One of the biggest draws of a balance transfer is the fact it doesn’t accrue interest, assuming the APR is set to 0%, which it often is. With a 0% interest rate, any balance associated won’t be charged any finance charges during the promotional period. This means the cardholder’s credit card balance does not grow,… Continue reading Do Balance Transfers Accrue Interest?
Similar to applying for multiple credit cards, you might be wondering if it’s possible to execute multiple balance transfers in a short window of time. The good news is that yes, you can do multiple transfers in a small span of time, or even several in a single transaction if needed. In fact, when you… Continue reading Can You Do Multiple Balance Transfers?
There are lots of interesting balance transfer-related questions out there, and I just stumbled across one I haven’t touched upon. It has to do with the “old credit card” involved in the transaction, the card that should have a zero balance once you’ve completed your balance transfer. In short, a balance transfer involves two credit… Continue reading What Happens to My Old Credit Card After the Balance Transfer?
Most folks have a decent understanding of credit card balance transfers. If you don’t, read my primer for more info. Simply put, they allow you to move outstanding credit card balances from one credit card to another to save money. This is accomplished by moving the debt from a high-APR credit card to a 0%… Continue reading What Happens If You Don’t Pay Off Your Balance Transfer?
Welp, the holidays have come and gone, and the Christmas tree is starting to brown, assuming it’s still even in the house and not out on the curb. The decorations are back in the garage and the in-laws are long gone (hopefully). But one thing seems to remain; your holiday debt. Yep, all those lovely… Continue reading How to Pay Off Holiday Debt with a Balance Transfer
We’ve all heard about credit card churning, which is the art of opening and closing credit cards to take advantage of generous sign-up bonuses. But what about “credit card surfing?” At first glance, you might think it’s some sort of hip new thing all the cool kids are doing. Or some weird game like credit… Continue reading Credit Card Surfing Is Apparently a Thing
Balance transfer Q&A: “What is a high interest rate for a credit card?” Without high interest rates, credit card balance transfers simply wouldn’t exist. Indeed, it is because credit card APR is so high that balance transfers are offered in the first place. The main reason you’ll apply for a balance transfer is to lower… Continue reading What Is a High Interest Rate for a Credit Card?
Get 0% APR for 15 Months on Balance Transfers and $25 One of the main downsides to a credit card balance transfer is the fact that a balance transfer fee is typically charged. This fee is generally 3% of the amount transferred, so it can add up quickly. Fortunately, there are lots of no fee… Continue reading Use the Wyndham Rewards Visa Signature Card to Make Your Balance Transfer Free
Winter Spending Means New Year Savings It’s time for another friendly balance transfer tip. If you’re thinking about transferring some credit card debt, the best time to do so may be early on in the calendar year. The reason being that credit card issuers, and especially local credit unions, like to send out their best… Continue reading The Best Balance Transfer Promotions Are Offered Early in the Calendar Year
A while back I wrote about balance transfers and credit card rewards. And more specifically, that you don’t earn rewards on transferred balances. Often it’s an exclusion when the credit card you transfer the balance to is offering rewards for spending. Put simply, most credit card issuers don’t consider a balance transfer to be “spending.”… Continue reading A Balance Transfer That Actually Earns Cash Back Rewards