply if you think approval is a long shot. • The balance transfer fee. You'll need good to excellent credit to qualify for a card with an introductory 0% period. The new card's issuer might let you transfer only a portion of what you owe. The long 0% period for transfers is this card's defining feature, giving you more than a year to whittle down debt. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. A balance transfer involves moving debt from a high-interest credit card to a new card with a lower interest rate, ideally one with an introductory 0% period. This will then provide you with lower monthly payments by consolidating all … Transfer money to your current account at the standard cash interest rate. . For instance, let's say Card X has a promotional balance transfer rate of 0% for ten months. 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. In general, you'll need good credit to qualify for a balance transfer card. All financial products, shopping products and services are presented without warranty. If you don’t pay off your debt within the 0% period, you could be worse off. It doesn't charge an annual fee, late fees or penalty APRs either. 0% intro APR for 15 months on purchases and balance transfers. How long the interest-free deal lasts. Our partners cannot pay us to guarantee favorable reviews of their products or services. Some cards charge no transfer fee, although such offers are getting harder to find. 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. There's a balance transfer fee, but it's only 3%. The charge will depend on your current offer thereafter. NerdWallet’s best credit cards with no balance transfer fee, Estimate your savings with our calculator. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. isn't flashy, nor does it aim to be. Some of our selections for the best 0% balance transfer credit cards can be applied for through NerdWallet, and some cannot. This card also offers cellphone insurance if you use it to pay your wireless bill. Not everyone can apply. Generally, that means a credit score of about 690 or better. Certain terms, conditions, and exclusions apply. It just gives you a nice, long 0% introductory period for a $0 annual fee. 0% intro APR for 18 months on purchases and qualifying balance transfers. Enter your balance and choose an interest rate, then see your savings if you reduced the balance by 5% to 50%. Your minimum monthly payment due is the absolute least you can pay without incurring a penalty. The fee for balance transfers in the first 120 days is only 3% ($5 minimum), before rising to 5%. 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. A credit card balance transfer with a 0% annual percentage rate (APR) seems like a great deal: Pay 0% APR on transferred balances for up … The transfer doesn't happen as soon as you ask for it. It doesn't have the late-fee forgiveness of Citi's other balance-transfer card, but it's still a great option. (Stores don't typically issue and manage their own credit cards; they partner with a bank to do it. If that's you, though, definitely give it a look. Apply the money you save in interest to your balance to get you out of debt faster. Balance transfers must be completed within 4 months of account opening. When the promotional period ends, the interest rate shoots up, so you'll want to have your debt paid off by the end of that time. 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 . Pros and cons, Pros: Why it’s worth getting a balance transfer card. 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%). Read our review. It also offers modest rewards, so it has some value after the promo interest period runs out. Several alternatives on the market offer interest-free promotions of 18 months or even more. By offering a little forgiveness: It waives the fee on a late payment if you haven't been late in the preceding year. Some cards even charge a $0 balance transfer fee (though such offers are harder to find nowadays). That generally means a credit score of 690 or better. A balance transfer by itself isn't going to have much of an. Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S.Bank Visa® Platinum Credit Card. isn't flashy, nor does it aim to be. 0% intro APR for 12 billing cycles on purchases and on balance transfers made within 60 days of account opening. It doesn't charge an annual fee, late fees or penalty APRs either. Compare 0% APR periods for balance transfers. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. . If you’re juggling multiple payments and due dates, you may find it easier to consolidate into one monthly lower-interest payment. Read our review. Citi® Double Cash Card – 18 month BT offer. The 0% period on this card isn't as long it once was (although balance transfer offers in general are harder to come by than they once were). This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. This card earns 2 points per dollar on the first $6,000 spent per year at supermarkets and gas stations, and 1 point per dollar on all other purchases. Standard Chartered Instant Approval Terms and Conditions For details, please click here *Important information about our 0% p.a. Most of the really good balance transfer cards will offer you 0% interest on both the balance transfer amount and new purchases, but they will not offer you $0 payment required. 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 charge will depend on your current offer thereafter Read our review. Take stock of your debt and figure out what you’ll have to do to become debt-free. In the above example, a 3% fee on a $6,741 transfer comes out to a little over $200, while a 5% fee would be about $340. There are a large range of interest free balance transfer credit cards available in the UK. might not be right for everyone, but its unique rounding-up feature means that every purchase will earn at least 10 points. American Household Credit Card Debt Study. It can take days or even a couple of weeks. Debt payment calculators show you how much you could save in interest by paying down your credit card balance without a transfer. Without a solid plan in place to pay off the balance you’ve transferred, you could end up paying interest at even higher rate than on your previous card when the 0% period expires. You still must craft a debt payoff plan that … 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. This card earns 2 points per dollar on the first $6,000 spent per year at supermarkets and gas stations, and 1 point per dollar on all other purchases. Further, if you used the money you would have paid in interest and applied it to paying down the balance, you'd be out of debt a couple of months earlier. 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. Some cards don't charge these fees, or waive them for a period of time when you first open your account. You get a nice, long introductory 0% APR period on both purchases and balance transfers, plus no annual fee. And, frankly, if you’re looking for a deal that allows you to avoid payments, you’re swimming in dangerous waters. 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. Look at the issuer that holds your current debt, 3. If that fails, consider other steps to pay down your debt. It also offers modest rewards, so it has some value after the promo interest period runs out. You’ll see the debt paid off on the old card and show up on the new one. Sometimes they don’t offer it at all. also comes with a solid balance-transfer offer for new cardholders. Continue making payments on the old card, Should you get a 0% balance transfer card? Debt payment calculators show you how much you could save in interest by paying down your credit card balance without a transfer. Plus, earn 1X ThankYou® Points on All Other Purchases. To see real interest savings, you need to. The best balance transfer credit cards offer 0% balance transfer APRs that last for the first 15-18 months, usually with no annual fee and a balance transfer fee of 3%. If you’re late with a payment, your card’s 0% balance transfer APR will probably disappear. Further, rewards on all purchases are rounded up to the nearest 10 points, which amplifies the value for smaller spenders. This card also offers cellphone insurance if you use it to pay your wireless bill. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. You may get approved for an amount less than you want to transfer. The cards that save you the most while paying off debt generally don’t offer the best rewards. NerdWallet's ratings are determined by our editorial team. • The annual fee. 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. The best balance transfer credit cards have 0% APRs for 15-20 months, balance transfer fees between 0% and 3%, and $0 annual fees. Before applying, confirm details on the issuer’s website. For example, if you have debt on a Citi credit card, you can't move it to another Citi card. Factors in our evaluation include annual fees, balance transfer fees, the length of each card's 0% introductory APR period, ongoing APRs, credit-profile requirements, cardholders' access to credit scores, and other noteworthy features such as rewards or perks that give the card ongoing value beyond the promotional APR period. can be applied for through NerdWallet, and some cannot. You get a nice, long introductory 0% APR period on both purchases and balance transfers, plus no annual fee. The longer the intro period, the better. offers a long 0% introductory APR period on balance transfers and a shorter (but still pretty good) one for purchases. Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Maybe a balance transfer card isn’t right for you. With a balance transfer you get a new card to pay off debt on old credit and store cards, so you owe it instead, often at 0% interest – sometimes for a small fee. Balance Transfers do not earn cash back and will have a fee of either $5 or 3% of the amount of each transfer, whichever is greater. There's no 0% intro period for purchases and no sign-up bonus, but the high rewards rate more than makes up for the lack of bells and whistles. Read our review. You can try asking for a higher amount. That translates to $30 to $50 for each $1,000 transferred. has reduced its 0% intro APR period but remains a decent option for people looking for a little breathing room to whittle down high-interest credit card debt. » MORE: Compare 0% interest credit cards for good credit, In most cases, 0% balance transfer credit cards require good or excellent credit. 2. Read our review. The annual interest rate you'll pay on new purchases after the interest-free deal ends. Some cards charge. It won't get you very far toward paying off your debt. 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. Know when promotional periods end. A 3% fee (min $10) applies to all balance transfers, No penalty APR. (The rewards and sign-up bonuses on such cards encourage spending, and the annual fee eats up money that could be going to pay down debt.). The Partnership Card offers you 0% interest on balance transfers for 18 months (2.9% fee, minimum £5) SAVE MONEY BY SWITCHING TO THE PARTNERSHIP CARD When you transfer a balance from an existing credit or store card to the Partnership Card, you could start saving money on interest repayments straight away. you'd pay no interest at all. » MORE: Compare personal loan rates from multiple lenders. It just gives you a nice, long 0% introductory period for a, 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 13.49% - 23.49% Variable APR. Credit cards designed for balance transfers offer a lower interest rate, often 0%, when you first open the account. Transfer debt and pay it off within those time periods to avoid interest and fees. 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 … Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. It won't get you very far toward paying off your debt. That’s because promotional terms often get voided if your account isn’t in good standing. Year after year, the Citi® Double Cash Card – 18 month BT offer has been our choice for the best flat-rate cash-back card. It simplifies your finances. The fee you'll have to pay when you transfer a balance to the credit card. Depending on the credit limit on your new card and the card issuer’s policies (which may limit the amount of a transfer), you may get approved to transfer the entire amount or just a part of it. Of dollars depending on how much you could save in interest, money save. 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