Note: We receive a commission for purchases made through the links on this site. Our sponsors, however, do not influence our editorial content in any way.
Advertiser Disclosure: Many of the listings that appear on this website are from companies which we receive compensation. This compensation may impact how and where products appear on this site. The site does not review or include all companies or all available products.
Editorial Disclaimer: The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.
User Generated Content Disclosure: Responses are not provided or commissioned by any of our advertisers. Responses have not been reviewed, approved or otherwise endorsed by any of our advertisers. It is not any advertiser's responsibility to ensure all posts and/or questions are answered.
Tired of paying interest on your credit card debt? Don’t get caught in a cycle of trying to pay down your interest. A little known secret of avoiding paying credit card interest is using a balance transfer credit card. Transferring a balance can keep you from paying too much in credit card interest. Here are a few things to remember when shopping for a balance transfer credit card:
Always look for a balance transfer credit card that offers a 0% intro APR. This basically means that you don’t have to pay ANY interest during the intro period. Many of these cards offer intro periods for up to a year and a half. These credit cards generally come with other perks, such as cash back or travel rewards.
The only downside of a 0% intro APR credit card is that it is usually hard to be approved for the card unless you have good or excellent credit. If your credit score is not up to snuff, you can try making fixes to it yourself or you can hire one of the top credit repair companies to help you with your credit issues.
If you are transferring a massive balance, it might not make sense to use a balance transfer card. Most balance transfer cards charge a balance transfer fee, which is generally 3% of the balance. So if you are transferring a balance of $10,000, you will be paying $300 in balance transfer fees. If that is more than you would be paying in interest, you might want to reconsider. Here are some other questions to ask before applying for a credit card.
If you are applying for a new balance transfer credit card, look for one that has no annual fee. If you are paying $80 in annual fees every year, it might not outweigh the benefits of getting a balance transfer card.
If you can’t get approved for a balance transfer credit card, you have two options; improve your credit score or look for a lower interest rate loan. If you are looking to improve your credit score, look into one of the best credit repair companies to help you out. If you go the loans route, check out one of the best online loan companies, which offer lower interest rates than traditional loans.