Shifting your bank card stability from an account with a excessive rate of interest to at least one with a protracted intro 0% APR interval might allow you to pay down debt with out racking up extra curiosity. Earlier than you decide a card to switch that debt, nonetheless, ensure you examine the stability switch charges.
Some bank card issuers will cost a price — often 3% to five% — to just accept stability transfers into the brand new account. If you happen to’re transferring $20,000 in debt, that is an additional $600 to $1,000 you will need to cowl.
Different bank cards, nonetheless, waive stability switch charges utterly, making them engaging to cardholders who actually don’t need extra of a price burden. Remember the fact that as soon as the intro APR interval expires in your new bank card, most may have not less than the common rate of interest of 16.13%, per Bankrate.
If you happen to’re pondering of shifting your bank card debt to a brand new account that waives stability switch charges, learn on to find our high accomplice affords under.
Learn extra: Greatest Secured Credit score Playing cards
Longest intro APR with a $0 introductory switch price
Intro ProvideN/A
APR8.49% to 19.99% (Variable)
Intro Buy APR0% Introductory APR for the primary 15 months that your account is open.
Beneficial Credit score Glorious/Good Credit score
Reward ChargesN/A
Annual Charge$0
Intro Steadiness Switch APR0% Introductory APR for the primary 15 months that your account is open.
Steadiness Switch APR8.49% to 19.99% (Variable)
Steadiness Switch Charge Both $10 or 3% of the quantity of every stability switch, whichever is larger.
Late Fee Charge As much as $37
International Transaction Charges 3% of every transaction in U.S. {dollars}.
Penalty APR None
Our Take
The Union Financial institution® Platinum™ Visa® Credit score Card affords 15 months of 0% introductory APR on each purchases and stability transfers, with $0 in stability switch charges should you full your first stability switch inside the first 60 days of account opening (after that, 3% of every switch with a minimal of $10). After the promotional APR interval ends, you will be topic to a variable APR of 8.49% to 19.99% — the decrease finish of this vary may be very aggressive in comparison with most stability switch bank cards. There’s additionally no annual price, making this a protected card to switch your stability to with none further prices should you’re diligent.
A mid-range intro APR provide
Intro ProvideN/A
APR8.15% – 18.00% variable APR
Intro Buy APR0% intro APR for 12 months from account opening on purchases
Beneficial Credit score N/A
Reward ChargesN/A
Annual Charge$0
Intro Steadiness Switch APR0% intro APR for 12 months from account opening on BTs
Steadiness Switch APR8.15% – 18.00% variable APR
Steadiness Switch Charge None
International Transaction Charges None
Our Take
Wings Monetary Credit score Union is predicated in Minnesota, however you’ll be able to be part of by making a $5 donation to the Wings Monetary Basis. After that, you’ll be able to apply for the Wings Visa Platinum Credit score Card*, which costs no annual or stability switch charges and affords 12 months of 0% introductory APR on stability transfers and purchases (8.15% to 18.00% variable APR thereafter).
Intro ProvideN/A
APR6.99% to 18.00% (Variable) whenever you open your account, based mostly in your credit score worthiness
Intro Buy APRN/A
Beneficial Credit score N/A
Reward ChargesN/A
Annual ChargeNone
Intro Steadiness Switch APRIntroductory 0.00% APR stability switch for 12 billing cycles
Steadiness Switch APR6.99% to 18.00% (Variable) whenever you open your account, based mostly in your credit score worthiness
Steadiness Switch Charge None
International Transaction Charges None
Our Take
First Tech Federal Credit score Union is predicated out of San Jose, California, and catered initially to workers of tech firms within the Pacific Northwest. At this time, you’ll be able to grow to be a member should you work for one among their accomplice firms or grow to be a member of the Laptop Historical past Museum ($15 for an annual membership) or the Monetary Health Affiliation ($8 for an annual membership).
The First Tech Platinum Mastercard* bank card additionally affords 12 billing cycles of 0% introductory APR on stability transfers (6.99% to 18.00% variable APR thereafter) with no bank card stability switch charges.
For service members and their households
Intro ProvideN/A
APR6.24% – 18.00% Variable
Intro Buy APRN/A
Beneficial Credit score N/A
Reward ChargesN/A
Annual ChargeNone
Intro Steadiness Switch APR0% intro APR for 12 months on stability transfers
Steadiness Switch APR6.24% – 18.00% Variable
International Transaction Charges None
Penalty APR 18.00%
Our Take
The Navy Federal Credit score Union is for members of the armed forces, veterans and their rapid relations. If you happen to qualify for this card, you’ll be able to take pleasure in 12 months of 0% introductory APR on stability transfers with a 6.24% to 18% variable APR thereafter — together with no stability switch charges. However you will need to provoke the stability switch inside 60 days of opening your account in an effort to make the most of this provide.
FAQs
How do stability switch bank cards work?
When used accurately, stability switch bank cards perform as a debt-financing software. They can assist you pay down current high-interest bank card debt sooner and for much less.
Whenever you switch a stability, you progress debt from one bank card to a different. The most effective stability switch playing cards provide low or no curiosity for a set introductory interval, permitting you to pay down your debt with out worrying about excessive accruing curiosity. This introductory APR interval typically lasts between 12 months and 21 months, supplying you with a big time period to repay your stability earlier than the rate of interest will increase.
Whereas a couple of bank cards provide no-fee transfers, most stability switch playing cards cost you between 3% and 5% of the stability transferred. Usually, the longer the introductory 0% APR interval, the upper the price, and vice versa. So playing cards with no stability switch price have shorter introductory APR intervals, and people with switch charges have longer introductory APR intervals.
The place can I discover bank cards with no stability switch price?
We predict the Wings Visa Platinum and First Tech Platinum playing cards are two of one of the best bank cards with no stability switch price. Whereas each provide introductory APR affords, you’ll have to pay between $5 to $15 to grow to be a member. This price is comparatively small in comparison with typical stability switch charges, although. To match, for instance you are transferring $5,000 in bank card debt — a card with a 3% price would cost you $150 to take action, whereas the Wings Visa Platinum and First Tech Platinum playing cards would solely require a membership price beneath $20.
That mentioned, should you’re already a member of a credit score union, it might be price asking if it affords a stability switch card with a 0% introductory APR interval and no stability switch price.
What are the advantages of a bank card with no stability switch price?
A bank card with no stability switch price allows you to switch a stability from one account to a different with out paying an upfront switch price, typically between 3% and 5%. The trade-off is a shorter introductory APR interval for stability transfers.
A bank card with no stability switch price and a 0% APR affords a method to repay high-interest bank card debt with out paying a dime in curiosity or charges, however provided that you’ll be able to pay it off inside one 12 months. If you happen to want extra time, it may be higher to contemplate a card with a stability switch price that has an extended no-interest or low intro APR interval.
How do I determine if a bank card with no stability switch price is true for me?
Step one is to know how giant of a month-to-month fee you’ll be able to afford every month. Then, calculate how a lot you will pay in curiosity and charges with two or three completely different stability switch bank cards.
Usually talking, should you can repay your debt in round 12 to fifteen months, the three% you save with a bank card with no stability switch price will likely be price it. If it’ll take you 17 to 18 months or longer, a card just like the U.S. Financial institution Visa® Platinum Card might prevent extra money in curiosity funds, regardless of the three% switch price ($5 minimal). If you happen to want greater than two years to pay down your stability, the SunTrust Mastercard Prime Rewards could also be your only option. Do not low cost private loans both — should you owe a big quantity and wish a couple of years to repay your debt, you might be able to lock in a private mortgage for a decrease rate of interest than the SunTrust Mastercard Prime’s introductory 3.25% variable APR on stability transfers (11.24% to 21.24% variable APR thereafter).
Our methodology
CNET opinions bank cards by exhaustively evaluating them throughout set standards developed for every main class, together with cash-back, welcome bonus, journey rewards and stability switch. We consider the everyday spending habits of a spread of shopper profiles — with the understanding that everybody’s monetary state of affairs is completely different — and the designated perform of a card.
For cash-back bank cards, for instance, key elements embody the annual price, the “welcome bonus” and the cash-back price (or charges, in the event that they differ by spending class). For rewards and miles playing cards, we calculate and weigh the online financial worth of a card’s respective perks. And with stability switch bank cards, we analyze specs such because the length of the introductory 0% APR interval and the stability switch price, whereas acknowledging secondary elements similar to the usual APR and the size of time you need to make a stability switch after you open the account.
Extra bank card suggestions
*All details about the Wings Visa Platinum Credit score Card, First Tech Platinum Mastercard, and the SunTrust Prime Rewards Credit score Card has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content material on this web page is predicated solely on goal, impartial assessments by our writers and isn’t influenced by promoting or partnerships. It has not been offered or commissioned by any third celebration. Nonetheless, we might obtain compensation whenever you click on on hyperlinks to services or products supplied by our companions.
