A balance transfer is a process of when you repay existing high-interest debt with a new lower interest rate credit card. This allows for your payments to be applied to principal balance each month rather than interest charges. This may help you eliminate your card debt faster.
If you are able to find a new credit card with a very low-interest rate, little or no balance transfer fee, a credit limit high enough to accommodate your previous balance and an introductory period long enough to pay off the balance before the rate increases, then a balance transfer is a good idea.
Most credit card issuers charge between 2% and 5% of the balance as the fee for the transfer, with a minimum fee of about $5. You will usually see this fee show up separately from the transferred amount on the statement of the card you transferred the balance to.
Balance transfers don't always save you money. Depending on how much you owe, your current interest rate, and the cost of transferring the balance (the balance transfer fee), it may not be worth it.
You can find good credit card products for a balance transfer on this page. You will generally find cards with low balance transfer fees and low balance APR on this page. You can find the full list of those balance transfer credit cards below.
We also recommend you to check our top lists for balance transfer credit cards. We are going to create multiple top lists for you with additional features. Such as best balance credit cards with low APR.
There will also be additional information about rewards points, cash backs, annual fees, the interest rate for purchases, and more… If you have any questions regarding balance transfer credit cards, you can feel free to ask us.
If you already have one of these cards and if you had any experience with it, you can leave a review for your product. We are going to moderate your reviews as soon as possible and publish them.