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Why a Balance Transfer is the Secret Ingredient to Saving Money

If you open your wallet, pull out your credit cards and evaluate each card you will first notice the credit card interest and immediately feel its financial burden. To ease your pain, you can and should seek a balance transfer. A balance transfer is one of the best money-saving options available. woman credit card edit.jpg

What does a Balance Transfer do for Your Piggy Bank?

  • Pay off old debt at a quicker pace
  • Save you more money over time

A balance transfer is defined as transferring a balance from a current credit card to a new credit card. By doing so, you have the opportunity to have a lower APR (annual percentage rate) or a 0% introductory APR for an amount of time.

How are 2 Credit Cards Better than 1?

The larger the balance you have the longer you want your intro APR on your "savior" credit card. Look for an 18 month intro APR over a 12 or fewer month intro APR. Give yourself the right amount of time to pay off your balance.

Take these 3 Necessary Actions:

1. Research "Savior" Credit Cards & Apply

Two things to look for while researching:

  • Look at the length of the introductory APR
  • Watch out for balance transfer fees

2. Get Accepted & Initiate the Transfer

Make sure to understand the terms and conditions of your new credit card choice. Make contact with the credit card issuer to begin transferring money.

  • Call the bank directly
  • Request an online transfer
  • Verify the Transfer is Complete & Celebrate
  • While you are in the process of a balance transfer it is important to keep track of your finances.
  • Pay at least the minimum payment
  • Do not close your original credit card

If you miss a payment on your original card or close the card it could negatively affect your credit score. Keep tabs on both cards. The balance transfer process takes at least a week before it is complete. 

    Some of the Best "Savior" Credit Cards

    1. Chase Slate

    This credit card has covers all bases:

    • 0% intro APR on balance transfers &
    • Purchases for 15 months
    • No balance transfer fee*
    • 650 credit score & higher to be approved

    *to receive a no balance transfer fee, the transfer needs to be completed within the first 60 days of the card's annual membership 

      2. Citi Simplicity Card

      This credit card gives a time cushion:

      • 0% intro APR on balance transfers &
      • Purchases for 21 months
      • Small balance transfer fee*
      • No late fees ever
      • No penalty rates ever
      • No annual fees ever

      *balance transfer fee is based off of $5 or 3% of the amount transferred depending on what is larger 

        3. Barclaycard Ring Mastercard

        This credit card gives you no fees:

        • No balance transfer fees
        • Low 8% variable APR on transfers & purchases
        • No annual fee
        • Customized benefits

        Want more options? Use the balance transfer calculator to help you find the best choice for you.

        We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly. 

        Source: NextAdvisor | Credit Card Debt 

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