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Many credit card issuers offer balance transfer credit cards with introductory 0 percent annual percentage rate (APR) periods that allow you to pay down what you owe interest-free for periods of a ...
Say your debt balance is $10,000 and you have a $7,000 credit limit. You can only transfer an amount up to your credit limit minus any transfer fees. Pay the transfer fee. Most credit card issuers ...
Assuming you pay it down to $9,000 and move that loan — now including an estimated $360 fee — to a balance transfer card with a 0 percent intro APR for 15 months, the payments would rise to ...
At that point, Card B’s balance is cleared out — but Card A has $1,000 added to its balance (plus any associated balance transfer fees) since you just used a balance transfer check to borrow ...
For example, if you have a card with a $5,000 balance transfer limit and a 3 percent balance transfer fee, the most you’ll be able to transfer is about $4,850.
Here’s how to do a balance transfer, which could help you pay off debt faster. ... if you transfer $5,000 in debt to a balance transfer card, you could pay an extra $150 to $250 in fees ...
To ensure you pay off the balance before the intro period ends, make a plan using Bankrate’s credit card balance transfer calculator to determine the monthly payment amount that will help you ...
A balance transfer is when you move credit card debt from a card with a high interest rate to one with a lower interest rate—or even a card that offers a 0% APR for an introductory period of time.