What is a balance transfer—and should you consider one?
If you're having trouble paying off credit card debt, a balance transfer credit card might help. Many credit cards offer promotional interest rates as low as 0% on balance transfers, which can help you pay down your debt without racking up more interest. However, you'll likely pay a 3% to 5% balance transfer fee, and the card's regular annual percentage rate will kick in when the introductory period ends.
You can transfer more than credit card debt, depending on the credit card issuer. For example, Capital One lets you transfer balances from auto, personal, and student loans, too. Transferring multiple balances is possible if you stay under your balance transfer limit. You can usually transfer up to 90% ofIn most cases, you'll pay a balance transfer fee to shift balances to the new card . The fee is typically 3% to 5% of each balance you transfer, with a fixed minimum fee, such as $5 or $10.
Now assume you transfer the $5,000 balance to a card offering a 0% APR for 21 months. If you pay the same $100 a month, your balance will be $2,900 at the end of the introductory period. From there, it will take an additional 40 months to pay off the balance completely, and you'll pay $1,095 in interest—$4,745 less than if you kept the balance on your high-interest card.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
The Transfer Tutor: The app that could help your child pass the transfer testFinaghy entrepreneur Olga Lynch left the corporate world to start the award-winning business
Lire la suite »
Ribble Valley's tourism boom where striking a balance sells it bestThe Ribble Valley attracts people from all over, with sustainable tourism and a variety of things to do at the heart of bringing in
Lire la suite »
Transfer gossip: Mbappe's Prem preference revealed as Arsenal, Liverpool step aside for ChelseaKylian Mbappe has his reasons for preferring Arsenal above other Premier League suitors, while Chelsea have received a boost from the Gunners and Liverpool...
Lire la suite »
Madueke drops Colwill transfer hint amid Chelsea uncertainty and Liverpool linksLevi Colwill gave an awkward response when Noni Madueke declared that the defender would be at Chelsea this season. The duo were celebrating England’s success at the European Under-21 Champio…
Lire la suite »
'Ronaldo doesn't want me' - Ex-Chelsea star reveals why Saudi transfer may not happenJuan Cuadrado has joked he won’t move to Saudi Arabia due to Cristiano Ronaldo. After a total of eight seasons at the club, the versatile right-sided star recently left Juventus after failing…
Lire la suite »
Paulo Dybala reacts to Chelsea transfer question after Thiago Silva claim at SilverstonePaulo Dybala gave a cheeky smile when asked asked about a potential Chelsea transfer at the British Grand Prix. The Argentine was at Silverstone having handed Max Verstappen his pole position troph…
Lire la suite »