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?
Category: Balance Transfer Advice
What Happens to My Old Credit Card After the Balance Transfer?
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?
What Happens If You Don’t Pay Off Your 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?
How to Pay Off Holiday Debt with a 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
Credit Unions Need to Better Advertise Their No Fee Balance Transfer Offers
Earlier this year, I pointed out that one of the best places to find a no fee balance transfer credit card is at a local credit union. Why? In short, they tend not to charge a transaction fee to complete the balance transfer, something very few commercial banks are willing to do. Aside from the… Continue reading Credit Unions Need to Better Advertise Their No Fee Balance Transfer Offers
What Is a High Interest Rate for a Credit Card?
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?
Use the Wyndham Rewards Visa Signature Card to Make Your Balance Transfer Free
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
The Best Balance Transfer Promotions Are Offered Early in the Calendar Year
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
Check Your Local Credit Union for a No Fee Balance Transfer
Those looking to transfer a credit card balance will want to do so without any kind of fees. Unfortunately, most large credit card issuers charge a 3% balance transfer fee when you elect to move your debt from one card to another. This is the industry standard fee. However, what I’ve noticed in recent months… Continue reading Check Your Local Credit Union for a No Fee Balance Transfer
Beware: Balance Transfers Don’t Count as Purchases
Here’s another tip for those of you out there looking to execute a credit card balance transfer. If you don’t know what one is, read more about how they work before reading this post. So whether you realize it or not, credit cards come with a variety of different interest rates (known as APRs), depending… Continue reading Beware: Balance Transfers Don’t Count as Purchases