Top 5 reasons to transfer your credit card balance

Top 5 reasons to transfer your credit card balance -

Many people do not know what that balance transfers are or how to use them, so they n 'not use the large credit card function. This is unfortunate, because balance transfers can be a key tool for keeping your finances steady. Balance transfers are generally easy; Credit card issuers can guide you through the process over the phone if you sign up for a new card or using a transfer credit card balance that you already have. Some issuers even allow you to transfer a balance online. If you ever find yourself in one of these situations, you should consider doing a balance transfer:

1. I normally pay in full but can not this month.

If you know that you can not pay your monthly credit card statement in full and will be carrying a balance, you should consider a balance transfer so that you can avoid paying interest. Most of the first balance transfer cards offer 0% Intro APR for up to a year and a half, giving you plenty of time to pay your balance without paying interest. If you have good credit, there is no reason you should pay interest on the balance of your credit card.

What credit card balance transfer to use: Slate from Chase. This is the best around transfer credit card balance. It offers 0% APR for 15 months, which gives you plenty of time to pay your balance, the more he has no balance transfer fee. So it costs you nothing to transfer your balance. It also has no annual fee, so you really do not pay extra for this card. If you need a little more time to pay off your balance, you can try the Citi Simplicity card, which offers 0% Intro APR for 18 months, but has a 3% balance transfer fee.

2. I always carry a balance.

If you are constantly a balance on your credit card, it may feel like all you do is pay the interest you pay each month. You are basically put small plasters on a deep cut. What you need to do is find a credit card with a lower APR. While credit cards offer a 0% introductory APR for up to a year and a half, this time is not enough for some. Even if you plan a balance for years, you can probably get a much lower APR.

What credit card balance transfer to use: Barclaycard Ring MasterCard. This credit card is one of the APR's lowest we have seen, 8%. It does not transfer the balance or annual fees, so you will not be charged anything for using the card. If you are able to pay your balance in a year or two, we recommend the Chase Slate credit card with a 0% Intro APR for 15 months and no balance transfer fees or the Citi Simplicity, with a 0% intro APR for 18 months.

3. I carry a balance, but also want to earn rewards for new purchases.

If you want to make the most of your new transfer credit card balance, you must choose a credit card that also offers great rewards. In addition to a 0% Intro APR for prolonged periods, many credit cards also offer cash back bonus and the point of introduction and ongoing rewards for everyday purchases. If you get a new card to transfer your balance, why not make a little extra money

What balance transfer credit card to use :? Either discover Blue Cash Everyday Card from American Express (NextAdvisor a seller). The Discover card has a longer intro period with 0% introductory APR for 18 months, even if it has a 3% balance transfer fee. With rewards it offers 5% cash back on purchases in select categories and 1% on all other purchases. Blue Cash Everyday Card from American Express offers 0% Intro APR for 15 months on balance transfers, even if they have a 3% balance transfer fee. Regarding rewards, the card offers 3% cash back in American supermarkets, 2% cash back on American gas and select department stores and 1% cash back on other purchases. Neither card has an annual fee.

4. I carry a balance on several cards and paying interest on all of them.

Why go through the pain of paying a bunch of different bills every month? You can kill two birds with one stone by transferring all your balances to a credit card credit card. He not only makes life easier by reducing the amount of the invoices you get, but it can also cut out all the extra interest you pay if you find a card with a large 0% introductory APR or a very low APR underway.

What credit card balance transfer to use: Citi Simplicity Card. You do not pay much for this card. It has a 0% Intro APR for 18 months, which is the longest introductory period we saw. In addition, there are no late fees, no penalty fees and no annual fee ... ever. There is, however, a 3% balance transfer fee. If you have a large balance and will not pay the balance transfer fee, you can also try the Slate from Chase card.

5. My current credit card just shrugged my April

If you have good credit, credit card companies are falling over themselves to get your business. Do not be held hostage by your credit card. Get a new one. If you have a 0% Introductory APR recently expired, you may also be able to transfer to a new one. However, even doing this without making a hole in your balance can be a bad sign for lenders. Still, if you can do it, it will probably save you a lot in interest payments.

What balance transfer credit card to use: Any transfer credit card balance. If you do not carry a big balance and all you wan to do is switch to a card with a lower APR, the world is your oyster when it comes to balance transfer cards. To choose the card that is right for you, visit our balance transfer calculator to find the best credit card for your needs.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and has not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but the terms and conditions of card can change at any time. This site may be compensated by the sending credit card affiliate program.