Credit Card Balance Transfers

Everyone has credit cards these days, which means most of those people have debt on them. Simply based on this recent article in USA Today it shows that 50+ year olds alone have around $8,000 in credit card debt, with a younger generation around $6,000 in credit card debt.  You can only imagine the amount in interest that is compounded.  There are options you can consider when it comes to credit card debt to alleviate some or all of your credit card interest charges.

Balance transfers are a great tool that most credit cards will offer.  Typically there is a pre determined fee+% and then interest is accumulated once the balance is transferred from the old to the new account.  There are however great promotional offers from time to time that offer no fee and 0% APR on balance transfers for X months.  Below are a few great, current, balance transfer offers you might be interested in considering, many more do exists. In a sense, you can consolidate multiple credit card balances that you are paying interest on to a single 0% APR credit card via a promo and make a single payment a month (although the amount may vary).

Slate from Chase-The card features a 0% Intro APR for 15 months on purchases and balance transfers (variable APR of 12.99%, 17.99%, or 22.99% after the introductory period ends). Also, transfer a balance during the first 60 days your account is open, and as an introductory offer you will pay no balance transfer fee. After the first 60 days, the fee for future balance transfers is 3% of the amount transferred with a minimum of $5.  Note: I recently took Chase up on this offer and transferred all my credit cards to this one.

Citi ThankYou-Earn 10,000 bonus ThankYou® Points after you make $500 in purchases with your Citi ThankYou® Preferred Card within the first three months after opening your Card account – then redeem those points for $100 in gift cards and certificates. Plus, 0% APR on balance transfers and purchases for 12 months.

Always remember to perform your own due diligence before making any financial decisions as everyone has their own unique situations.  Please do not consider anything in this or any post financial advice that you should take me up on and do/apply to your personal finances.  I just share my thoughts and hope you like them 🙂

Edgar @ Degrees and Debt

AuthorEdgar @ Degrees and Debt

Founder of Degrees and Debt. Edgar just wrapped up his MS in Project Management with a focus on Information Security Management. Battling back to even from student loans, mortgage and credit card debt is an art Edgar is learning to master. This is his journey.

8 thoughts on “Credit Card Balance Transfers

  1. Thankfully I haven’t had to do a balance transfer, but if I did it’s good to know there are options out there. I had no idea you could get a zero percent interest rate on a transfer. Sounds like a pretty good deal for folks who have credit card balances.

    • @StudentDebtSurvivor Keep in mind just because the cards have no debt doesn’t mean you have to close them. I kept mine open as sometimes they run special promo’s to “get you using again” that can benefit me for a short time.  Also, age of the account effects credit scores, so thats a consideration also.

  2. seedebtrun

    we did a large balance transfer back when we were first getting started, moving nearly ten grand from a 20% card to a zero percent discover.. we saved hundreds of dollars in interest costs… nothing wrong with that at all..
     
    -j-

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