Opening a new credit card to pay off existing credit card debt may feel counterintuitive, but a promotional balance transfer rate can really help you pay down debt faster. Traditional credit cards charge such a high rate of interest that it can feel impossible to move forward in your debt repayment journey. A low interest rate, even for a few months, allows you to direct all or most of your payments toward the principal, allowing you to quickly chop down your debt instead of slowly whittling it away.

• Please allow 1–2 statement billing cycles for your bonus points to appear on your credit card statement.
• This makes it easier to pay off in the long term and saves you the money that you’d otherwise be spending in interest.
• TRANSPARENT. We only receive payment from product providers and intermediaries for quick/direct links and adverts through to their websites.
• The Citi Rewards+® Card offers a 0% intro APR in addition to ThankYou® Points with every purchase.
• You won’t know the rate until you’re approved, as it’s determined by the issuer based on your creditworthiness.

But know that our editorial integrity and transparency matter most. If we consider a product isn’t any good, we won’t list it at all. While we aim to feature some of the best products available, we cannot review every product on the market.

The Importance Of Balance Transfer Offers

A 0% balance transfer credit card offers an introductory interest rate of 0% for a set period of time. You can transfer a balance to the credit card and not pay any interest on this balance until the offer expires. There is usually a balance transfer fee when you move debt across. Balance transfer credit cards can also leave consumers in a messy financial situation, especially if they fail to pay off their balances in full before the 0% interest introductory offer ends. Once that promotional period expires, eliminating credit card debt could be challenging (particularly if the 0% balance transfer offer was combined with a 0% APR credit card offer). And in some cases, credit cardholders can be required to pay interest retroactively on any balance left over after the conclusion of the promotional period.

What Are The Best Balance Transfer Credit Cards?

Cellular Telephone Protection can https://thebrokenspoke.ca/ reimburse the eligible Wells Fargo Consumer Credit Card cardholder for damage to or theft of a cell phone. Reimbursement is limited to the repair or replacement of your original cell phone, less a $25 deductible with an allowable maximum of two paid claims per 12-month period. This benefit does not cover cell phones that are lost (i.e. disappear without explanation). This protection is only available when cell phone bills are paid from your Wells Fargo Consumer Credit Card. The coverage does not apply if the cell phone bill is paid from a Wells Fargo Debit Card, Wells Fargo Business Credit Card, Wells Fargo Commercial Card or from the card that is linked to a Line of Credit. Coverage does not apply to cell phones that are rented, borrowed, or received as part of a prepaid plan.

At the end of your first year, Discover automatically matches your rewards earned so far, with no minimum spending or maximum rewards. The no-fee Discover It Cash Back Card also offers a 0% introductory period for both purchases and balance transfers . Moreover, you can also have MBNA transfer as much of your available credit limit into your personal checking account as you’d like. The advance will be at the same rate as the balance transfer, 0% for 12 months, with a 1% transfer fee.

The higher your credit score, the lower the rate you can expect. Remember that with a variable rate, an issuer can change the interest it charges at any time—and, per your cardmember agreement, it may not have to notify you. Opening a new card affects your credit health a few ways. For one, the application typically requires a hard inquiry that will temporarily knock your score. A new account will also lower the average age of your credit history, another factor that’s used to determine credit health. A new card with the transferred balance may nearly max out your credit limit, though it’ll increase your overall credit limit.

Are There Alternative Credit Cards Worth Considering?

We are looking to get RSP loan / ccards with low interest if you could help to suggest for our down payments sources around $20,000. With the MBNA Platinum Plus card, after you’ve been approved, you can have them “deposit” up to 100% of your credit line into your checking account as cash, at the same 0% for 12 month terms. You can then use that cash, however you’d like, including paying down your $6,000 balance on your first Platinum Plus card. You can also transfer whatever unused credit line you have on your current MBNA Platinum Plus MasterCard, to your new one.

However, keep your old account open in order to maintain a low credit utilization ratio, which will help your credit score. Indicate the amount you want to transfer from the old card to the new. Balance transfers often come with caps or maximums, so depending on how high your balance is, you may not be able to transfer it entirely. Generally, you can only transfer an amount up to your approved credit limit on the new card, including any balance transfer fee. The average credit card debt is $5,700, according to the Federal Reserve.