Review: Alliant Credit Union Visa Platinum Card Balance Transfer

If you have credit card debt, you are probably paying a high (double-digit) interest rate. One of the best ways to get out of debt faster is to use a 0% balance transfer offer. At MagnifyMoney, our favorite balance transfers have no balance transfer fee. Alliant Credit Union — a credit union that anyone can join — is offering a no-fee 0% balance transfer for 12 months. Although there are longer 0% balance transfers on the market, this is a solid no-fee option that can help you save money and become debt-free faster.

One added perk: Once you become a member of the credit union to take advantage of the balance transfer offer, you will also be able to take advantage of Alliant’s other competitive products. They offer a savings account that pays 1.05% APY. They offer 2.5% cash back on a new credit card. And their mortgage and auto loan rates are some of the lowest in the country. Alliant, one of our favorite credit unions in the country, provides the value you expect from a credit union with the user interface and digital tools that you would expect from a bank.

Visa® Platinum Card from Alliant CU

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On Alliant CU’s Website

Visa® Platinum Card from Alliant CU

Intro Rate
0%
promotional rate
Fee
$0
APR
9.99%-21.99%
Transfer Period
12 months
Credit required
Average

Average

  • As low as 0% introductory rate for 12 months (After the introductory period, a low standard variable rate applies, ranging from 9.99%-21.99%)
  • No annual fee
  • No balance transfer fee (unless associated with a promotional offer)
  • Generous credit lines
  • $0 fraud liability guarantee

How the Card Works

The Alliant Visa Platinum Card is a very simple, straightforward credit card. There is no annual fee, and there are no rewards. You will probably be given a 0% intro APR on purchases and balance transfers for the first 12 months that you have the card (more on that later). Even better — there is no fee for the balance transfer. After 12 months, the APR will range from 9.99% to 21.99%, depending upon your credit score.

Unfortunately, there is one part of this card that is a little complicated — and could lead to disappointment. You are not guaranteed the 0% interest rate for the 12 months. Depending upon your credit score, the interest rate during the 12-month promotional period could be as high as 5.99%. While a 5.99% rate (especially for someone with a less than perfect credit score) could be a good deal — it is certainly not the 0% intro APR being advertised.

In order to get the credit card, you will need to become a member of the credit union. There are a number of ways that you can become a member. Some of the ways are free (for example, you live in a community in Illinois that is covered). But for most people, the easiest way to join is to make a $10 donation to Foster Care to Success. This is an organization that serves foster teens across the U.S. that are “ageing out” of the system. Once you make that contribution, you will be eligible to join the credit union and get the credit card (along with other credit union products). The application process is easy — you just need to select “not a member” at the beginning of the process, and it will walk you through the membership process as part of your credit card application.

The credit card does offer some standard credit card perks, like $0 fraud liability and rental car insurance. However, the real value is the low interest rate that can help you become debt-free fast.

If you want to earn rewards, Alliant does offer another card — the Visa Platinum Rewards Card. This card has the same balance transfer offer (0% for 12 months with no balance transfer fee). But with this card, you also earn rewards. You can earn 2 points for every $1 spent on the card. However, the APRs (after the balance transfer period) will be higher. In general, we advise people to separate their spending from their borrowing. Cards that offer no rewards tend to have lower interest rates, and cards with rewards have higher interest rates — as we see in this case. If you are looking to become debt-free, it is probably better to ignore rewards and get the lowest interest rate possible.

How to Qualify for the Card

Alliant targets people with good or excellent credit. In general, that means you have a decent chance of being approved if your score is in the mid-600s, but you have a much better chance of being approved if your score is above 700.

In addition, Alliant (like all lenders) will need to be comfortable that you will be able to afford your payments. That means you will need to have a steady source of income. In addition, the lender will likely look at your total debt in relation to your income. If you have too much debt, you will find it more difficult to get approved.

What We Like About the Card

No fee for the balance transfer.

There is nothing better than free. And with no balance transfer fee and no interest for 12 months, that is exactly what you get. Pay down as much of the debt as possible during the promotional period — because every dollar of every payment will go toward principal.

It is from a credit union.

At MagnifyMoney, we like credit unions — in theory. As member-owned organizations, credit unions do not need to worry about shareholders and should be able to offer better value and lower interest rates. Unfortunately, far too many credit unions have websites that look like they were designed in the 1990s. With Alliant, we finally have a credit union that has made the application process easy, and has a great website. Alliant is delivering on the true potential of a credit union.

What We Don’t Like About the Card

It is not the longest balance transfer.

There are a number of longer no-fee balance transfer options on the market. You can get a no-fee balance transfer for as long as 15 months from some of the leading banks in the country.

You are not guaranteed a 0% intro offer — the rate could be higher.

In the fine print, Alliant makes it clear that you might not get a 0% intro rate. The intro rate could be as high as 5.99%, depending upon your credit score. The only silver lining: Alliant is willing to give intro rates to people with less than perfect credit. But we still find it a bit annoying that you could apply for a 0% intro rate and end up with a 5.99% rate instead.

Joining the credit union costs money.

If you can’t find a free way to join the credit union, you will have to make a $10 donation. We certainly like the cause that you would be supporting. However, it is still additional money that you would need to spend in order to get access to the product.

How to Complete a Balance Transfer

Completing the balance transfer is easy. During the application process, you can provide the credit card number of your existing credit cards (where the debt is located now). Alliant will then make a payment to your existing credit card companies.

Alternatively, you can call Alliant once you have the card to complete the balance transfer on the phone.

Just remember these tips:

  • If you start the balance transfer close to the payment date, you might want to make the minimum payment to ensure you don’t get hit with any late charges. Although balance transfers usually process quickly — they can take a couple of weeks. And you would not want to get stuck with a late fee.
  • Get the transfer done as quickly as possible. The 0% is for 12 months from when you open the account — not from when you transfer the debt. The faster your transfer the debt, the more money you can save.

Alternatives to the Card

If You Want a Longer Intro Period and No Balance Transfer Fee

Chase is the largest credit card issuer in America. It offers a great balance transfer on its Chase Slate credit card. Save with a $0 introductory balance transfer fee and get 0% introductory APR for 15 months on purchases and balance transfers, and $0 annual fee. Just remember that you cannot transfer debt from other Chase products — including co-brand credit cards for airlines (like United and Southwest) or hotels (like Marriott or Hyatt).

Barclaycard is the American credit card division of Barclays Bank. Barclays is a large British bank. With Barclaycard Ring, you can get 0% intro APR for 15 months on a balance transfer and no intro balance transfer fee — so long as you complete the transfer within 45 days of opening the card. Just remember: Barclaycard only accepts people with excellent credit.

Who Benefits Most from the Card

If you have credit card debt that you think you can pay off in a year, this is a great option. With no balance transfer fee and 0% interest for one year — you can pay down your debt quickly. If you think it will take longer to pay off your debt, you might want to consider a longer balance transfer from a more traditional bank.

FAQs

Yes, anyone can join. During the application process, you will be asked if you are already a member of the credit union. Just select “not a member” and you can join during the application process.

Once the introductory period is over, interest will start to accrue at the standard purchase interest rate on a go-forward basis. Interest during the introductory period is waived — so you do not need to worry about a retroactive interest charge.

In the short term, your credit score will probably take a small hit (5-10 points) because you applied for new credit. However, over time, a balance transfer can increase your credit score with proper practices. This is because while new credit makes up 10% of your credit score, the amount you owe accounts for 30%. By using a balance transfer, you will reduce your interest rate. That should help you get out of debt a lot faster.

The post Review: Alliant Credit Union Visa Platinum Card Balance Transfer appeared first on MagnifyMoney.

Citi Simplicity Review: Now 0% Balance Transfer for 21 Months

Citi Simplicity has one of the longest 0% balance transfer offers on the market. If you transfer credit card debt to Simplicity, you will get a 0% intro APR for an incredible 21 months. There is a 3% balance transfer fee. You should do the math (and we will help you later in this post) — but for most people the fee is worth paying. As the name implies, Citi has tried to make this card “simple.” That means no late fees, no annual fee, and no penalty APR. It also means no rewards. If you have credit card debt at a high interest rate, Simplicity can help you save a lot of money and become debt-free faster if you use it wisely.

Citi Simplicity® Card

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On Citibank’s Website

Citi Simplicity® Card

Intro Rate
0%
promotional rate
Fee
3%
APR
14.24%-24.24%
Transfer Period
21 months
Credit required
Good

Good

  • The ONLY card with No Late Fees, No Penalty Rate, and No Annual Fee… EVER.
  • 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the variable APR will be 14.24% - 24.24% based on your creditworthiness.
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
  • The same great rate for all balances, after the introductory period.
  • Save time when you call with fast, personal help, 24 hours a day – just say “representative”
  • Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month.

How the Card Works

The card gets its name, Citi Simplicity, from its effort to keep things simple. There is never an annual fee, late fee, or penalty rate. There is an introductory offer of 0% for 21 months which includes balance transfers made within the first four months of opening the card and all purchases made during the 21-month period. After 21 months your rate will depend on your creditworthiness. Additionally, after the introductory rate ends, you will see the same interest rate for purchases, balance transfers, and cash advances.

The Introductory Offer

This is the longest 0% purchase offer that we have found on the market. If you need to finance a purchase, it will be hard to find a better deal. What we particularly like about this 0% APR is that the interest is waived, not deferred. Most store credit cards only defer the interest (and for far fewer than 21 months), and you would be hit with a big penalty if you don’t pay the balance in full before the promotional period is over. That is not the case with Citi Simplicity.

In addition to the 0% purchase offer, there is also a very strong 0% balance transfer offer. You will pay no interest for 21 months, but will need to pay a 3% balance transfer. If you think you can pay your debt in full within 6 months, a balance transfer is usually not worthwhile. However, if you think it will take longer than 6 months, the fee is usually worth it and you can use this calculator to see how much you can save.

Here is an example to help understand the math. If you are making a monthly payment of $300 on $10,000 of credit card debt at a current interest rate of 17% and you transfer it to the Citi Simplicity card, you will be charged a $300 upfront fee. However, during the 21-month promotional period you would save over $2,000 — making the $300 fee worthwhile.

What Happens After 21 Months

Even if you still have a balance at the end of the 21 months, interest will start to accrue on your remaining balance on a go-forward basis. There is no penalty, and no retroactive interest will be applied.

No Late Fee

Most credit cards charge a late fee of around $30 when you miss paying at least the minimum payment by the deadline. However, the Citi Simplicity does away with this fee and will let you choose your payment due date when you sign up.

However, just because Citi doesn’t charge a late fee doesn’t mean there aren’t consequences for making a late payment. If your payment is more than 30 days late, Citi would report that information to the credit bureau. This can have a negative impact on your credit score that can result in higher interest rates when you later apply for new lines of credit.

No Penalty Rate

Most credit cards in addition to charging a late fee will penalize you with an increased interest rate when you are late with a payment. This rate could be somewhere in the 30% range for purchases moving forward. The Citi Simplicity Card promises no penalty rate, meaning even if you are late with a payment, after all mistakes happen, you won’t be gouged with your credit card interest rate. However, if you bounce a check for payment, then you can be charged $35.

Same Interest Rate No Matter What You Use Your Card For

The Citi Simplicity card, keeping things simple, makes the interest rate for purchases, balance transfers, and cash advances all the same. Many other credit cards will have different interest rates for each.

Price Protection

It’s already been mentioned that the Citi Simplicity card does not offer any rewards programs. However, they do offer some price protection. It’s called Citi Price Rewind. After you make a purchase with your card, you can register that purchase with Citi. Then Citi will search for lower prices across hundreds of online retailers. If Citi finds it at a lower price within 60 days, you will receive the difference between what you paid and the lower price found, up to $500 per purchase and $2,500 per year.

The only downside is this benefit only applies to certain purchases. For example, it doesn’t apply to purchasing a car, but can apply for tires purchased. You can view the full list of what qualifies here. If you find a lower price yourself, then you can submit a Price Rewind Benefit Request.

How to Qualify for the Card

You need to have good or excellent credit in order to be approved for the credit card.

In addition to a strong credit score, you will also need to demonstrate your ability to repay the debt. Citi will look at your total debt relative to your income to ensure that you are not too deep into debt. This product is not a way for people in trouble to get a lower rate — it is a way for Citi to get borrowers with a good profile who want a lower interest rate.

What We Like About the Card

A very long 0% period.

At a 3% balance transfer fee, this is the longest balance transfer on the market. Time is money — and every additional month at 0% can represent considerable savings.

Fewer “gotcha” fees.

Although we hope you never need to take advantage of these benefits, the card has no late fees and no penalty APR. In order to avoid even the risk of a late fee, we strongly recommend that you automate your monthly payments. However, mistakes can happen — and we do applaud Citi for removing some of the most annoying fees.

Price Rewind — it is actually a nice feature.

Price Rewind is a feature that is not used enough. Citi will look for a better deal — and give you the difference if you overpaid. This isn’t just a promise — we have spoken with people who have benefited from this feature.

What We Don’t Like About the Card

There is a balance transfer fee.

In most cases, and for most people, the fee will more than pay for itself. However, there are other balance transfer deals on the market that don’t have a fee. Just make sure you do the math to ensure that the fee is worth paying in your situation.

The rate after the 0% intro offer is not low.

After the intro period is over, the go-to purchase APR is not low. It ranges from the teens to the 20s, depending upon your credit risk. Hopefully, the 21-month period is long enough to eliminate your debt completely.

How to Complete a Balance Transfer

After receiving your card, you should call the number on the back of your card to initiate the balance transfer. You will need to give the credit card number of the credit card that has the debt. You cannot transfer debt from another Citi credit card (including its co-brand cards).

Although it can take less time, Citi warns that a balance transfer takes at least 14 days to complete. And you will remain responsible for making all payments on your card until the transfer is complete. We recommend paying close attention so that you do not end up with any late fees on your existing cards.

Alternatives to the Card

If You Want to Avoid a Balance Transfer Fee

There are two options if you want to avoid a balance transfer fee: Chase and Barclaycard. Both are good options.

Chase is the largest credit card issuer in America. It offers a great balance transfer on its Chase Slate credit card. You can get 0% interest (on transfers made within 60 days of opening the card) for 15 months. There is no intro balance transfer fee and no annual fee. Just remember that you cannot transfer debt from other Chase products — including co-brand credit cards for airlines (like United and Southwest) or hotels (like Marriott or Hyatt).

Barclaycard is the American credit card division of Barclays Bank. Barclays is a large British bank. With Barclaycard Ring, you can get 0% for 15 months on balance transfer and no balance transfer fee — so long as you complete the transfer within 45 days of opening the card. Just remember: Barclaycard only accepts people with excellent credit.

Who Benefits Most from the Card

If you have a lot of credit card debt that will take a long time (more than 15 months) to pay off, this card is a great option. Over 21 months, the savings can be incredible. Just make sure you take advantage of the 0% period to attack your debt as quickly as possible.

FAQs

No — you do not need excellent credit. Citi will approve anyone with good or excellent credit.

Once the introductory period is over, interest will start to accrue at the standard purchase interest rate on a go-forward basis. Interest during the introductory period is waived — so you do not need to worry about a retroactive interest charge.

In the short term, your credit score will probably take a small hit (5-10 points) because you applied for new credit. However, over time, a balance transfer can increase your credit score with proper practices. This is because while new credit makes up 10% of your credit score, the amount you owe accounts for 30%. By using a balance transfer, you will reduce your interest rate. That should help you get out of debt a lot faster.

The post Citi Simplicity Review: Now 0% Balance Transfer for 21 Months appeared first on MagnifyMoney.

Review: Aspire Credit Union Platinum MasterCard Balance Transfer

When you have a less than stellar credit score, and you’re battling credit card debt, it can seem like a steep uphill battle. You want a balance transfer, but finding a card that you qualify for and that has a low introductory rate for balance transfers can be tough. This is where the Aspire Platinum MasterCard (from a credit union) comes into play.

It offers a 0% introductory APR on purchases and balance transfers for the first six months. It also doesn’t charge a balance transfer fee during the introductory period. There is no annual fee, and the standard purchase APR is much lower than the competition. This is the best balance transfer for fair credit that we could find on the market.

MasterCard Platinum from Aspire FCU

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On Aspire Credit Union’s Website

MasterCard Platinum from Aspire FCU

Intro Rate
0%
promotional rate
Fee
2%
APR
8.90%-18.00%
Transfer Period
6 months
Credit required
Average

Average

  • No annual fee
  • 0% introductory APR on purchases and balance transfers for the first 6 months
  • After intro period variable 8.90%-18.00% APR
  • 2% balance transfer fee, waived during the intro period
  • 1% foreign transaction fee
  • Generous credit limits

How the Card Works

In order to apply for this credit card, you need to open a savings account and maintain a minimum deposit of $5, and you will need to be a member of the credit union. Fortunately, anyone can join the credit union. During the credit card application process, you can elect to join the American Consumer Council (at no cost), which will make you eligible for all credit union products.

The credit card itself is relatively simple. The Platinum MasterCard has been created for people with fair to good credit. The card has a good intro balance transfer offer and much lower ongoing interest rates than traditional credit card companies.

The balance transfer offer is relatively simple. You will get a 0% introductory APR for six months with no balance transfer fee during this period. Although there are much longer balance transfer offers in the market, most of those are not available to people with fair credit. So, although this is a relatively short balance transfer, it might be the best offer for someone with fair credit.

The card has no annual fee. After the 0% intro offer the interest rate will revert to the standard purchase APR, which is from 8.90% to 18%. Most credit card issuers tend to start in the teens and end in the 20s (14%-24%, for example). These are very good rates — and for people with fair credit, these could be excellent rates.

Just remember: You can only transfer debt from other credit card issuers. That is probably not an issue (because you most likely do not already have debt with Aspire), but it is something to remember. Also, the 0% offer lasts for six months from the date you open the card, not six months from the date you transfer the debt. So you should get the transfer done as soon as possible.

How to Qualify for the Card

The Aspire Platinum MasterCard is designed for those with a fair to good credit score, somewhere between 600 and 700. If you fall in this range, you are likely to qualify.

Just remember that credit score is only part of the underwriting decision. Most credit card issuers, including this credit union, will want to know that you can afford to repay the debt. That means you will need to have a job and sufficient income.

What We Like About the Card

Finally, a balance transfer for people with fair credit.

If you have fair credit, it can be impossible to get approved for a balance transfer offer. This is one of the only (and by default, best) deals that we could find to get a 0% balance transfer. Just remember: This offer is for people with fair to good credit. If you have good credit, you can find a much better deal with someone else (with a longer balance transfer). But if you have fair credit (low 600s), this is probably one of the best deals out there.

Low ongoing APR.

Because this balance transfer offer is only for six months, you will probably still have debt remaining after the balance transfer is over. Fortunately, Aspire offers credit union rates. There are no rewards on the card — but that helps to keep the interest rate low.

What We Don’t Like About the Card

Short introductory period.

The Aspire card has a very short introductory period of only six months. This is low compared to other cards that have intro periods around 15 months and can be as many as 21 months (or more). If you have good credit, you can find better deals elsewhere.

No rewards program.

You might also take note that the Aspire Platinum MasterCard does not include any rewards program. Aspire offers the Platinum Rewards MasterCard and World Rewards MasterCard as rewards card options. However, they both require a good to excellent credit score.

How to Complete a Balance Transfer

To transfer your existing credit card debt to a new balance transfer credit card, you need to call your new credit card company and give them your old account number. Then they will pay off that credit card for you and tack that debt onto your new card. There are a few things to make note of before you complete a balance transfer to ensure the most benefit:

  • Note that you can’t transfer balances between cards from the same bank.
  • Make sure you request a balance transfer within six months of receiving your new credit card or receiving an offer.
  • Check to make sure the terms of the balance transfer match the offer you received.
  • Make sure you always pay your bill on time or you may lose your balance transfer offer.

Alternatives to the Card

If you have fair credit (low 600s), this might be one of your only options. However, if you have good or excellent credit, there are much better balance transfer deals on the market.

Many cards offer an introductory period of at least 12 months, and some offer introductory periods of 21 months or longer. These cards also do not charge an annual fee or new member fee.

If You Want a Longer Intro Period (And Are Willing to Pay a Transfer Fee)

The Citi Simplicity Credit Card has a 0% introductory period for 21 months. This is one of the longest intro periods we have seen and can be extremely beneficial. There is a 3% balance transfer fee that isn’t waived during the intro period, unlike Aspire. However, the length of the intro period may save you money if you have a large amount of debt and need time to pay it off. Besides no annual fee, Citi Simplicity boasts no late fees and no penalty rate. The APR for Citi is higher than Aspire, ranging from 14.24% to 24.24%, but if you plan on paying off your debt before the end of the intro period and pay each statement on time, the APR won’t be a major point.

If You Want a Longer Intro Period and No Balance Transfer Fee

The Chase Slate card is another option for balance transfers. Save with a $0 introductory balance transfer fee and get 0% introductory APR for 15 months on purchases and balance transfers, and $0 annual fee. Plus, receive your Monthly FICO® Score for free. Just make sure you complete your balance transfer within 60 days of opening the account.

Who Benefits Most from the Card

The short introductory period makes the Aspire Platinum MasterCard a good option for people with a fair credit score who have a debt to pay off. Not only do you get a nice low intro rate, but the ongoing APR will likely be lower than your current credit card.

However, if you have good credit, then you could easily get a balance transfer card with a longer introductory period.

FAQs

Yes, anyone can join at no cost. When you apply for the card, you will also be asked to register as a member of the credit union, at no additional cost. All that is needed is for you to deposit $5 in a savings account. Note that the $5 must remain in the account during the length of time you have the credit card.

Once the introductory period is over, interest will start to accrue at the standard purchase interest rate on a go-forward basis. Interest during the introductory period is waived — so you do not need to worry about a retroactive interest charge.

In the short term, your credit score will probably take a small hit (5-10 points) because you applied for new credit. However, over time, a balance transfer can increase your credit score with proper practices. This is because while new credit makes up 10% of your credit score, the amount you owe accounts for 30%. By using a balance transfer, you will reduce your interest rate. That should help you get out of debt a lot faster.

The post Review: Aspire Credit Union Platinum MasterCard Balance Transfer appeared first on MagnifyMoney.

Barclaycard Ring Review: 0% Balance Transfer Until 2018

If you are looking for a balance transfer, this is one of the best offers available in the market. Barclaycard Ring has a 0% intro APR for 15 months on balance transfers made within the first 45 days of opening the card. Even better — there is no intro balance transfer fee. There is also no annual fee, so this is a great choice for anyone looking to get out of credit card debt cheaper and faster.

Barclaycard Ring™ MasterCard<sup>®</sup>

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On Barclaycard’s Website

Barclaycard Ring™ MasterCard®

Intro Rate
0%
promotional rate
Fee
$0
APR
13.74%
Transfer Period
15 months
Credit required
Excellent

Excellent

  • 0% Introductory APR for the first 15 months on purchases. Plus, you'll get a 0% introductory APR for 15 months on Balance Transfers made within 45 days of account opening. After that, a variable APR will apply, 13.74%
  • No balance transfer fees
  • No foreign transaction fees
  • No annual fee
  • Chip technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
  • Free online access to FICO® Credit Score

How to qualify for the Barclaycard Ring MasterCard

The Barclaycard Ring MasterCard is only for people with excellent credit. If you have good (but not excellent) credit, consider the Chase Slate® card — another card with a very good balance transfer offer. Although banks keep their approval criteria to themselves, here is a good idea of what it takes to get approved by Barclaycard:

  • Have an excellent credit score.
  • Don’t have too much credit card debt.
  • You should be current on all of your accounts — no delinquency.

Credit card companies tend to reject people with high debt burdens. You calculate your debt burden by adding up all of your monthly fixed expenses and dividing the number by your monthly income. Your main expenses will be your housing, then any auto payments, student loan payments, and payments for any other credit lines or loans that appear on your credit report. If your debt burden is above 50%, you will find it difficult to get approved. Ideally, your debt burden should be below 40%.

If your debt burden is too high to get approved, or your score hasn’t quite reached “good” yet, you may want to consider applying for a personal loan instead. You’ll have an easier time getting approved and might get a lower APR than your high-interest card. You can use the loan to pay off your credit card debt, then make regular payments on the loan, which will help build your credit score over time.

You can shop for a personal loan from multiple lenders — without hurting your score — here.

Who is Barclaycard?

Barclaycard is the credit card division of UK-based Barclays PLC, one of the world’s largest multinational banking and financial services companies. If you’ve never heard of Barclays, it’s probably because the bank isn’t as big in the United States; however, the bank is no small fish. Barclays is also active in retail, wholesale and investment banking, wealth management, and mortgage lending. The bank is secure — it is the only big UK bank that didn’t require a bailout from the government.

Why we like the Barclaycard Ring MasterCard

Not only does the Barclaycard Ring MasterCard offer one of the best no-fee balance transfer options on the market — but it also has a much lower go-to APR after the balance transfer period is over.

With the Barclaycard Ring MasterCard you won’t pay any interest on balance transfers made within 45 days of opening the card for the first 15 months. After that period, Barclaycard applies a 13.74% variable APR to the remaining balance. There is no balance transfer fee, and the card has no annual fee.

Barclaycard waives the interest during the balance transfer period. You do not need to worry about deferred interest charges. If you still have a balance after the promotional period is over, there will be no retroactive charges or penalties. You will only pay interest, at the 13.75% rate, on the remaining balance on a go-forward basis.

The go-to APR is unique for two reasons. First, the 13.74% rate is pretty low compared to the 15% or higher APR consumers pay to use most credit cards, and significantly less than the more than 20% APR charged on most store credit cards. Even better — everyone approved will get the 13.74% interest rate. There is not a wide range of interest rates, which you typically find with other credit card issuers. However, this rate may vary with the market based on the prime rate.

Barclaycard has another interesting feature — charity giveback. A portion of Ring’s profits will be given to charity. And, as a Ring cardholder, you can vote on which charities get the money. We like that this card offers a great financial deal — and tries to give back to the community at the same time.

What to watch out for:

  1. You need to have “excellent” credit to qualify for the Barclaycard Ring MasterCard, so most people might not make the cut.
  2. Once you have the card, take care not to miss a payment or you’ll be hit with a $27 late payment fee.
  3. The introductory balance transfer offer is only for the first 45 days after you open the account. Don’t miss this window, or you’ll lose the balance transfer offer.
  4. Barclaycard still has high cash advance charges, so you should do your best to avoid taking one. You shouldn’t take a cash advance on a credit card anyway, as interest starts accruing immediately, and it can quickly become an expensive way to borrow money.

How to complete a balance transfer with Barclaycard

Completing a balance transfer with Barclaycard is easy. While applying for the product, you can provide the credit card number of the card you want paid off.

We have put together a step-by-step guide to help you through the process. The online process should take fewer than five minutes. If you have trouble completing the transfer online, you can always call the bank.

Beware: The balance transfer may take as long as four weeks to post to both of your accounts. Continue making payments to each creditor until you receive confirmation that the old balance has been paid off.

2 alternatives to the Barclaycard Ring MasterCard

You won’t qualify for the Barclaycard Ring MasterCard if you already have your debt with Barclaycard. Also, if you don’t have “excellent” credit, you will find it difficult to get approved. Here are a few good options to consider.

A similar offer for people with good credit

Chase has a similar balance transfer offer. A $0 introductory balance transfer fee with 0% introductory APR for 15 months on purchases and balance transfers, and $0 annual fee. Plus, receive your Monthly FICO® Score for free.

For people who need more time to pay off their debt.

If you think you might need a few more months to pay off your credit card balance interest-free, you should consider the “Discover it – 18 Month Balance Transfer Offer.” If you have good or excellent credit, you have a good chance of qualifying for the Discover it card. You will have an introductory 0% APR on balance transfers for the first 18 months, with a 3% balance transfer fee.

Frequently asked questions about the Barclaycard Ring MasterCard

You will have 45 days from when you open the account to complete a balance transfer that qualifies for the 0% interest introductory period. Any balance transfer completed after the 45-day period will not be subject to the promotional 0% intro-rate.

If you don’t pay off the balance transfer during the introductory period, you will be charged 13.74% APR, varied based on the prime rate, on the remaining balance on a go-forward basis.

Yes, the introductory interest-free period applies to all charges made in the first 15 billing cycles as well as to balance transfers made within the first 45 days of opening the account.

You can transfer debts from MasterCard, Visa, American Express, or Discover Card accounts. If the debt you want to transfer is not on a MasterCard, Visa, American Express, or Discover Card account, you’ll need to call the number on the back of your card to make the balance transfer once you are approved for the card.

If you miss a payment, you will be charged a late payment fee up to $27.

The Barclaycard Ring MasterCard is a great option for those seeking to ditch high-interest credit card debt. It makes no sense to put your hard-earned money toward paying interest on your debt when you don’t have to. So, if you have excellent credit and high-interest debt to pay off, consider the Barclaycard Ring MasterCard.

The post Barclaycard Ring Review: 0% Balance Transfer Until 2018 appeared first on MagnifyMoney.

How Transferring a Balance Affects Your Credit Score

Are you thinking about taking advantage of a balance transfer offer? They’re awfully tempting and can be an excellent way to efficiently pay off your debt.

Thinking of taking advantage of a balance transfer offer? It can be an excellent way to pay off your debt. But how will transferring a balance affect your credit score? And of what potential pitfalls should you be aware?

It’s impossible to predict exactly how any one financial decision will affect your credit score. We can guess based on what we know about credit-scoring algorithms, and credit score simulators are can show you how a particular choice might affect your score. But so many factors influence your score that an exact effect is difficult to predict.

With that said, we can look at two areas of your credit score a balance transfer will most likely impact: your credit utilization and new credit inquiries.

Balance Transfers & Your Debt-to-Credit Ratio

Your credit utilization, or debt-to-credit ratio, is the second most important piece of your credit score, behind your payment history. It’s essentially a measure of how much you owe versus how much credit you have available.

Say, for instance, you owe $1,000 on a card with a $2,000 limit. In this case, your debt-to-credit ratio is 50%. (You can see how your debt is impacting your credit by viewing two of your scores for free on Credit.com.)

If you’re approved for a new credit card with a balance transfer offer, you’ll wind up with a higher overall credit limit. This could be a good thing, since it will push your debt-to-credit ratio lower.

In the above example, if you’re approved for a new card with a $1,000 limit, your total credit limit will be $3,000. As long as you don’t accrue more debt, your total debt-to-credit ratio will be about 33%. Since that’s better than 50%, your credit score should be fine. Plus, with a lower interest rate, you can presumably pay off the debt quicker. As your debt decreases, so will your debt-to-credit ratio, which means your credit score will climb.

What About New Credit Inquiries?

A balance transfer’s effect on your credit score isn’t all good. To open a new credit card, the card issuer will pull your credit score, which will most likely add an inquiry to your credit file and cause a small but temporary decrease in your score. The impact won’t likely be large unless you apply for several balance transfer cards at once.

The Possible Pitfalls of Balance Transfers

A balance transfer card can be good in some circumstances, but it has potential drawbacks. Here’s what to avoid if you opt for a balance transfer:

Taking on More Debt 

If you’re already dealing with credit card debt because of your spending habits, a balance transfer may be the wrong choice. Opening a new credit card gives you access to more credit, and with that access can come the temptation to spend. If you’re likely to reach your credit limits, a balance transfer card may not be for you.

Paying Too Much in Balance Transfer Fees

Most balance transfer cards come with a one-time fee. This fee may be worth it if it gets you out of paying loads of interest every month. But it might also cost more than you’re willing to pay. Be sure you know what the fee is upfront.

Maxing Out a Credit Card

Scoring algorithms like FICO’s look at both your overall credit utilization and your per-card credit utilization. So maxing out a balance transfer card to take full advantage of a low- or no-interest offer may negatively affect your credit score, even if opening the new card decreases your overall debt-to-credit ratio.

Should You Transfer a Balance?

Is a balance transfer right for you? If transferring a balance helps you save money and pay off debt faster, it’s most likely the right choice. Just be careful if you’re preparing to apply for a larger loan, like a mortgage. Even a small ding at the wrong time can hurt you. Still, transferring a balance and efficiently paying off debt will have great consequences for your credit score over the long term.

Image: Geber86

The post How Transferring a Balance Affects Your Credit Score appeared first on Credit.com.

How to Do a Balance Transfer with Citi

Here's the Right Way to Use a Student Credit Card

A balance transfer can be a great way to consolidate debt and reduce your interest rate. Citi credit cards offer some of the best options for balance transfers. If you’re looking for a balance transfer card that has low fees and a long 0% introductory APR, you might want to consider the Citi Diamond Preferred.

The Citi Diamond Preferred card currently has a 0% balance transfer offer good for 21 months. There is no annual fee; however, Citi will charge $5 or 3% of the total amount transferred to the card, whichever is greater. The card does offer some perks. Citi cardholders can access their FICO score for free and have access to the Citi Easy Deals portal, which provides discounted shopping items for everything from clothing and accessories to household goods. In this guide, we’ll explain exactly how to apply for a balance transfer with the Citi Diamond Preferred credit card. Although Citi offers balance transfers on other Citi cards, this is one of the best offers out there at this time.

If you are ready to take advantage of the Citi Diamond Preferred card balance transfer offer right now, you can click on the green “Go To Site” button below.

If you have a Citi card and want to complete a balance transfer, keep reading and we will explain the process step by step.

Why You Should Consider a Balance Transfer

Setting up a balance transfer is pretty simple, and a great way to get rid of the high interest rate on your credit card debt. At the very least, a balance transfer can buy you time to catch up on old debts. With a 0% APR, every dollar you put toward paying off your debt will go toward the principal balance. And because interest charges won’t continuously work against your progress each month, you should be able to pay down your debts a lot faster.

How to Apply for a Balance Transfer with Citi

With the Citi Diamond Preferred card, you can apply for a balance transfer by phone or online. If approved, you can opt to receive a balance transfer check easily and quickly by phone or online. A balance transfer check is similar to a regular check only it’s issued by the bank (Citi in this case) and used to withdraw cash from your credit line.

With the check, you’ll need to send the money directly to the company that has the debt you’d like to pay off. With the Citi Diamond Preferred card, you can even set up direct deposit for your balance transfer so the funds will go directly into your account if you are trying to pay off a credit card online.

What You Need

To get started, you’ll need the account number and amount(s) you wish to transfer from your current credit card.

The account you are transferring is considered the “transfer from” account, while the Citi credit card will be the “transfer to” account.

If you choose to have the money deposited directly into your account, you’ll also need your bank account and routing number. With direct deposit, the funds can be deposited into your account within 1 to 2 business days. Checks are received within 10 business days.

Keep in mind that you cannot transfer the balance from other accounts issued by Citibank or its affiliates.

Completing a Balance Transfer Online

Like many other banks, Citi allows you to complete a balance transfer conveniently online. Once you receive your card and sign up for online banking, you’ll be able to complete a balance transfer online. Here are the steps you’ll need to take.

  1. Log in to your account. On the main dashboard, you should see an account summary and a link to view a balance transfer offer. Click on “View Offer.”
  1. Next, you’ll be taken to a balance transfer request page where you can review the offer and accept it by clicking “Select Offer.”
  1. Now, you’ll need to enter the transfer information, such as the amount you need to transfer, the account number, and the creditor. At this stage, you can pay up to four creditors at once under the same offer if you wish ($100 minimum amount per transfer).

If you’d like to receive a check transfer, you can also choose if you’d prefer direct deposit or a check by mail. After you’ve finished filling out all the required fields and read the terms and conditions, move to the next step.

  1. Next, you’ll be taken to a summary page where you can verify that all the information you entered was accurate. If everything looks OK, look over the terms and conditions once more and check the box at the bottom, then press the green “Submit” button.
  1. Once you click “Submit,” your balance transfer request will be complete, and you’ll be taken to a confirmation page that you can print for your records.

If you sent a payment to your creditor electronically, keep in mind that it will be received in 2-4 business days. If a balance transfer check was sent, your creditor should receive it in 7-10 business days.

Completing a Balance Transfer by Phone

If you prefer to request a balance transfer by phone, you can call the number on the back of your card and speak to a customer service representative, who can help submit the balance transfer request on your behalf.

To complete your balance transfer request over the phone, you’ll need:

Name the account is held in
Type of card/account
Card/account number
Amount to be transferred
Name of issuing organization

Balance Transfer Best Practices

Remember to keep these things in mind before you do a balance transfer:

  • Make sure you request a balance transfer within 60 days of receiving your new credit card or receiving an offer.
  • Check to make sure the terms of the balance transfer match the offer you received.
  • Keep making payments on your credit card debt even after submitting a balance transfer request. If the request takes a few days to process and your credit card bill is due, you don’t want to be stuck with a late fee for not paying on time.
  • If your sole goal of setting up a balance transfer is to pay off existing credit card debt, you may want to avoid receiving a check or direct deposit payment as you could be tempted to use the money you receive on something else instead of paying off the creditor.
  • Read the fine print carefully before you make purchases on your Citi card. Some introductory 0% balance transfer offers do not apply to purchases. In that case, you would be charged the regular APR.
  • Make sure you pay your bill on time or you may lose your balance transfer offer.

 

The post How to Do a Balance Transfer with Citi appeared first on MagnifyMoney.

Should You Refinance Your Student Loans with a Credit Card?

Using a balance transfer credit card can be a great way to lower the interest rates on your debt to help you save money and pay your debt off faster. Most people only think about doing a balance transfer with high-interest credit card debt, but recently I’ve been considering a 0% interest balance transfer credit card to help me pay off my student loan.

After making my final credit card payment to be credit card debt free, I started thinking about how I could use a balance transfer offer extended by my creditor to help pay off other types of debt I still have. Since the highest interest debt I have remaining is my student loan, this is what I’m considering refinancing with a 0% interest balance transfer. My student loan only has a remaining balance of about $6,000, which means I could transfer the entire balance to the credit card and pay it off before the promotional rate expires, if I pay it off aggressively.

Of course, there are lots of reasons why you could choose to refinance or consolidate your student loans. I was curious whether or not a balance transfer could be a viable option as well.

Here are some of the pros and cons you should consider before deciding to refinance your student loans with a balance transfer credit card.

Benefits of Refinancing Student Loans with a Balance Transfer Credit Card

There are several benefits you could take advantage of by refinancing your student loans with a balance transfer credit card.

A Lower Interest Rate

One of the main reasons people choose to refinance student loans is to lock in a lower interest rate. For example, my student loans are at 6.8%. If I do a balance transfer to a 0% interest credit card, I could save hundreds of dollars on interest through the end of the 0% interest rate period on the balance transfer.

But keep in mind that not all balance transfers are created equal. You might get all kinds of different balance transfer offers from companies trying to entice you to sign up for a new credit card, or even transfer a balance to a card you already have. Some of these transfer offers will be better than others. You might encounter offers that have a 1% to 3% interest rate for a certain period of time, usually 12, 18, or 24 months. But the best balance transfer offers have a 0% interest rate, obviously saving you more on interest than the others.

Pay Off Student Loans Faster

Transferring student loan debt to a credit card can save money, but only as long as you get the balance transfer paid off before the promotional interest rate expires. This time limit is a big motivation for people to pay extra on their student loans to make sure the balance transfer is paid off before it expires. If you struggle with being motivated to make extra payments, the reality that your interest rate may spike up to 15% or more after a few months may be just the motivation you need to get serious about paying off debt. It’s worked well for me in the past when I’ve transferred high-interest credit card debt to a 0% balance transfer credit card, helping me to pay off $5,284.18 much faster than I would have otherwise.

Drawbacks of Refinancing Student Loans with a Balance Transfer Credit Card

Although using a balance transfer to help pay off your student loans sounds like a great way to save money and pay your debt off faster, there are some potential downsides you should be aware of.

Balance Transfer Fees

A lower interest rate makes balance transfer credit cards an attractive option for those looking to refinance debt, but you need to consider more than just the interest rate before deciding to refinance your student loans with a balance transfer credit card. Make sure you consider the balance transfer fee that many credit cards charge. This can eat away at the amount of money you save on interest. Luckily, some credit cards do have a cap on this fee at $50 or $75, which can be helpful if you plan to transfer a large balance that would otherwise result in a fee higher than that cap. But at that point, it could be difficult to get your student loan transfer paid off before the promotional interest rate on the balance transfer expires.

There are balance transfers without fees, but your options may be limited. If you find a no-fee, 0% interest transfer option you qualify for, it’s almost a no-brainer to use it to pay off other debt.

Potential Loss of Savings on Interest

As mentioned, it’s imperative that you pay off your entire balance transfer before the promotional interest rate expires in 12, 18, or 24 months. If you don’t, the high interest rate after the transfer expires will quickly negate any interest savings you earned by doing the transfer in the first place. In fact, you may end up paying more in interest than if you’d skipped the balance transfer in the first place.

You May Not Qualify

In order to use a balance transfer credit card to refinance your student loans, you first have to qualify for one. In order to qualify for many balance transfer credit cards you must have a credit score of at least 680.

Applying Could Ding Your Credit Score

If you don’t already have a credit card with a balance transfer offer available, you may need to apply for a new card. Anytime you apply for a new line of credit, it will ding your credit score slightly. This may or may not be an important factor depending on what your score is and if you plan to apply for any other credit cards or loans in the near future.

Loss of Federal Student Borrower Protections

A final and very important consideration to think about before you decide to refinance your student loans with a balance transfer credit card is the loss of student loan protections you may have. If you are refinancing federal student loans, you will lose the protections that are offered to you as a borrower, such as:

  • Income-driven repayment plans
  • The opportunity for student loan forgiveness
  • Deferment or forbearance
  • Discharge upon permanent disability or death

Some credit card companies may be willing to work with you in an emergency situation, but chances are high that even in those situations the flexibility offered to federal student loan borrowers is far greater. In some cases, you may be better off not refinancing your student loans in order to maintain your borrower protections.

With most low or 0% interest balance transfer credit cards, you can’t miss a payment or pay late. If you do, your promotional interest rate may be void and you will be subject to the regular interest rate, which could be 15% or more depending on the card and your credit score.

Despite these drawbacks, doing a balance transfer to help pay off your student loans can be a good idea if your goal is to get out of debt quickly while saving money on interest.

The post Should You Refinance Your Student Loans with a Credit Card? appeared first on MagnifyMoney.

Best balance transfer credit cards: 0% APR, 24 months

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Looking for a balance transfer credit card to help pay down your debt more quickly? We’re constantly checking for new offers and have selected the best deals from our database of over 3,000 credit cards. This guide will show you the longest offers with the lowest rates, and help you manage the transfer responsibly. It will also help you understand whether you should be considering a transfer at all.

 

1. Best balance transfer deals

No intro fee, 0% intro APR balance transfers

Very few things in life are free. But, if you pay off your debt using a no fee, 0% APR balance transfer, you can crush your credit card debt without paying a dime to the bank. You can find a full list of no fee balance transfers here.

Chase Slate

Longest with $0 Intro balance transfer fee and 0% Intro APR

Chase Slate®

With Chase Slate® you can save with a $0 introductory balance transfer fee and get 0% introductory APR for 15 months on purchases and balance transfers, and $0 annual fee. Plus, receive your Monthly FICO® Score for free.

You can get longer transfer periods by paying a fee, so this deal is generally best if you have a balance you know you ‘ll pay in full by the end of the promotional period. And don’t expect a huge credit line with this card, so it may be best for smaller balances you can take care of quickly.

Transparency Score
Transparency Score
  • Interest is not deferred during the balance transfer period
  • There are late payment and cash advance fees

Tip: You have only 60 days from account opening to complete your balance transfer and get the introductory rate

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Barclaycard Ring

Good 0% intro period with no intro fee

Barclaycard Ring™ MasterCard®, 15 months 0% introductory APR, $0 transfer fee

A no fee alternative if you already have a Chase balance or are looking to take care of additional balances is the Barclaycard Ring™ MasterCard® 0% introductory APR for 15 months. There’s no fee for the transfer, and you get the intro rate if you complete the transfer within 45 days. New purchases also get the intro rate for 15 months.

You need excellent credit to get this card so it might be tougher to get than some other options, but it has a decent ongoing APR at 13.74% and there’s no penalty APR if you miss a payment.

Transparency Score
Transparency Score
  • Interest is not deferred during the balance transfer period
  • You know the ongoing rate upfront – it’s a variable 13.74% APR for all cardholders
  • There are late payment and cash advance fees

Tip: You can provide the account number for the account you want to transfer from while you apply, and if approved, the transfer will happen 10 days after your card is mailed. You can also cancel the request within that 10 day period.

GO TO SITE

0% balance transfers with a fee

If you think it will take longer than 15 months to pay off your credit card debt, these credit cards could be right for you. Don’t let the balance transfer fee scare you. It is almost always better to pay the fee than to pay a high interest rate on your existing credit card. You can calculate your savings (including the cost of the fee) at our balance transfer marketplace.

These deals listed below are the longest balance transfers we have in our database. We have listed them by number of months at 0%. Although you need good credit to be approved, don’t be discouraged if one lender rejects you. Each credit card company has their own criteria, and you might still be approved by one of the companies listed below.

79_cardSpherecardbySantander

Longest 0% intro balance transfer card

Santander Sphere, 24 months, 0% APR, 4% fee

If you have a big balance, or know you can’t pay off your balance quickly – go as long as you can with a good balance transfer rate, even if it comes with a fee.

At 24 months this is the longest 0% APR balance transfer card in the market right now, so you have 2 years to get the balance paid down.

There’s a $35 late payment fee and a penalty APR of 30.74% applies if you make a late payment, and will apply to your existing balances until you make 6 straight months of on time payments.

Transparency Score
Transparency Score
  • Interest is not deferred during the balance transfer period
  • The range of the purchase interest rate based on your credit history (13.24% – 23.24%) is more than 10%, which is a wide range.
  • There are late payment and cash advance fees.

Tip: You have 90 days after you open the account to complete the balance transfer.

GO TO SITE

Decent 0% intro balance transfer period

Discover it® – 18 Month Balance Transfer Offer: 0% for 18 months, 3% balance transfer fee

This is a basic balance transfer deal with an above average term. If you don’t have credit card balances with Discover it’s a good option to free up your accounts with other banks. With this card, you also have the ability to earn cash back, and there is no late fee for your first missed payment and no penalty APR. Hopefully you will not need to take advantage of these features, but they are nice to have.

Transparency Score
Transparency Score
  • Interest is waived during the balance transfer period, no foreign transaction fees and no late fee for your first late payment
  • The range of the purchase interest rate based on your credit history (11.74% – 23.74% Standard Variable Purchase APR) is fairly standard
  • There is a cash advance fee

Tip: Complete your balance transfer as quickly as possible for maximum savings.

GO TO SITE

Low rate balance transfers

If you think it will take longer than 2 years to pay off your credit card debt, you might want to consider one of these offers. Rather than pay a balance transfer fee and receive a promotional 0% APR, these credit cards offer a low interest rate for much longer.

The longest offer can give you a low rate that only goes up if the prime rate goes up. If you can’t get that offer, there is another good option offering a low rate for three years.

Signal Financial

Longest low rate balance transfer card

Unify Financial Credit Union, As low as 5.74% APR, no expiration, $0 fee

If you need a long time to pay off at a reasonable rate, and have great credit, it’s hard to beat this deal from Unify Financial Credit Union, with a rate as low as 5.74% with no expiration and no fee to transfer. The rate is variable, but it only varies with the Prime Rate, so it won’t fluctuate much more than say a variable rate mortgage.

Just about anyone can join Unify Financial Credit Union. They’ll help you figure out what organization you can join to qualify, and you don’t need to be a member to apply.

Transparency Score
Transparency Score
  • Interest is not deferred during the balance transfer period.
  • There are late payment fees.

Tip: If you’re credit’s not great, this probably isn’t for you, as the rate chosen for your account could be as high as 18%.

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SunTrust Prime Rewards

Long low rate balance transfer card

SunTrust Prime Rewards, 4.00% APR for 36 months, No fee

If you live in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, Washington, D.C., or West Virginia you can apply for this card without a SunTrust bank account.

The deal is you get the prime rate for 3 years with no balance transfer fee. That’s currently 4.00% though your rate will change if the prime rate changes, either up or down, and you have 60 days to complete your transfer with no fee. After that, it’s 3%. Also beware the prime rate deal isn’t for new purchases, so only use this card for a balance transfer.

Transparency Score
Transparency Score
  • Interest is not deferred during the balance transfer period.
  • The range of the purchase interest rate based on your credit history (11.99% – 21.99%) is more than 10%, which is high.
  • There are late payment and cash advance fees.

GO TO SITE

For fair credit scores

In order to be approved for the best balance transfer credit cards and offers, you generally need to have good or excellent credit. If your FICO score is above 650, you have a good chance of being approved. If your score is above 700, you have an excellent chance.

However, if your score is less than perfect, you still have options. Your best option might be a personal loan. You can learn more about personal loans for bad credit here.

There are balance transfers available for people with scores below 650. The offer below might be available to people with lower credit scores. There is a transfer fee, and it’s not as long as some of the others available with excellent credit. However, it will still be better than a standard interest rate.

Just remember: one of the biggest factors in your credit score is your amount of debt and credit utilization. If you use this offer to pay down debt aggressively, you should see your score improve over time and you will be able to qualify for even better offers.

aspire credit union card image

For less than perfect credit

Aspire Credit Union Platinum,
0% APR for 6 months, 0% transfer fee

Balance transfer deals can be hard to come by if your credit isn’t great. But some banks are more open to it than others, and Aspire Credit Union is one of them, saying ‘fair’ or ‘good’ credit is needed for this card. Anyone can join Aspire, but if you’re looking for a longer deal you also might want to check if you’re pre-qualified for deals from other banks, without a hit to your credit score, using the list of options here.

You’ll be able to check with several banks what cards are pre-screened based on your credit profile, and you might be surprised to see some good deals you didn’t think were in your range. That way you can apply with more confidence.

Transparency Score
Transparency Score
  • Interest is not deferred during the balance transfer period.
  • The ongoing interest rate isn’t known when you apply.

Tip: Only Aspire’s Platinum MasterCard has this deal. Its Platinum Rewards MasterCard doesn’t have a 0% offer. And if you transfer a balance after 6 months a 2% fee will apply.

GO TO SITE

2. Learn more

Checklist before you transfer

Never use a credit card at an ATM

If you use your credit card at an ATM, it will be treated as a cash advance. Most credit cards charge an upfront cash advance fee, which is typically about 5%. There is usually a much higher “cash advance” interest rate, which is typically above 20%. And there is no grace period, so interest starts to accrue right away. A cash advance is expensive, so beware.

Always pay on time.

If you do not make your payment on time, most credit cards will immediately hit you with a steep late fee. Once you are 30 days late, you will likely be reported to the credit bureau. Late payments can have a big, negative impact on your score. Once you are 60 days late, you can end up losing your low balance transfer rate and be charged a high penalty interest rate, which is usually close to 30%. Just automate your payments so you never have to worry about these fees.

Get the transfer done within 60 days

Most balance transfer offers are from the date you open your account, not the date you complete the transfer. It is in your interest to complete the balance transfer right away, so that you can benefit from the low interest rate as soon as possible. With most credit card companies, you will actually lose the promotional balance transfer offer if you do not complete the transfer within 60 or 90 days. Just get it done!

Don’t spend on the card

Your goal with a balance transfer should be to get out of debt. If you start spending on the credit card, there is a real risk that you will end up in more debt. Additionally, you could end up being charged interest on your purchase balances. If your credit card has a 0% balance transfer rate but does not have a 0% promotional rate on purchases, you would end up being charged interest on your purchases right away, until your entire balance (including the balance transfer) is paid in full. In other words, you lose the grace period on your purchases so long as you have a balance transfer in place.

Don’t try to transfer between two cards of the same bank

Credit card companies make balance transfer offers because they want to steal business from their competitors. So, it makes sense that the banks will not let you transfer balances between two credit cards offered by the same bank. If you have an airline credit card or a store credit card, just make sure you know which bank issues the card before you apply for a balance transfer.

3 Steps for Setting up a Balance Transfer

Nick Clements of MagnifyMoney, who once ran a large credit card business, explains how to set up a balance transfer.

Comparison tools

Savings calculator – which card is best?

If you’re still unsure about which cards offer you the best deal for your situation, try our calculator. You get to input the amount of debt you’re trying to get a lower rate on, your current rate, and the monthly payment you can afford. The calculator will show you which cards offer you the most savings on interest payments.

The calculator will show you which cards offer you the most savings
Balance transfer or a loan?

A balance transfer at 0% will get you the absolute lowest rate. But you might feel more comfortable with a single fixed monthly payment, and a single real date your loan will be paid off. A lot of new companies are offering great rates on loans you can pay off over 2, 3, 4, or 5 years. You can see a list here.

And you might find even though their rates aren’t 0%, you could afford the payment and get a plan that takes care of your debt for good at once.

Use our calculator to see how your payments and savings will compare.

Balance Transfer Graph

Questions and Answers

Yes, you can. Most credit card companies will allow you to transfer debt from any credit card, regardless who owns it. Just remember that once the debt is transferred, it becomes your legal liability.

Yes, you can. Most banks will enable store card debt to be transferred. Just make sure the store card is not issued by the same bank as the balance transfer credit card.

As a general rule, if you can pay off your debt in six months or less, it usually doesn’t make sense to do a balance transfer.

Here is a simple test. (This is not 100% accurate mathematically, but it is an easy test). Divide your credit card interest rate by 12. (Imagine a credit card with a 12% interest rate. 12%/12 = 1%). In this example, you are paying about 1% interest per month. If the fee on your balance transfer is 3%, you will break even in month 3, and will be saving money thereafter. You can use that simplified math to get a good guide on whether or not you will be saving money.

And if you want the math done for you, use our tool to calculate how much each balance transfer will save you.

With all balance transfers recommended at MagnifyMoney, you would not be hit with a big, retroactive interest charge. You would be charged the purchase interest rate on the remaining balance on a go-forward basis. (Warning: not all balance transfers waive the interest. But all balance transfers recommended by MagnifyMoney do.)

Many companies offer very good deals in the first year to win new customers. These are often called “switching incentives.” For example, your mobile phone company could offer 50% off its normal rate for the first 12 months. Or your cable company could offer a big discount on the first year if you buy the bundle package. Credit card companies are no different. These companies want your debt, and are willing to give you a big discount in the first year to get you to transfer.

Completing a balance transfer is easy. If you are applying for a new credit card, most credit card companies will just ask you for the account number of the credit card that has the debt. The transfer will then happen automatically. (It will look like the balance transfer credit card made a payment for you). You can also call your credit card company, and complete the transfer easily on the phone.

Automate your payments so that it doesn’t happen! If you do miss a payment, you will be charged a late fee. If you become 60 days late, you could lose your promotional interest rate and could be charge the punitive rate, which is often near 30% with most companies.

No, you can’t. Credit card companies are trying to steal balances from their competitors. So these deals are only good if you bring balances from competitors.

Many credit card issuers will allow you to transfer money to your checking account. Or, they will offer you checks that you can write to yourself or a third party. Check online, because many credit card issuers will let you transfer money directly to your bank account from your credit card. Otherwise, call your issuer and ask what deals they have available for “convenience checks.”

In most cases, you cannot. Once a balance transfer is complete, it is complete.

Yes, it is possible to transfer the same debt multiple times. Just remember, if there is a balance transfer fee you would be charged that fee every time you transfer the debt.

You can call the bank and ask them to increase your credit limit. However, even if the bank does not increase your limit, you should still take advantage of the savings available with the limit you have.

Yes. You decide how much you want to transfer to each credit card.

No. You do not earn rewards with a balance transfer. No cash back, no points and no miles can be earned with a balance transfer.

No, there is no penalty. You can pay off your debt whenever you want without a penalty.

Mathematically, the best balance transfer credit cards are no fee, 0% offers. You literally pay nothing. The best in the market is offered by Chase, which has a 15 month 0% introductory offer with a $0 introductory fee.

However, if your debt is already with Chase, or you think it will take years to pay off your debt, you should consider a longer duration offer or a personal loan. You can find 21 month offers with 3% fees and 24 month offers with 4% fees. Your savings over the two years would likely be substantial, even when you include the cost of the fee.

The post Best balance transfer credit cards: 0% APR, 24 months appeared first on MagnifyMoney.

32 Ways to Leave Your High-Interest Credit Card

credit card with high apr

Sure, there were the good times — back when you and your credit card first got together. Maybe your card was giving you a 0% introductory APR. Maybe you went everywhere together, bought everything together … but things changed. Today you feel like you’re giving a lot more than you’re getting, and now you’re wondering how you can leave your high-interest credit card behind.

While there aren’t as many options for leaving your credit card as there are ways to leave your lover (Paul Simon famously notes there must be 50 of those), it doesn’t mean you’re stuck. No, you’re probably not going to be able to slip out the back, Jack (that debt’s not going away even if you run!), but you most definitely can make a new plan, Stan. So don’t be coy, Roy, just listen to me …

1. Negotiate a Lower Rate

Most people don’t bother to ask their credit card issuer for a lower rate, but sometimes lowering your current APR can be as simple as that, so …

2. Don’t Be Afraid to Ask

Before you storm out on your credit card, try communicating. It could be worth your time to see if your card issuer will lower your interest rate, especially if your relationship is a long one. Keep in mind, they might pull your credit to see if you’re deserving of a lower APR. That’s why you’ll want to …

3. Check Your Credit Score …

You’ll want to get an idea of whether you’re likely to qualify for a lower APR, lest you incur a hard inquiry on your credit report only to get rejected. (You can view two of your free credit scores, along with some recommendations for credit cards it could help you qualify for, on Credit.com.)

4. … Fix it Up Before Inquiring

If your scores are less than stellar, you may want to try brushing them up before you call up your issuer. You can find 11 ways to improve your credit here.

5. Do Some Research

Are there other cards out there you qualify for that can offer you a better APR? If so, you can use this information to your advantage while negotiating with your current issuer.

6. Begin Negotiating With Your Oldest Card

Like we said before, your issuer might be willing to work with you, especially if you’ve been a cardholder for several years, so start negotiating with whichever card issuer you’ve been with longest to see if you can reduce your interest rate there.

7. Keep It Simple

It’s not a difficult process to ask for a decrease in your APR. In fact, it’s as simple as a call to the customer service line listed on the back of your card. Yes, they could say no, but that’s where your research will come in handy and you can …

8. Leverage Your Loyalty

If they say they can’t reduce your rate, remind them of how long you’ve been with the company, how you’ve never had a late payment or maxed out your card’s balance. Whatever positives you can cite can be helpful. If that doesn’t work, tell them what the other cards you’ve researched are offering. But most importantly …

9. Don’t Give Up Right Away

The old adage “if at first you don’t succeed, try, try again” is especially important here. Your issuer may say no, but that doesn’t mean you should give up. Call them multiple times, and ask to speak to a supervisor if their answer continues to be no. Of course, you’ll want to be polite throughout the process. If all of this doesn’t work, it’s time to …

10. Consider an Upgrade

A lot of card issuers have tiered credit card offerings, so you could potentially upgrade to a new card with the same issuer that offers a lower interest rate and transfer your current balance to that card.

11. Keep Watching Your Credit …

Just like when an issuer considers lowering your interest rate, which we mentioned above, they’ll likely check your credit as part of your application for a card upgrade. So, if you think there’s a better credit card available elsewhere, you might not want to ask them to upgrade you.

12. … & Limit Your Card Applications

In fact, every time you apply for new credit you’re going to have a hard inquiry and a ding to your credit scores. These can add up if you have too many in a short span of time and even impact your ability to qualify for a new card, so be very selective or you could end up hurting your credit. (You can read here about how often you can apply for new credit without hurting your credit scores too much.)

If you’ve tried all these steps with your current credit card issuer to no avail, it’s time to look at starting a new relationship with a new issuer.

13. Get a Balance Transfer Card

Let’s say you’ve tried everything to lower your current APR with your card issuer and they just won’t work with you. Perhaps you’ve had some late payments or you just haven’t been with them that long. Getting a balance transfer credit card could make sense for you.

14. Find an Introductory 0% APR

There are lots of options to choose from in the world of balance transfer credit cards with a low or even 0% introductory APR. Here’s how to find the right one for you …

15. Comparison Shop

You can start by checking out some of the best balance transfer credit cards and comparing what they offer.

16. Give Yourself Plenty of Time

There are balance transfer cards that offer as long as 21 months at 0% financing for balance transfers and even new purchases. If you have a lot of current credit card debt, that could be very beneficial to you, as you’ll eliminate your interest while paying down your principal.

17. Don’t Forget the Transfer Fees …

Of course, most balance transfer cards charge you a fee for transferring your balance – typically 3% to 5%, so be sure to compare those amounts as well.

18. … & the Annual Fees

Some cards also charge an annual fee, so you’ll want to consider that cost as well as you compare balance transfer offers.

19. Make Sure You Time it Right

If you’re looking at buying a new house, car or other major purchase anytime soon, you’ll want to time your credit card application with that in mind since your credit scores will be impacted by that aforementioned hard inquiry that takes place during your application process.

20. Include Your Balance Transfer Amount in Your Application

This can help ensure the transfer goes smoothly and quickly. The new issuer will reach out to your current card issuer once you’re approved and get the transfer process started right away, saving you the hassle of doing it later.

21. Pay Off Your Balance

Once you have your new balance transfer card, it’s important to focus your attention on getting that balance paid off before your introductory rate expires. Otherwise, your balance is going to revert to the standard variable rate.

22. Keep Your Old Card

No, keeping your old card isn’t exactly leaving it, but hear us out. You might be tempted to close your old card, particularly if your card issuer refused to reduce your APR when you transferred your balance, but keeping it open can be good for your credit score.

That’s because your credit scores improve the longer you have a credit account in good standing, so if you had a decent payment history, keeping that card open could really help. Moreover, your total credit line will be higher if you keep it open, also helping your scores. (You can find a full explainer on how closing a card can affect your credit here.)

Go ahead and cut it up, though, if it makes you feel better. That will also keep you from using it.

23. Keep Your New Interest Rate Low

Now that you have a card with a lower APR, even if it’s just an introductory rate, there are things you can do to keep your rate as low as possible. You’ll want to …

24. Make Your Payments On Time …

Late payments can send your APR soaring, so make all of your payments on time to avoid a penalty APR.

25. … & Keep Your Balance Low

If you can’t pay off your balance each month, at least try to make payments that keep your balance below 30% of your credit limit, though below 10% is even better if you want to do your credit scores a real favor.

26. Don’t Take Cash Advances

These usually come with a higher variable APR than purchases or balance transfers, so try to avoid them if you want to keep your rates down.

27. Try Some Other Alternatives …

If you’ve had a bad run financially and aren’t going to qualify for a credit card with a lower APR, you still have plenty of money-saving options, so don’t give up just yet. You have some alternatives …

28. Like a Personal Loan …

You may be able to pay off your credit card debt with a personal loan from your bank or credit union, but keep in mind that unless you have excellent credit, you’ll likely need some kind of collateral to secure it. Be sure to ask about the lender’s credit requirements before applying.

29. Or a Home Equity Line of Credit …

If you own a home and have some equity built up, this can be a great option for paying off debt at a lower interest rate. You can save a ton by moving your debt to a HELOC.

30. … But Don’t Spend Your Savings

Use the money you save by refinancing through a HELOC on creating an emergency fund (if you don’t already have one). Once that’s set up, you can use the money as prepayment against your home loan or to boost your retirement savings.

31. Consider a Debt Management Plan …

A debt management plan allows you to turn over all of your debt information to a credit counseling agency. You make one monthly payment to them, and they pay your credit cards and other debts for you. These plans usually last three to five years, and a lot of lenders lower your interest rates when you participate in such a plan. You’ll want to be sure to find a reputable credit counseling agency, so do your research.

32. … Or File for Bankruptcy

As a last-resort option, you can consider getting out from under your high-interest credit card debt by declaring bankruptcy. You’ll lower your debt and have many years to pay it off depending on the type of bankruptcy relief you file for. Just remember you’ll also have a major blemish on your credit reports for up to 10 years that could seriously affect your ability to get credit (in general and at n affordable rate) during that time. Still, if your debt is significant, this could be the right option for you. Talking to a credit counselor or bankruptcy attorney before deciding could help you make the right choice for your circumstances.

Have another question about credit card debt? Leave it in the comments section and one of our credit experts will try to get back to you.

Image: skynesher

The post 32 Ways to Leave Your High-Interest Credit Card appeared first on Credit.com.

9 Best 0% APR Credit Card Offers – August 2017

There are a lot of 0% APR credit card deals in your mailbox and online, but most of them slap you with a 3 to 4% fee just to make a transfer, and that can seriously eat into your savings.

At MagnifyMoney we like to find deals no one else is showing, and we’ve searched hundreds of balance transfer credit card offers to find the banks and credit unions that ANYONE CAN JOIN which offer great 0% interest credit card deals AND no balance transfer fees. We’ve hand-picked them here.

If one 0% APR credit card doesn’t give you a big enough credit line you can try another bank or credit union for the rest of your debt. With several no fee options it’s not hard to avoid transfer fees even if you have a large balance to deal with.

1. Barclaycard Ring™ MasterCard® – 0% Introductory APR for 15 months, $0 Introductory Balance Transfer FEE

BarclaycardThis card is available if you have excellent credit. Be aware that you have 45 days to complete this transfer after opening the account.

You can also nominate and vote on charity partners to donate card profits each year and there are no foreign transaction fees if you use the card abroad.

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2. Chase Slate® – 0% Introductory APR for 15 months, $0 Introductory Balance Transfer FEE

This deal is easy to find – Chase is one of the biggest banks and makes this credit card deal well known. Save with a $0 introductory balance transfer fee and get 0% introductory APR for 15 months on purchases and balance transfers, and $0 annual fee. Plus, receive your Monthly FICO® Score for free.

You can get this offer if you complete the balance transfer within 60 days of opening the account. So it’s worth a shot to see how big of a credit line you get. If it’s not enough, move on to the other options below.

Tip: The remaining no fee cards on this list are deals for 12 months or less. You might be better off paying a standard 3% balance transfer fee for a longer deal, like 0% for 18 months from the Discover It, one of the better deals with a balance transfer fee of 3%. If you’re trying to transfer from Chase, consider a deal from Bank of America with similar $0 transfer terms.

3. Alliant Credit Union Credit Cards – 0% APR for 12 months, NO FEE

Alliant is an easy credit union to work with because you don’t have to be a Alliant Visa Platinum Credit Cardsmember to apply and find out if you qualify for the 0% APR deal.

Just choose ‘not a member’ when you apply and if you are approved you’ll then be able to become a member of the credit union to finish opening your account.

Alliant Credit Union

Anyone can become a member of Alliant by making a $10 donation to Foster Care to Success.

If your credit isn’t great, you might not get a 0% rate – rates for transfers are as high as 5.99%, so make sure you double check the rate you receive before opening the account, and they might ask for additional documents like your pay stubs to verify the information on your application.

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4. Edward Jones World MasterCard – 0% APR for 12 months, NO FEE

edwardjonesYou’ll need to go to an Edward Jones branch to open up an account first if you want this deal. Edward Jones is an investment advisory company, so they’ll want to have a conversation about your retirement needs.

But you don’t need to have money in stocks to be a customer of Edward Jones and try to get this card. Just beware that you only have 60 days to complete your transfer to lock in the 0% rate. This deal expires 11/30/2017.

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5. First Tech Choice Rewards – 0% APR for 12 months, NO FEE

firsttechrewardsAnyone can join First Tech Federal Credit Union by becoming a member of the Financial Fitness Association for $8, or the Computer History Museum for $15. You can apply for the card without joining first. This introductory 0% for 12 months on balance transfers with no fee deal is for the First Tech Choice Rewards World MasterCard, and you also get 10,000 points after you spend $2,000 on the card in your first 3 months. The points don’t expire as long as you have the card, and 6,000 points is enough for $50 cash back, while 11,000 points is enough for $100 cash back, which can help you pay down your card.

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6. La Capitol Federal Credit Union – 0% APR for 12 months, NO FEE

La Capitol Federal Credit UnionAnyone can join La Capitol Federal Credit Union by becoming a member of the Louisiana Association for Personal Financial Achievement, which costs $20. Just indicate that’s how you want to be eligible when you apply for the card – no need to join before you apply. And La Capitol accepts members from all across the country, so you don’t have to live in Louisiana to take advantage of this deal on the Prime Plus card.

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7. Navy Federal Platinum – 0% APR for 12 months, NO FEE

Navy Federal is the largest credit union in the country, and from time to time it offers a deal like this. It probably won’t last long, so if you’re interested get on it quickly.

Unfortunately if you don’t have a military affiliation in your family you won’t be able to join Navy Federal to take advantage of this. There used to be a way to  join via the Navy League of San Diego, but that’s no longer an option. You’ll need to have a family member (grandparents, parents, spouses, siblings, grandchildren, children and household members) who is with or has served with the Armed Forces, DoD, Coast Guard or National Guard to be eligible to join.

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8. Purdue Federal Credit Union – 0% APR for 12 months, NO FEE

purdue-credit-union-visaThis deal is only for their Visa Signature card – other cards have a higher intro rate. The Purdue Federal Credit Union doesn’t have open membership, but one way to be eligible for credit union membership is to join the Purdue University Alumni Association as a Friend of the University.

Anyone can join the association, but it costs $50. The minimum credit line on the Visa Signature card offering 0% is $5,000, so if approved the $50 would be like a transfer fee of 1% or less. The good news is you can apply and get a decision before you become a member of the Alumni Association.

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9. Logix Credit Union Credit Card – 0% APR for 12 months , NO FEE

If you live in AZ, CA, DC, MA, MD, ME, NH, NV, or VA you can join Logix Credit Union and apply for this deal. Some applicants have reported credit lines of $15,000 or more for balance transfers, so if you have excellent credit, good income, but a large amount to pay off (like a home equity line), this could be a good option.

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10. First Tennessee Bank Credit Card – 0% APR for 12 months, NO FEE

If you want to apply online for this deal, you’ll need to live in a state where First Tennessee Bank Credit CardFirst Tennessee has a branch though. Those states are: Tennessee, Florida, Georgia, Mississippi, North Carolina, and South Carolina.

You need to have an existing First Tennessee account to apply online, but if you don’t have one, you can print out an application and mail it into their office to get a decision. You’ll find a link to the paper application when the online form asks you whether you have an account or not.

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11. Kinecta MyPower MasterCard – 0% APR for 6 months, NO FEE

Anyone can join Kinecta credit union by becoming a member of the Consumers Cooperative Society of Santa Monica for $10. This card is special because it has no fees of any kind. No late, cash advance, or foreign transaction fees. There’s also no penalty APR either, but if you make a late payment you lose the introductory rate.

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12. Money One Credit Union – 0% APR for 6 months, NO FEE

Anyone can join Money One Federal by making a $20 donation to Gifts of Easter Seals. And you can apply without being a member. You’ll see a drop down option during the application process that lets you select Gifts of Easter Seals as the way you plan to become a member of the credit union. Credit lines for the Platinum card are as high as $25,000.

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13. Andigo Credit Union – 0% APR for 6 months, NO FEE

You’ll have a choice to apply for the Andigo Visa Platinum or Platinum Rewards. The Platinum Cash Back card doesn’t have this deal. The Platinum without rewards has a lower ongoing APR, starting as low as 10.15%, compared to 12.15% for the Platinum Rewards card, so if you’re not sure you’ll pay it all off in 6 months the Platinum without rewards is a better bet.

Anyone can join Andigo by making a donation to Connect Vets for $15, and you can submit an application for the card without being a member yet.

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14. Aspire Credit Union Credit Card – 0% APR for 6 months, NO FEE

You don’t have to be a member to apply and get a decision from Aspire. Once youAspire Credit Union Credit Card do, Aspire is easy to join – just check that you want to join the American Consumer Council (free) while filling out your membership application online.

Make sure you apply for the regular ‘Platinum’ card, and not the ‘Platinum Rewards’ card, which doesn’t offer the introductory deal. Aspire says people with fair credit can apply for its card.

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15. Evansville Teachers Credit Union – 0% APR for 6 months, NO FEE

You don’t need to be a teacher to join this credit union. Just make a $5 donation to Mater Dei Friends & Alumni Association. The Prime Plus has an ongoing rate as low as 7.25% variable, so you can enjoy a low rate even after the intro deal ends.

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16. Elements Financial Credit Card – 0% APR for 6 months, NO FEE

Elements Financial Credit CardTo become a member and apply, you’ll just need to join TruDirection, a financial literacy organization. It costs just $5 and you can join as part of the application process.

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17. Justice Federal Credit Union – 0% APR for 6 months, NO FEE

Justice Federal Credit UnionIf you’re not a Department of Justice, Homeland Security, or U.S. court employee (or a few others), you need to join a law enforcement organization to be a member of Justice Federal. One of the eligible associations for membership is the National Native American Law Enforcement Association. It costs $15 to join.

You can apply as a non-member online to get a decision before joining. And Justice is unique in that its Student credit card is also eligible for the 0% no fee deal, so if your credit history is limited and you’re trying to deal with a balance on your very first card, this could be an option.

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18. Xcel Platinum Visa – 0% APR for 6 months, NO FEE

Xcel Platinum Visa credit cardAnyone can join Xcel by becoming a member of the American Consumer Council, and you can apply for the card as a non-member of the credit union, but not everyone who is approved for the card will get the low intro rate. Xcel advises you contact them to get as sense of whether your income, credit history, and employment history will qualify for the intro rate.

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Are these the best deals for you?

If you can pay off your debt within the 0% period, then yes, a no fee 0% balance transfer credit card is your absolute best bet. And if you can’t, you can hope that other 0% deals will be around to switch again.

But if you’re unsure, you might want to consider…

  • A deal that has a longer period before the rate goes up. In that case, a balance transfer fee could be worth it to lock in a 0% rate for longer.
  • Or, a card with a rate a little above 0% that could lock you into a low rate even longer.

The good news is we can figure it out for you.

Our handy, free balance transfer tool lets you input how much debt you have, and how much of a monthly payment you can afford. It will run the numbers to show you which offers will save you the most for the longest period of time.

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The savings from just one balance transfer can be substantial.

Let’s say you have $5,000 in credit card debt, you’re paying 18% in interest, and can afford to pay $200 a month on it. Here’s what you can save with a 0% deal:

  • 18%: It will take 32 months to pay off, with $1,312 in interest paid.
  • 0% for 12 months: You’ll pay it off in 28 months, with just $502 in interest, saving you $810 in cash. That even assumes your rate goes back up to 18% after 12 months!

But your rate doesn’t have to go up after 12 months. If you pay everything on time and maintain good credit, there’s a great chance you’ll be able to shop around and find another bank willing to offer you 0% interest again, letting you pay it off even faster.

Before you do any balance transfer though, make sure you follow these 6 golden rules of balance transfer success:

  • Never use the card for spending. You are only ready to do a balance transfer once you’ve gotten your budget in order and are no longer spending more than you earn. This card should never be used for new purchases, as it’s possible you’ll get charged a higher rate on those purchases.
  • Have a plan for the end of the promotional period. Make sure you set a reminder on your phone calendar about a month or so before your promotional period ends so you can shop around for a low rate from another bank.
  • Don’t try to transfer debt between two cards of the same bank. It won’t work. Balance transfer deals are meant to ‘steal’ your balance from a competing bank, not lower your rate from the same bank. So if you have a Chase Freedom with a high rate, don’t apply for another Chase card like a Chase Slate and expect you can transfer the balance. Apply for one from another bank.
  • Get that transfer done within 60 days. Otherwise your promotional deal may expire unused.
  • Never use a card at an ATM. You should never use the card for spending, and getting cash is incredibly expensive. Just don’t do it with this or any credit card.
  • Always pay on time. If you pay more than 30 days late your credit will be hurt, your rate may go up, and you may find it harder to find good deals in the future. Only do balance transfers if you’re ready to pay at least the minimum due on time, every time.

The post 9 Best 0% APR Credit Card Offers – August 2017 appeared first on MagnifyMoney.