Credit card debt is unsecured, and in the event of default the card issuer can't come after cardholder assets. With a secured personal loan, the lender can take assets to recoup losses. Transferring a credit card balance should be a tool to escape debt faster and spend less money on interest without incurring charges or hurting your credit rating. So long as you do your research, you shouldn't have any trouble finding the right balance transfer card for you. Consumer Financial Protection Bureau.
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What to Look for in a Balance Transfer Card. Potential Pitfalls. Requesting the Transfer. Beware the Grace Period. Transfers to Existing Cards. Personal Loan Comparison. The Bottom Line. Key Takeaways Credit card balance transfers are typically used by consumers who want to save money by moving high-interest credit card debt to another credit card with a lower interest rate. Balance transfer credit card offers typically come with an interest-free introductory period of six to 18 months, though some are longer.
Many credit transfers involve transfer fees and other conditions. Any violation of the cardholder agreement can potentially nullify the introductory APR and trigger penalty rates to be applied. Article Sources. Investopedia requires writers to use primary sources to support their work. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Paying off credit card debt is an uphill battle—especially when the majority of your minimum monthly payment is going toward interest.
Getting out from under double-digit interest rates even temporarily can make a big difference. Balance transfer credit cards are an important weapon in your war on debt. This sounds like a no-brainer, but keep in mind that most balance transfer offers involve a fee for moving the balance from your old card.
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Kliment Dukovski. Updated Jan 11, Learn more about how we fact check. Can I transfer balances from two credit cards onto one? How many balance transfers can you do on one card?
How to conduct multiple balance transfers on the same card Mistakes to avoid when transferring multiple balances to one card What to do with older accounts Bottom line Frequently asked questions. Find Your Credit Card. Best Cards of November Compare All Cards. Credit Card Reviews. Card vs. Card Guides. Application Tips. Balance Transfer Guides. Best Balance Transfer Cards Compare Balance Transfer Cards.
High Limit Transfer Cards. Balance Transfers for Bad Credit. Balance Transfers for Fair Credit. We compare the following brands. See all brands. Hide details. See offer Read review. After that the variable APR will be
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