Capital One Balance Transfer Offer

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Balance transfer offers on credit cards can be an excellent way to reduce the cost of expensive credit card debt, helping you can get out of debt faster. Capital One only offers one card with a balance transfer intro period. Balance transfers are usually offered only to people with excellent credit, however you may qualify if you have good credit. It’s always a good idea to check if you’re prequalified before submitting an application.

In this article, we will:

  • Review the balance transfer offer from Capital One
  • Provide details on who can be approved for the offer
  • Decode the fine print, so that you know how to avoid tricks and traps that could cost you

Note: If you are looking to get out of debt, you should consider downloading our free Debt Free Guide. It will show you how to slash your interest rates, boost your credit score, negotiate hard with creditors and become debt-free fast and forever. Balance transfers can be a great tool in your debt-free strategy, but everyone should have a strategy. And this guide can help you build one.

Offer Review

Capital One® Quicksilver® Cash Rewards Credit Card

Quicksilver from Capital One

APPLY NOW Secured

on Capital One’s secure website

The Capital One® Quicksilver® Cash Rewards Credit Card is best known for having no annual fee, and providing unlimited 1.5% cash back on all of your spend. Unlike many cash back credit cards, there are no rotating categories, no caps, and no minimums for getting your cash back. They really raised the bar on cash back credit cards, until Citibank created the Citi® Double Cash Card which does the same thing, except you earn unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

Capital One® Quicksilver® Cash Rewards Credit Card offers 0% for 9 months on balance transfers, with a 3% fee. When compared to the rest of the market, this is a mediocre intro period. You can find cards with intro periods of 15, 21 and 24 months. We list all of the balance transfer options here.

Approval Criteria

Capital One markets this card for people with excellent credit. On their website, excellent credit is defined as someone who:

  • Has never declared bankruptcy or defaulted on a loan
  • Hasn’t been more than 60 days late on any credit card, medical bill, or loan in the last year
  • Has had a loan or credit card for 3 years or more with a credit limit above $5,000

If your credit score isn’t excellent, your options are much more limited. In fact, we recommend considering a personal loan to get a lower rate on your debt, where you will have a better chance of getting a higher loan amount.

 Fine Print Alert

Balance transfers can save you a lot of money. However, there are certain traps out there, and if you fall for those traps it could end up costing you a lot of money. Make sure you do the following:

  • If you are approved for your balance transfer credit card, complete the balance transfer right away. The 0% promotional offer begins the day your account is open.
  • Set up automatic payments so that you are never late. Even being late by one day can result in a steep late fee. And, if you are late by 60 days or more, you can see a big spike in your interest rate.
  • Don’t spend on the credit card. Although Capital One does offer 0% on purchases, they do that as a temptation. They want you to spend, so that you don’t use the promotional period to pay down your debt. If you are using a balance transfer, you should be doing it to get out of debt faster.

To learn more about balance transfers, you can visit our learning center.

Balance transfers, when used properly, can take years off your debt repayment. With proper credit behavior, the Capital One® Quicksilver® Cash Rewards Credit Card can save you money and help rid you of debt.

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The post Capital One Balance Transfer Offer appeared first on MagnifyMoney.

Where to Get the Best Personal Loan Rates Online

Where to Get the Best Personal Loan Rates Online

Updated December 01, 2017

If you want a personal loan to pay off credit card or other debt, the absolute fastest and most effective way to lower the interest you pay is to apply for a balance transfer, with a 0% rate. You can read our guide to balance transfers to learn about their pros and cons.

But a balance transfer isn’t for everyone, especially if your credit score isn’t perfect or if you need to borrow cash.

A personal loan with a set payoff period a few years from now is often the next best thing with these advantages:

  • One monthly payment
  • A set rate
  • You don’t need absolutely perfect credit
  • You can check your rate without touching your score

There are more attractive deals than ever thanks to some new online lenders and you can see sample rates below for excellent credit and good credit.

Tip: Apply for several loans to check rates. Every lender has different approval criteria and different pricing models – and the difference in rate between lenders (even for people with excellent credit) can be significant. So long as you shop with lenders that use a soft credit pull, you can check your rate without negatively impacting your credit score.

Start Here – Multiple Lenders at Once

LendingTree

LendingTree

Dozens of lenders participate in [LendingTreePL]LendingTree’s[/LendingTreePL] personal loan shopping tool – including all of the lenders listed on this page. (Full disclosure, [LendingTreePL]LendingTree[/LendingTreePL] is our parent company.) With one online form, [LendingTreePL]LendingTree[/LendingTreePL] will [LendingTreeInq]perform a soft credit pull (with no impact to your score)[/LendingTreeInq] and match you with multiple loan offers. This is our favorite (because it is easy) way to get multiple offers from lenders in minutes. For people with excellent credit, you could get an interest rate below 6%. For people with less than perfect credit, there are many lenders participating with more liberal acceptance criteria.

LEARN MORE

Why is this a good way to save?

Banks don’t care much for personal loans because the lower rates earn them less profit than credit cards.

Fortunately, some new companies believe you should be able to get a competitive rate without dealing with credit card intro offers, even if your credit isn’t perfect.

They’re doing it by lending online only without the overhead of branches.

They pass the savings on to you through better rates, and you can check up on them below.

Personal loans for Excellent Credit

The following providers are for you if you want the absolute lowest possible rates that reward a record of no late payments and good income, even though you have some high rate debt you want to clean up.

Unless you get a rate of 5% or less, you’re probably better off with balance transfer deals, but the convenience of a fixed payment and walking away from credit cards makes personal loans appealing.

SoFi

SoFi

[SoFiPL]SoFi[/SoFiPL] offers some of the lowest interest rates available if you’re looking to refinance your credit card debt or borrow cash. You’ll need to have a good record of paying your bills on time, but they’re willing to offer rates that are very competitive [SoFiOrgFee]without an origination fee[/SoFiOrgFee].

[SoFiPL]Sofi’s[/SoFiPL] believes if you’ve graduated college or went to grad school you’ll be a more responsible borrower, so they may be more likely to give you a better rate, even if your credit history is limited.

For example, if you have $10,000 in credit card debt, good income, and great credit, their best rate could save you as much as 0% balance transfer deals once you factor in the fees for each.

What we like best about [SoFiPL]SoFi[/SoFiPL] is that they offer [SoFiOrgFee]no origination fee[/SoFiOrgFee] and [SoFiPrepayFee]no prepayment penalty[/SoFiPrepayFee]. If you think you may be able to pay off your loan earlier (or want the flexibility to do that), [SoFiPL]SoFi[/SoFiPL] is the only lender we reviewed that charges no fee at all. Given their very low rates, we think anyone with good credit should start with [SoFiPL]SoFi[/SoFiPL] first, and then compare their offer to the rest of the providers.

Rates: [SoFiAPR]5.49% -14.24%[/SoFiAPR], fixed*, with AutoPay. You can also select a variable interest rate. With AutoPay, the variable rates are from [SoFiAPR]5.29% – 11.44%[/SoFiAPR]*. Rates are based upon 1-month LIBOR.

Upfront fee: [SoFiOrgFee]0% – No origination fees[/SoFiOrgFee], [SoFiPrepayFee]no prepayment fees[/SoFiPrepayFee] and no balance transfer fees

Amount: [SoFiLoanAmt]$5,000 – $100,000[/SoFiLoanAmt]

Period: [SoFiTerm]3, 5 or 7 years[/SoFiTerm]

Available states: All states except Tennessee and Nevada.

APPLY NOW Secured

on SoFi’s secure website

BestEgg

BestEgg

[BesteggPL]BestEgg[/BesteggPL] is an online personal loan company that offers low interest rates and quick funding. [BesteggPL]BestEgg[/BesteggPL] is one of the fastest growing personal loan companies in the country, largely because it has been able to provide one of the best combinations of interest rate and loan amount in the market.

You can check to see [BesteggCreditScore]your interest rate without hurting your score, and they do approve people with scores as low as the mid-600s. If you have an excellent credit score[/BesteggCreditScore], [BesteggPL]BestEgg[/BesteggPL] will be very competitive on terms.

Upfront fee: [BesteggAPR]0.99% – 5.99%[/BesteggAPR]

Amount: [BesteggLoanAmt]up to $35,000[/BesteggLoanAmt]

Period: [BesteggTerm]up to 5 years[/BesteggTerm]

APPLY NOW Secured

on BestEgg’s secure website


Lightstream

LightStream

[LightStreamPL]Lightstream[/LightStreamPL] is a great choice for people with excellent credit. It is actually part of a bank you might have heard of, SunTrust Bank. They were recently set up to offer some of the best personal loan rates available, and they are delivering. The interest rate you are charged depends upon the purpose of the loan. Interest rates can be [LightStreamAPR]as low as 2.49%[/LightStreamAPR] for a new car purchase (and [LightStreamPL]Lightstream[/LightStreamPL] does not put their name on your title. They just put the cash in your bank account, and you can shop around and pay cash for the car). [LightStreamAPR]Home improvement loans start at 4.99% APR with AutoPay [/LightStreamAPR], making them cheaper and easier than a home equity loan.

They’ll also approve and deposit your money fast, often the same day, and give extra consideration if you have money in your 401K or equity in your home.

[LightStreamPL]LightStream[/LightStreamPL] has created an exclusive offer, just for MagnifyMoney readers. (This offer went live in January 2016). Credit card consolidation loans for MagnifyMoney readers are now [LightStreamAPR]as low as 5.49% fixed. The highest fixed rate is 14.44%[/LightStreamAPR]. Just beware: [LightStreamPL]LightStream[/LightStreamPL] does a [LightStreamInq]hard credit pull[/LightStreamInq].

Upfront fee: None

Amount: [LightStreamLoanAmt]$5,000 – $100,000[/LightStreamLoanAmt]

Period: [LightStreamTerm]2 – 7 years[/LightStreamTerm]

Available states: All


Personal Loans for Good Credit

These providers may be able to help you out if you’re not approved for the very best rates or a 0% balance transfer offer. Check those deals first, there’s no real harm to do that, but if they fall through, give these a try.

LendingClub*

Lending Club

You might not have heard of [LendingClubPL]LendingClub[/LendingClubPL] yet, but they are a big player in online loans. And they offer a wide range of rates and terms based on your credit profile and needs. [LendingClubCreditScore]Generally you’ll need a score of about 600 or higher to get approved[/LendingClubCreditScore].

Rates: [LendingClubAPR]5.99 – 35.89% fixed APR[/LendingClubAPR]

Upfront fee: [LendingClubOrgFee]1 – 6%[/LendingClubOrgFee]

Amount: [LendingClubLoanAmt]up to $40,000[/LendingClubLoanAmt]

Period: [LendingClubTerm]up to 5 years[/LendingClubTerm]

Available states: All except Iowa and West Virginia

APPLY NOW Secured

on Lending Club’s secure website


BestEgg

[BesteggPL]BestEgg[/BesteggPL] (reviewed earlier in this post) will approve people with [BesteggCreditScore]credit scores as low as the mid-600s[/BesteggCreditScore]. If you have good credit and are looking for a loan, you should consider [BesteggPL]BestEgg[/BesteggPL].

APPLY NOW Secured

on BestEgg’s secure website


Upstart*

Upstart

[UpstartPL]Upstart[/UpstartPL] offers loans that look a lot like the ones from the bigger online lenders like [LendingClubPL]LendingClub[/LendingClubPL] or [ProsperPL]Prosper[/ProsperPL].

They’ll let you [UpstartLoanAmt]borrow up to $50,000[/UpstartLoanAmt] for [UpstartTerm]3-5 years[/UpstartTerm]. But the key is they will take into account the schools you attended, your area of study, the grades you earned in school, and your work history to see if you can get a better rate.

So while the range of rates [UpstartPL]Upstart[/UpstartPL] offers is similar to the bigger guys, if you did well in school, you might find the rate you actually get is lower than what the others will offer you, so it’s worth trying.

You’ll [UpstartCreditScore]need a 640 or better FICO[/UpstartCreditScore] and your monthly payments can’t be more than 55% of your monthly income.

Rates: [UpstartAPR]9.45% -29.99%[/UpstartAPR]

Upfront fee: [UpstartOrgFee]3.655% – 8%[/UpstartOrgFee]

Amount: [UpstartLoanAmt]$5,000 – $50,000[/UpstartLoanAmt]

Term: [UpstartTerm]3 & 5 year loans available[/UpstartTerm]

Available states: All


PenFed

Previously, [PenfedPL]PenFed[/PenfedPL] offers a [PenfedAPR]fixed rate of 9.99% interest rate for[/PenfedAPR] [PenfedTerm]5 years[/PenfedTerm]. Veterans get extra special attention so it’s worth checking this online only offer. You have to be a member of the PenFed credit union, but that’s easy and anyone can do that online as part of the process.

Rates: [PenfedAPR]9.99% fixed APR[/PenfedAPR]

Upfront fee: [PenfedOrgFee]None[/PenfedOrgFee]

Term: [PenfedTerm]5 years[/PenfedTerm]

Available states: All


Personal Loans for Bad or Minimal Credit

Avant*

[AvantAPR]APRs range from 9.95% – 35.99%[/AvantAPR] and there is [AvantPrepayFee]no prepayment fee[/AvantPrepayFee]. Checking your Loan Options will not affect your credit score. Just one warning: if you are willing to borrow money at 35.99%, then you really need to step back and think about building a longer term financial plan. You can download our free Debt Guide, which will help you put together a plan so that you never have to pay interest rates this high again.

[AvantPL]Avant’s[/AvantPL] platform offers access to [AvantLoanAmt]loans from $2,000 to $35,000[/AvantLoanAmt], with [AvantTerm]terms from 2 to 5 years[/AvantTerm]. The minimum [AvantCreditScore]credit score varies, but we have seen people with scores as low as 580 get approved[/AvantCreditScore].

The good thing about Avant is that these loans are amortizing. That means it is a real installment loan, and you will be reducing your principal balance with every payment.

Rates: [AvantAPR]9.95% – 35.99% APR[/AvantAPR]

Upfront fee: [AvantOrgFee]4.75%[/AvantOrgFee]

Amount: [AvantLoanAmt]up to $35,000[/AvantLoanAmt]

Period: [AvantTerm]up to 5 years[/AvantTerm]

Available states: All except: Colorado, Iowa, West Virginia, and Vermont.

For Example: [AvantPL]A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.[/AvantPL]

APPLY NOW Secured

on Avant’s secure website

Avant branded credit products are issued by WebBank, member FDIC.


OneMain Financial

[OneMainFinancialPL]OneMain Financial[/OneMainFinancialPL] offers personal loans through its branch network to people with less than perfect credit. You can start your application online. If you qualify, you will have to visit a branch to complete the application. Once in the branch, if you have all of the required documents, you can receive you loan proceeds immediately via check.

You can borrow from [OneMainFinancialLoanAmt]$1,500 to $25,000[/OneMainFinancialLoanAmt]. The interest rates are not low, and can go up to [OneMainFinancialAPR]36%[/OneMainFinancialAPR]. They will also charge an up-front origination fee that is not refundable. You should definitely shop around at other lenders first, given the high cost of the loan and the need to visit a branch.

Rates: [OneMainFinancialAPR]25.10%-36.00% APR[/OneMainFinancialAPR]

Upfront fee: [OneMainFinancialOrgFee]Varies[/OneMainFinancialOrgFee]

Amount: [OneMainFinancialLoanAmt]Up to $25,000[/OneMainFinancialLoanAmt]

Period: [OneMainFinancialTerm]Up to 5 years[/OneMainFinancialTerm]

APPLY NOW Secured

on OneMain Financial’s secure website


As these new companies evolve, expect even more attractive options to emerge, so when you think about lowering your rates, don’t just look to the banks you know.

Give an online lender a chance. You may be rewarded with lower rates, good service, and faster freedom from debt.

promo-personalloan-wide

* We’ll receive a referral fee if you click on offers with this symbol. This does not impact our rankings or recommendations You can learn more about how our site is financed here.

Got questions? Get in touch via Twitter, Facebook or email (info@magnifymoney.com)

The post Where to Get the Best Personal Loan Rates Online appeared first on MagnifyMoney.

9 Best 0% APR Credit Card Offers – December 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. Chase Slate® – 0% Introductory APR for 15 months, $0 Introductory Balance Transfer FEE

Chase Slate<sup>®</sup>

APPLY NOW Secured

on Chase’s secure website

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 and Credit Dashboard 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.

2. BankAmericard® Credit Card – 0% Introductory APR for 15 months, $0 Introductory Balance Transfer FEE

BankAmericard® Credit Card

APPLY NOW Secured

on Bank Of America’s secure website

This card is available if you have excellent credit. There is a $0 intro balance transfer fee if you complete the transfer within 60 days of opening your account.

Bank of America has just recently launched a balance transfer with no intro balance transfer fee. Credit card debt on an existing Bank of America credit card is not eligible for this offer.

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® - 18 Month Balance Transfer Offer, 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 $0 transfer terms.

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

Visa® Platinum Card from Alliant CU

APPLY NOW Secured

on Alliant CU’s secure website

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

Just choose ‘Apply as New 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.

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% intro 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.

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

Edward Jones World MasterCard<sup>®</sup>

APPLY NOW Secured

on Edward Jones’s secure website

You’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% introductory rate. This deal expires 4/30/2018.

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

Choice Rewards World MasterCard® from First Tech FCU

APPLY NOW Secured

on First Tech Federal Credit Union’s secure website

Anyone 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 and no transfer fee on balances transferred within first 90 days of account opening is for the First Tech Choice Rewards World MasterCard. You also get 20,000 Rewards Points after you spend $3,000 on the card in your first 2 months.

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

Visa Rewards Card from La Capitol FCU

APPLY NOW Secured

on La Capitol Federal’s secure website

Anyone 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.

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

Visa Signature Credit Card from Purdue FCU

APPLY NOW Secured

on Purdue FCU’s secure website

This 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 good news is you can apply and get a decision before you become a member of the Alumni Association.

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

The Logix Platinum MasterCard

APPLY NOW Secured

on Logix Smarter Banking’s secure website

Although this card isn’t available for everyone, it can be a good choice if you live in AZ, CA, DC, MA, MD, ME, NH, NV, or VA. Residence in those states allows you to 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.

9. Premier America Credit Union – 0% Intro APR for 6 months, NO FEE

Premier Privileges Rewards MasterCard® from Premier America CU

APPLY NOW Secured

on Premier America’s secure website

Premier America is unique because it has a Student Mastercard® that’s eligible for the balance transfer deal, though limits on that card are $500 – $2,000. There’s also a card for those with no credit history – the Premier First Rewards Privileges®, with limits of $1,000 – $2,000. If you’re looking for a bigger line, the Premier Privileges Rewards Mastercard® is available with limits up to $50,000.

Anyone can join Premier America by becoming a member of the Alliance for the Arts. You can select that option when you apply.

Other 0% Intro APR cards to consider

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

Visa Platinum Card from Money One FCU

APPLY NOW Secured

on Money One Federal’s secure website

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 Visa Platinum card are as high as $25,000.

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

Visa Platinum Card from andigo

APPLY NOW Secured

on Andigo’s secure website

You’ll have a choice to apply for the Andigo Visa Platinum or Visa Platinum Rewards. The Visa Platinum Cash Back card doesn’t have this deal. The Visa Platinum without rewards has a lower ongoing APR, starting as low as 10.65%, compared to 12.65% for the Visa 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.

12. Evansville Teachers Credit Union – 0% APR on Balance Transfers for first 6 months, NO FEE

ETFCU's Platinum Rewards Credit Card

APPLY NOW Secured

on Evansville Teachers Credit Union’s secure website

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.

13. Elements Financial Credit Card – 0% Intro APR for 6 months on Purchases and Balance Transfers, NO FEE

Elements Financial Platinum Visa® Credit Card

APPLY NOW Secured

on ELFCU’s secure website

To 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. The ongoing rate is 9.99% variable which is lower than typical cards.

14. Justice Federal Credit Union – 0% Intro APR for 6 months on Purchases, Balance Transfers, and Cash Advances, NO FEE

Student VISA Rewards Card from Justice FCU

APPLY NOW Secured

on Justice Federal’s secure website

If 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% introductory rate on purchases, balance transfers, and cash advances, 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.

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

XCEL’s Platinum VISA® Credit Card

APPLY NOW Secured

on Xcel Federal’s secure website

Anyone 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.

16. Michigan State University Federal Platinum Visa – 0% APR for 6 months, NO FEE

Platinum Visa Card from Michigan State FCU

APPLY NOW Secured

on Michigan State Federal’s secure website

There is the option to apply for the Platinum Plus Visa or the Platinum Visa. The Platinum Visa has a lower ongoing APR starting as low as 8.9%, compared to the 12.9% for the Platinum Plus which can earn you rewards. Anyone can join the Michigan State University Federal Credit Union by first becoming a member of the Michigan United Conservation Clubs. However, this comes at a high fee of $30 for one year.

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.

promo balancetransfer wide

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 – December 2017 appeared first on MagnifyMoney.

Can a Balance Transfer Hurt Your Credit Score?

 

When you are carrying a balance on a high-interest credit card, receiving a 0% balance transfer offer can be enticing. After all, shifting the balance from a high-interest credit card to a no-interest card means saving money on interest and paying down the balance faster.

But how will the balance transfer impact your credit score?

First, you should understand three crucial elements that go into determining your credit score: inquiries, credit utilization, and length of credit history.

  • Inquiries – How many new accounts have you opened lately? Whenever you apply for new debt, the lender performs a “hard inquiry” to determine whether they will approve your application. According to FICO, hard inquiries account for about 10% of your credit score.
  • Credit utilization ratio – How much do you owe? Your credit utilization ratio is calculated based on your total outstanding balances compared to your total credit limit. It is calculated both per card and across all of your credit accounts and makes up about 30% of your credit score.
  • Length of credit history – How long have you been using credit? This factor looks at the age of your oldest account as well as the average length of all of your credit accounts. The longer your history, the higher your score. According to FICO, the length of your credit history accounts for about 15% of your credit score.

How balance transfers can hurt your credit score

Balance transfer applications count as a hard credit inquiry

When you open a new account for a balance transfer, the lender will perform a hard inquiry. One hard inquiry is unlikely to have a large impact on your credit score. If you have excellent credit and haven’t applied for a card in the last six months, one hard inquiry may not impact your score at all. Inquiries could have as much as a ten-point impact, but that would be very rare. The typical impact of one hard inquiry is about five points. However, if you apply for several cards at once, the applications could have a big impact.

Balance transfers lower the average length of your credit history

Opening a new credit account will lower the average age of your credit accounts, which can negatively impact your credit score in the short term.

For example, if you have one 5-year-old credit card, one 3-year-old credit card, and one 10-year-old credit card, the average age of your cards is 6 years.

When you open a new credit card for a balance transfer, you now add a less-than-one-year-old account to your balance. At the most, your average credit age will drop down to 4.75 years.

How balance transfers can improve your credit score

All in all, the benefits of balance transfers can far outweigh the negatives.

You will likely lower your utilization rate

Opening new credit accounts decreases your overall credit utilization ratio, which positively affects your credit score over time. For example, if you have one credit card with a $5,000 limit and a $2,500 balance, your credit utilization ratio is 50%. When you open a second account with a $5,000 limit and transfer the $2,500 balance to the new card while leaving the old account open, your total available credit is $10,000 ($5,000 + $5,000), and your outstanding balance is still just $2,500. You’ve reduced your credit utilization rate to 25%.

What happens if the new account’s limit is just $2,500 and you transfer the full $2,500 balance? You’ve still reduced your overall credit utilization ratio. Now you’re using 33% of your available credit ($2,500 / $7,500). However, the negative is that there are still some points taken away if you max out one card. You didn’t have any maxed out cards before, and now you do. Credit scores are very sensitive to people who max out their credit cards as they’re seen as high risk. Maxing out a new card could reduce your credit score by about 30 points in the short term.

You will be paying off debt faster, improving your score dramatically

Where balance transfers get exciting is that more of your money is going to paying off the balance of your debt as opposed to interest. Ultimately, the best credit score comes from carrying as little debt as possible.

Using our previous example of the $2,500 balance on one card, assume that card had a 21% interest rate and you could afford to pay $220 per month toward paying it off. According to MagnifyMoney’s balance transfer calculator, if you did not take advantage of a balance transfer, the card would be paid off in 13 months, and you would pay $309 in interest. If you transferred that balance, even with a 3% balance transfer fee ($75), you could pay off that balance one month sooner and save $234.

In the end, your goal should be to pay off your debt as quickly as possible. Over the course of a year, as long as you stick to your strategy, you can eliminate that debt in a year, and your score will go up a whole lot faster than it otherwise would.

When to avoid balance transfers

The short-term impact of a balance transfer on your credit score should only concern you if you are planning on applying for a mortgage in the next six to nine months. During this period, every point on your score counts. Just a 0.2% difference in your interest rate can cost a ton of money over the life of your mortgage. In that case, wait until after you get the mortgage to do the balance transfer.

The bottom line

People are so programmed to think about their score that they sometimes lose sight of what they want the high score for. A higher score saves you money and gets you out of debt faster. Don’t focus on short-term fluctuations of 10 to 20 points. Use your good credit score to save money. That’s what it’s there for.

The post Can a Balance Transfer Hurt Your Credit Score? appeared first on MagnifyMoney.

Chase Slate® Review: Is this Legit? An Introductory $0 Fee Balance Transfer?

Chase Slate Review

Updated April 18, 2017

Chase slateDo you have credit card debt that you can’t afford to pay off? Do you feel depressed watching all of your payment going towards interest? Are you afraid that you will be in debt for the next 30 years? Don’t just sit at home and worry: take action by transferring your debt from a high interest rate to a low interest rate with a balance transfer.

Chase Slate® has a very popular introductory balance transfer offer. 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.

The savings can be astonishingly high, and you can take years off your debt repayment. But some people worry that the offer is too good to be true. So long as you do the following 3 things, it really is a free balance transfer:

  1. Complete the balance transfer within 60 days of opening the account. Otherwise, you lose the offer and standard balance transfer fees and rates would apply.
  2. Always pay on time. If you are just one day late, you will be charged a hefty late fee. And, if you are 60 days late, you will lose the promotional interest rate.
  3. Only transfer debt from another bank. You can not use this offer to transfer debt from another Chase credit card – and that includes co-brands (like United Airlines and Southwest Airlines credit cards).

The application process is easy, and will only take a few minutes.

Learn more

The interest rates on credit cards are shockingly high, especially those store credit cards that you were tempted with during holiday shopping. Most store cards have interest rates higher than 20%, and here are some examples of particularly expensive cards:

  • Macy’s: 24.5%
  • Wal-Mart: 22.9%
  • Target: 22.9%

Store cards are obscenely expensive, but ordinary credit cards also carry a hefty interest rate. Most people who have a balance on a credit card are paying more than 15% on that debt.

If you wake up one morning with a debt hangover, you shouldn’t think of your high interest rate as a life sentence. Your debt does not need to stay on that high interest rate credit card: you can move it to a lower interest rate with an intro balance transfer. And, one of the best balance transfer credit cards out there is the Chase Slate®.

In this article, we will explain:

  • What is a balance transfer
  • How to qualify for a balance transfer credit card
  • Why Chase Slate® is an almost-perfect introductory balance transfer
  • How to complete a balance transfer with Chase
  • What to do once the balance transfer is complete

If you have any questions about this card, you can always send us an email at info@magnifymoney.com, and we would be happy to help answer any questions you might have. We always respond to emails within 24 hours, and are usually quicker than that.

What is a Balance Transfer

You have probably received many of these offers in your mail: a credit card company offers you a 0% interest rate if you transfer your existing credit card debt from another credit card company to the one offering the 0% deal.

A balance transfer is exactly what it sounds like: you can transfer your debt from Bank A to Bank B. Bank B wants your business, so they will “steal” your debt from their competition by offering a great interest rate for a fixed period of time (the promotional period). Often, a bank will charge a fee for the balance transfer. Given how high interest rates are on store cards and credit cards, the fee usually pays for itself within 3-6 months. If you can pay off your debt in fewer than 6 months, a balance transfer is not worthwhile. However, if it will take you longer than 6 months, you will almost always save money.

Banks want to steal your business from other banks: that is why the offers are only available for debt with another credit card issuer. For example, Chase is happy to take over debt from Citibank, Wells Fargo or Target. But, if you just want to transfer debt from one Chase credit card to another, you will be rejected.

Just think of cable/internet/telephone companies. They regularly give you amazing deals for the first year if you sign up for a bundle. After the year is over, the rate goes up. This is exactly the same idea: banks are competing for your debt.

How to Qualify for a Balance Transfer Credit Card

Banks will only offer balance transfers to people with good or excellent credit. That typically means that you will require:

  • A credit score of 680 or higher (700 preferred)
  • A debt burden (explained below) of less than 50% (40% or lower preferred)
  • Very few, if any, accounts that are currently delinquent

A debt burden is calculated by adding up your monthly fixed expenses and dividing that by your monthly income. The expenses should include: monthly rent or mortgage payment, auto payment, student loan payments and the monthly payment on any other credit cards or loans that appear on your credit bureau.

If your total payments are more than 50%, you will likely be declined. If it is less than 50%, you have a chance. However, banks typically want to see debt burdens below 40% (and you will likely get approved at higher debt burdens only if you have a very high credit score).

Banks do not share their underwriting criteria: instead, they keep them as carefully guarded secrets. Life would be a lot easier if they just told us what they wanted! However, at MagnifyMoney, we have done our best to reverse-engineer the underwriting criteria. If you meet the criteria above but are rejected, please let us know!

If you don’t qualify for a balance transfer, you may want to consider a personal loan. The concept is the same: you can take out a loan and use the proceeds to pay off existing credit card debt. But, unlike the credit card balance transfer market, personal loan companies tend to approve much riskier people. Just make sure the interest rate on your new loan is lower than the interest rate on your credit card before proceeding.

If you want to compare the cost of a balance transfer to the cost of a personal loan, you can do that with our balance transfer and personal loan calculator.

Customize your balance transfer offers with Magnifymoney tool

Why Chase Slate® is Almost Perfect

There are two key features of a balance transfer: the balance transfer fee (charged as a percent of the balance that is transferred, and added to your bill upon completion of the transfer), and the duration of the balance transfer (number of months at the promotional rate).

Chase does not charge a balance transfer fee for the intro offer. It is absolutely free to move your debt from another credit card issuer to Chase and it’s 0% intro APR for 15 months.

So, if you move your debt from your store card and pay it off by month 15, you will not pay a dime to Chase. It will have been completely free. If you do have a balance remaining at the end of the 15 month promotional period, you will not be charged interest retroactively. In other words, the interest that would have been charged during the 15 month promotional period has been waived completely. From month 16, interest would be charged on a go forward basis.

The balance transfer offer is almost perfect. Just be careful of the following:

  • You can only transfer debt from a bank other than Chase. That includes Chase co-branded credit cards, like United Airlines, Southwest Airlines, Marriott and others. Because Chase is the #1 credit card issuer in the country, it is possible that some or all of your debt is already with Chase.
  • The ongoing purchase APR (after month 15) will depend upon your credit score. The ongoing purchase APR range is 15.74% – 24.49% variable.

Chase has invested in one of the best introductory balance transfer offers out there. If you use the intro offer responsibly, you can have no interest and fees for 15 months. You should take advantage of the offer and reduce your debt as much as possible.

Chase slate

Learn more

If all of your debt is with Chase, you can find plenty of other offers on our balance transfer marketplace. Just input how much debt you have and how much you can pay each month, and we will show you the offers (updated daily) and how much you will save with each transfer. There are plenty of options out there, so there is no reason to ever pay a high interest rate on your debt.

How to Complete a Balance Transfer with Chase

Make sure you complete your balance transfer as soon as you receive your card. The introductory offer is from when you opened the card, not the date you transfer the debt. So, every month you wait is a month of a promotional balance interest wasted.

It is incredibly easy to complete the balance transfer once you receive your credit card. You can always call them. The call center employees typically receive incentives to complete balance transfers, so it is highly likely that they will want to help you.

But, you don’t need to call them. You can complete the balance transfer online. We have put together a step-by-step guide. It should take you fewer than 5 minutes. All you need is the credit card number of the account that you want to pay off.

Warning: it can take up to 2 weeks for the payment from Chase to reach your bank. Make sure you continue to make payments on your old card until you receive confirmation that the old balance is paid off.

What to Do Once the Balance Transfer is Complete

Once you complete the balance transfer, your goal is to pay off your debt as quickly as possible. In a best case scenario, you divide the total balance by 15 months, and make sure you pay that amount each month. That way, you know that you will be debt free by the time the promotional period expires.

During the promotional period, make sure you:

  • Try to avoid spending on the credit card. Remember: the purpose of this 0% is to help you pay off your debt faster, not to get into more debt.
  • Make sure you make your payments on time, every month. If you pay late, you will be charged late fees. If you are 30 days late, it will hurt your credit score. And, at 60 days late, you will lose your 0% interest rate – and could be charged the penalty interest rate

At the end of the promotional period, don’t close the credit card. Closing credit cards can hurt your score, and Chase Slate® does not have an annual fee. So, it is a nice card to keep.

If you have debt sitting at a high interest rate, you should move it now. There is no reason to drown in high interest rate debt, and there is no reason to work hard only to pay interest to the bank.

The post Chase Slate® Review: Is this Legit? An Introductory $0 Fee Balance Transfer? appeared first on MagnifyMoney.