Category: Balance Transfer Advice

It’s that time again, where I compare balance transfers to other financial instruments to see which is best in particular situations. Today’s matchup: “balance transfer vs. personal loan.” Balance Transfers In short, a balance transfer allows you to shift high-APR debt from one credit card to another (what is a balance transfer?). Sometimes, you’re also… Continue reading Balance Transfer vs. Personal Loan

While this may sound like an obvious mistake, I wanted to clear something up for others new to the balance transfer game. A reader noted that they received a “zero percent balance transfer fee credit card” from a credit card issuer. They added that it offered 0% APR for 12 months. This is a bit… Continue reading 0% Balance Transfer Isn’t Necessarily No Fee

If you paid your taxes with a credit card this year, you certainly won’t want to be charged credit card finance charges (interest) on top of whatever you were charged to use a credit card in the first place. Yes, those services charge a fee, typically a percentage of the tax payment amount.  So if… Continue reading Pay Off Taxes with a Balance Transfer Credit Card

We all know it’s near impossible to find a no fee balance transfer these days, especially one that offers 0% APR with no fee. And we also know it’s big news when a card issuer decides to make such an offer available to the public. Discover was the most recent card issuer to do so,… Continue reading No Fee Balance Transfer to Your Purchase APR Probably a Bad Idea

If you already know what a credit card balance transfer is, you may be wondering why credit card issuers choose to offer them. In short, a balance transfer allows a consumer to move a credit card balance from one credit card to another in the hopes of saving some money. Credit card companies typically lure… Continue reading Why Do Credit Card Issuers Offer Balance Transfers?

More consumers are expected to pay off holiday debt this year, according to a recent survey from Credit.com. The study found that 59.4 percent of respondents aim to pay off their debt in full this year, rather than carry a balance. That’s up from roughly 45 percent a year ago, signaling a pretty dramatic change,… Continue reading More Consumers Expected to Pay Off Debt in 2011

Balance transfer Q&A: “How many times can you balance transfer?” Once. Five times. 28 times? The short answer is that you balance transfer as many times as you’d like, or your credit affords. But in reality, credit card issuers wouldn’t allow you to keep transferring balances over and over, because your credit score would likely… Continue reading How Many Times Can You Balance Transfer?

Balance transfer Q&A: “Should I do a balance transfer?” If you’re currently paying credit card finance charges each month, a balance transfer is probably a good idea. While it’s not uncommon to pay interest on your credit card balance(s), it’s not a healthy habit. Millions of Americans are essentially throwing money down the drain because… Continue reading Should I Do a Balance Transfer?