Is 3% a good balance transfer fee?
Is a balance transfer fee worth it? If you have a significant amount of credit card debt, the 3% balance transfer fee (or sometimes even a 5% fee) is absolutely worth paying when transferring your balance to a card that has a 0% intro APR offer, but only if you still need time to pay off a balance.
Does 0 balance transfer mean no interest?
What is a balance transfer card? With a 0% balance transfer you get a new card to pay off debt on old credit and store cards, so you owe it instead, but at 0% interest. A card will have a 0% period, during which you pay no interest – for example, 28 months – and sometimes you’ll pay a small fee.
Can balance transfer fees be waived?
People with a good, long-standing relationship with the issuer and a credit score that exceeds the card’s approval requirements will have the best chance of getting the fee waived. Negotiating for a lowered or waived balance transfer fee may save you hundreds of dollars, but it’s more likely to be a waste of time.
Can I keep transferring credit card balances?
Sure, you can transfer the debt again — assuming you’re able to qualify for another balance transfer card — but you aren’t doing much to become debt-free. Continuing to move debt from one balance transfer card to another could become costly if you pay balance transfer fees each time.
Can I transfer my 0% card to another?
You’ll need to look for a balance transfer card with a 0% introductory period of at least 20 months. You’ll also need to factor in the one-off transfer fee, if there is one. It’s usually worked out as a percentage of the balance you’re transferring, often up to 3%.
Why are there no balance transfer offers?
Balance transfer cards typically provide up to 20 months of interest-free financing. However, due to the recent economic downturn, many financial institutions are shortening the length of their 0% APR offers or getting rid of them altogether.
Can you negotiate balance transfer rate?
You can always try to negotiate your balance transfer fee by getting a credit card customer service representative on the phone. There’s no guarantee you’ll have any luck, but you can always call the card issuer and make your case.
Is it better to pay off one credit card or reduce the balances on two for credit score?
The snowball method suggests that when you’re paying off multiple credit cards, it’s best to pay off the card with the smallest balance first before moving on to the next smallest and so on. The idea is to pay as much as you can towards the smallest debt while sticking to the minimum payment for the remaining cards.
Will closing unused credit cards hurt my credit?
Closing unused credit card accounts may sound like a good idea, but it could hurt your credit score because of increased utilization and, eventually, shorter credit history.
Is it better to pay off credit card or transfer balance?
But in general, a balance transfer is the most valuable choice if you need months to pay off high-interest debt and have good enough credit to qualify for a card with a 0% introductory APR on balance transfers. Such a card could save you plenty on interest, giving you an edge when paying off your balances.
Can I ask my credit card company for a balance transfer?
With some credit cards, you can request balance transfers while filling out the application before you’re even approved. Phone. You can call your issuer to request a balance transfer. As with online balance transfers, come prepared with information about the debt you’re looking to move.
Do all cards have a balance transfer fee?
Not all credit card deals involve balance transfer fees. Consumers with very good credit scores are usually only approved for cards with no transfer fee. On the plus side, some cards offer more generous cash back deals and miscellaneous other cardholder benefits.
What is 2.9 balance transfer fee?
The transfer fee is fixed at 2.9% of the total amount added to the balance to repay on top of the transfer amount. For the first 20 months (“initial period”), the monthly repayment amount is subtracted from the balance every month, without additional fees.
How do I get around a balance transfer fee?
The only way to avoid a balance transfer fee is to find a card that doesn’t charge one. Such offers are generally reserved for people with good to excellent credit. If you’re not sure you fit that description, check your credit score to find out.