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Here’s how to pay no interest on your debt until 2023 with a balance transfer credit card

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Here’s how to pay no interest on your debt until 2023 with a balance transfer credit card



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CNN Underscored evaluations financial products such as credit cards and bank accounts based on their overall value. We may obtain a commission by means of the LendingTree affiliate network while you apply and are approved for a card, but our reporting is always impartial and honest.

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Whilst you’re adore other Americans, you may have racked up a sizable amount of debt all by means of the pandemic and resulting economic downturn. Even now, with the economy coming back to life, you may be discovering it hard to sustain with your monthly credit card payments. Rather than falling further within the back of, you may have to restful consider consolidating your debt with a balance transfer credit card.

Balance transfer credit cards provide an introductory 0% annual percentage rate (APR) on existing balances that you transfer over from other credit cards. This introductory rate applies to the transferred debt for anywhere from 15 to as many as 20 months from while you first originate the card. That means while you transfer your balance now, you may per chance pay no interest on your debt until 2023.

Some balance transfer credit cards also provide great rewards on your everyday purchases, and a few even have valuable perks such as cell phone or travel insurance. So while you want to earn your credit card debt beneath control, strive our record of the finest balance transfer credit cards to assume which one easiest matches your needs.

Citi® Diamond Most widespread® Card: Handiest overall for balance transfers

U.S. Bank Visa® Platinum Card: Handiest for long balance transfers

Citi® Double Cash Card: Handiest for flat-rate cash back

Citi Rewards+® Card: Handiest for small purchases

Wells Fargo Platinum® Card: Handiest for travel protections

The information for the Wells Fargo Platinum card has been gentle independently by CNN Underscored. The card details on this page have not been reviewed or supplied by the card issuer.

Why did we purchase these cards as our easiest balance transfer credit cards for 2021? CNN Underscored’s comprehensive credit card methodology compares every aspect of each balance transfer credit card to our “benchmark credit card” to pick which cards can potentially bring you maximum value. So dive into the details of each card with us, and glance how they stack up.

Why it’s great in one sentence: If your main level of interest is to decrease your interest payments, the Citi Diamond Most widespread provides a 0% APR for a chubby 18 months on both purchases and balance transfers accomplished within the primary four months after you originate the card (the interest rate rises to a variable 14.74% to 24.74% after the introductory interval ends).

This card is apt for: Of us that want an extended time frame to consolidate their debt, with 18 months at the introductory rate as successfully as a prolonged interval to total any balance transfers and restful earn the introductory provide.

Highlights:

  • 0% APR for 18 months on balance transfers made within the primary four months after you originate the card (14.74% to 24.74% variable afterward).
  • 0% APR on all purchases for the primary 18 months (14.74% to 24.74% variable afterward).
  • No annual rate.

Imprint-up bonus: None.

What we adore about the Citi Diamond Most widespread: That is a great card while you want an extended amount of time to earn your finances in expose. It provides an introductory rate on both balance transfers and novel purchases, which means you may be able to simplify your life by consolidating all your debt onto one credit card and then paying down what you owe by means of the relaxation of 2021 and all by means of 2022.

You have a four-month interval after you first originate the Citi Diamond Most widespread to make any balance transfers and restful have them qualify for the introductory APR provide. Fair bear in ideas that the 18-month clock starts from the date of your first transfer, so while you have more than one transfer, it’s easiest to earn them all done at roughly the same time.

The Citi Diamond Most widespread card also comes with a free FICO credit obtain online and allows you to protect your payment due date, which is amazingly invaluable in case you pay their credit card payments around their paycheck time table and need maximum flexibility.

Choose a payment date that fits your needs with the Citi Diamond Preferred card.

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Take a payment date that matches your needs with the Citi Diamond Most widespread card.

One factor that may per chance be better: Unfortunately, the Citi Diamond Most widespread doesn’t provide any rewards. This means you won’t earn any facets and miles for travel, or cash back on purchases. That is a missed alternative, as there are many credit cards that earn cash back on the total lot you spend, which you can then apply toward your credit card balance.

You’ll also pay a 3% rate (with a $5 minimum) on any balance transfers made to the Citi Diamond Most widespread, which is roughly average for a balance transfer rate.

Where it beats our benchmark card: An introductory interest rate on purchases for 18 months.

Where our benchmark card is healthier: The Citi Double Cash earns easy-to-redeem cash back on all purchases.

Read CNN Underscored’s total evaluation of the Citi Diamond Most widespread.

Learn more and apply now for the Citi Diamond Most widespread.

Why it’s great in one sentence: The U.S. Bank Visa Platinum has a long introductory balance transfer interval of 20 billing cycles and is one of the few balance transfer cards that comes with cell phone insurance as one of its advantages.

This card is apt for: Of us purchasing for cell phone protection along with extra time to pay off their balance transfers.

Highlights:

  • 0% APR for 20 billing cycles on balance transfers made within the primary 60 days after you originate the card (14.49% to 24.49% variable afterward).
  • 0% APR on all purchases for the primary 20 billing cycles (14.49% to 24.49% variable afterward).
  • Cell phone protection coverage.
  • No annual rate.

Imprint-up bonus: None.

What we adore about the U.S. Bank Visa Platinum: One of the finest advantages of this card is that it comes with cell phone protection. This means while you use your card to pay your cell phone invoice, you’ll be regain against damage to or theft of your phone, up to $600 per claim with a $25 deductible, and up to two claims in a 12-month interval.

Related: Give protection to your cell phone from theft or damage with these credit cards.

This card also provides a 0% APR for 20 billing cycles on balance transfers, which is one of the longest introductory provides at exhibit available (though the rate jumps to a variable 14.49% to 24.49% when the introductory provide ends). That’ll give you extra time to pay down your debt without incurring interest, saving you money, especially since the card also has no annual rate.

Even better, the introductory interest rate also extends to purchases made on the card within the primary 20 billing cycles, which may per chance be valuable while you’re planning a large purchase that you’d adore to finance.

If you need to finance a large purchase such as an engagement ring, you could take advantage of the U.S. Bank Visa Platinum's introductory rate on purchases.

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In expose for you to finance a large purchase such as an engagement ring, you may per chance take advantage of the U.S. Bank Visa Platinum’s introductory rate on purchases.

One factor that may per chance be better: There’s no signal-up provide or rewards program attached to the U.S. Bank Visa Platinum, which means you won’t earn anything by utilizing it as a regular credit card. As a consequence, your primary uses for this card needs to be the introductory balance transfer and purchase provides, and the cell phone protection.

Also, you only have 60 days from while you first originate the account to transfer balances from other cards and obtain the introductory interest rate. That’s shorter than every other cards on our record, though not ridiculously quick. And you’ll pay a 3% rate (with a $5 minimum) on any balance transfers made to the U.S. Bank Visa Platinum, which is typical when it comes to balance transfer provides.

Where it beats our benchmark card: An introductory interest rate on purchases, a longer interval of 20 billing cycles for introductory balance transfers and cell phone protection.

Where our benchmark card is healthier: The Citi Double Cash earns easy-to-redeem cash back on all purchases and has a longer four-month interval to total any introductory balance transfers.

Learn more and apply now for the U.S. Bank Visa Platinum card.

Why it’s great in one sentence: The Citi Double Cash card is amazingly easy, since you earn 2% cash back on every purchase — 1% while you engage, 1% while you pay your statement — all for no annual rate.

This card is apt for: Of us that want a balance transfer option along with the ability to earn cash back without having to fear about bonus categories or travel rewards programs.

Highlights:

  • 0% APR for 18 months on balance transfers made within the primary four months after you originate the card (13.99% to 23.99% variable afterward).
  • Earn 2% cash back on all purchases — 1% while you engage, 1% while you pay it off — with no restrict.
  • Cash back can be converted to Citi ThankYou travel facets at a ratio of 1 cent per level when mixed with the Citi Prestige® Card or Citi Premier℠ Card.
  • No annual rate.

Imprint-up bonus: None.

What we adore about the Citi Double Cash Card: The Citi Double Cash is easy. You don’t need to assist track of bonus categories and pick which credit card to use at which merchant. Instead, you earn the same 2% cash back — 1% while you engage, 1% while you pay it off — on all purchases, regardless of the place you shop.

The Citi Double Cash also provides a relatively long 18-month introductory 0% APR for balance transfers (13.99% to 23.99% variable afterward) — a great way to pay off your debt. And you have up to four months after you originate the account to make your first balance transfer and restful have it qualify for the introductory provide.

However right here’s also a great card to pair with one of the top class Citi ThankYou credit cards, such as the Citi Premier or Citi Prestige Card. That’s because while you also have a top class ThankYou card, you can actually convert your cash back from the Citi Double Cash to Citi ThankYou facets, then transfer these facets to one of Citi’s airline partners and potentially earn rather more value for them.

You'll earn 2% cash back — 1% when you make a purchase, and 1% when you pay it off — on everything with the Citi Double Cash.

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You are going to earn 2% cash back — 1% while you make a purchase, and 1% while you pay it off — on the total lot with the Citi Double Cash.

One factor that may per chance be better: The Citi Double Cash doesn’t advance with too many perks, such as travel or purchase protections. You’re also charged a 3% rate for balance transfers with a $5 minimum, although that’s similar to many other cards. And this isn’t the card to use for international purchases, as you’ll be charged a 3% international transaction rate while you’re overseas, which more than offsets any rewards you’d earn.

Why it’s our “benchmark” credit card: The ease of use and straightforward top-of-market cash back earning rate of the Citi Double Cash are why CNN Underscored at exhibit considers the Double Cash our “benchmark” credit card. We use it as our benchmark card to compare the features of different credit cards and pick within the event that they’re better or worse overall.

You can read more about our benchmark credit card concept in our credit card methodology handbook, or dig into our total evaluation of the Citi Double Cash.

Learn more and apply now for the Citi Double Cash Card.

Why it’s great in one sentence: The “round-up” feature of the Citi Rewards+ earns extra rewards, which is ideal while you use your credit card for a lot of small purchases, and its introductory balance transfer provide can decrease the interest on your existing debt at the same time.

This card is apt for: Of us having a see to earn more facets for small purchases while also desiring to consolidate credit card debt.

Highlights:

  • 0% APR for 15 months on balance transfers made within the primary four months after you originate the card (13.49% to 23.49% variable afterward).
  • 0% APR on all purchases for the primary 15 months (13.49% to 23.49% variable afterward).
  • Earn 2 ThankYou facets for each dollar you spend at supermarkets and gas stations for the primary $6,000 per year (1x ThankYou level thereafter).
  • Earn 1 ThankYou level for each dollar on all other purchases.
  • All purchases automatically round up to the nearest 10 facets.
  • 10% facets back for the primary 100,000 facets you redeem per year.
  • Facets can be transferred to airline and resort partners when mixed with the Citi Prestige or Citi Premier card.
  • No annual rate.

Imprint-up bonus: Earn 15,000 bonus facets after you spend $1,000 in purchases in your first three months.

What we adore about the Citi Rewards+: There are three features of the Citi Rewards+ that make it mighty of consideration. First, the rewards you earn for the total lot you engage with the card round up to the nearest 10 facets. That won’t make a mountainous disagreement on expensive objects, but a $2 pack of gum earns 10 facets instead of 2 facets, a 400% enchancment. A complete bunch these runt transactions can add up mercurial.

Second, while you redeem facets, you’ll earn 10% of your facets back on up to 100,000 facets every year. That means while you use 2,500 facets to redeem for a $25 gift card, you’ll soon glance 250 facets back in your account to redeem again down the line. Because you can upward push up to 10,000 facets back each year, that’s successfully up to an extra $100 in facets to spend on gift cards.

The Citi Rewards+ is also the only card on our record with a signal-up bonus, and the 15,000 bonus facets you’ll earn upon meeting the minimum spending requirement can streak toward gift cards that you can use at retailers, or even redeemed for straight cash back.

However though the Citi Rewards+ earns facets that can be redeemed for gift cards, cash back or by means of Citi’s Shop with Facets program, while you also have a Citi Premier or Citi Prestige card, you can transfer your facets to your other card and originate up a complete novel world of options, together with redeeming facets for travel down the line or transferring them to Citi’s airline partners.

Move points from the Citi Rewards+ to one of the premium Citi ThankYou cards and redeem them for a future vacation getaway.

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Transfer facets from the Citi Rewards+ to one of the top class Citi ThankYou cards and redeem them for a future vacation getaway.

One factor that may per chance be better: The Citi Rewards+ only has a 15-month introductory interest rate on balance transfers, which is on the decrease stay of cards on our record. However the trade-off is that you’re earning rewards on your purchases with this card, which isn’t necessarily the case with many balance transfer cards.

However, while you’re not pairing the card with one of the top class Citi ThankYou cards, essentially the most value you can earn for your facets is 1 cent apiece when redeeming for gift cards. Whilst you redeem facets for cash back, the value is only 0.5 cents per level, wherein case you’d be better off with the flat-rate cash back of our benchmark Citi Double Cash card.

Where it beats our benchmark card: Imprint-up bonus, 10% facets back on redemptions up to 100,000 facets per year and 15-month introductory provide on purchases.

Where our benchmark card is healthier: The Citi Double Cash has a longer introductory interest rate interval of 18 months on balance transfers.

Read CNN Underscored’s total evaluation of the Citi Rewards+ Card.

Learn more and apply for the Citi Rewards+ Card.

Why it’s great in one sentence: The Wells Fargo Platinum Card provides an spectacular 18-month introductory interest rate interval on purchases and balance transfers, as successfully as cell phone protection, travel accident insurance and an auto rental collision damage waiver.

This card is apt for: Of us that need a long runway to pay off upcoming purchases or balance transfers but also want basic travel protections.

Highlights:

  • 0% APR for 18 months on balance transfers made within the primary 120 days after you originate the card (16.49% to 24.49% variable afterward).
  • 0% APR on all purchases for the primary 18 months (16.49% to 24.49% variable afterward).
  • Auto rental collision damage waiver.
  • Travel accident insurance and emergency assistance companies and products.
  • Cell phone protection.
  • No annual rate.

Imprint-up bonus: None.

What we adore most about the Wells Fargo Platinum: Whilst you’re purchasing for a credit card with basic travel protections that also provides a beneficiant introductory interest rate interval on both purchases and balance transfers, the Wells Fargo Platinum card has the one-two punch you’re searching for.

Whereas 18 months isn’t the longest doable introductory interval, it’s at the larger stay of the scale, and because it applies to both purchases and balance transfers, you potentially have the option to consolidate all your debt onto this one card if your credit restrict is excessive enough.

You’ll also earn some standard travel protections with the Wells Fargo Platinum, together with auto rental collision coverage, travel accident insurance and roadside dispatch. Plus, while you pay your cell phone invoice with this card, your phone can be regain if it’s damaged or stolen, up to $600 with a $25 deductible, for up to two claims per 12-month interval.

Related: Having a credit card with lumber insurance may save you thousands on your subsequent vacation.

You'll have access to roadside assistance with the Wells Fargo Platinum Card.

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You are going to have access to roadside assistance with the Wells Fargo Platinum Card.

One factor that may per chance be better: Beyond its introductory usefulness, there’s not mighty reason to assist utilizing the Wells Fargo Platinum card for anything beyond your cell phone invoice or travel charges, as other credit cards provide both cash back or travel rewards on most if not all of your purchases. You’ll also pay a 3% rate (with a $5 minimum) for each balance transfer you make within the primary 120 days after you originate the card, though that’s a fairly typical rate.

Where it beats our benchmark card: Travel protections, cell phone protection and an introductory interest rate on purchases.

Where our benchmark card is healthier: The Citi Double Cash earns easy-to-redeem cash back on all purchases.

Not everyone is familiar with how and when to use a balance transfer credit card, so we’ve assembled one of the most more common questions and answers about the course of.

In case you earn approved for a credit card with an introductory balance transfer provide, you’ll have a situation interval of time — usually someplace between 60 days and four months — to transfer any existing debt from another credit card that you already have. By transferring the balance within the specified time frame, you can take advantage of the decrease interest rate supplied by the introductory provide, thereby lowering your monthly credit card payment.

The most important feature of a balance transfer credit card is the scale of the introductory interest interval. The longer it is, the more time you’ll have earlier than the interest rate jumps to a rate that’s more typical for credit cards.

You’ll also want to assist an seek out for the associated rate charged for balance transfers. Balance transfer fees are typically 3% of the balance with a $5 minimum, but some cards can have larger or decrease fees.

Assorted aspects of a balance transfer credit card to see for consist of whether the card earns rewards, such as cash back or travel facets, whether the card has any extra protections and whether the card also provides an introductory provide for brand spanking novel purchases along with balance transfers.

Although you won’t be paying interest on your transferred debt at first, eventually the introductory interval ends, and it’s vital to both have your debt entirely paid off by then or be ready to transfer it to another credit card with a novel introductory balance transfer provide. Otherwise you’ll be stuck paying extraordinarily excessive interest rates on your remaining debt.

Also, don’t disregard to continue making the minimum monthly payment due on the card each month even while you’re within the center of your introductory balance transfer interval. Whilst you leave out a payment, you may per chance lose the remaining time on your provide and your interest rate may soar immediately.

Finally, bear in ideas that you generally cannot transfer the balance from an existing credit card at the same bank to another credit card at that bank. So, as an example, while you have a balance on one of your Wells Fargo cards that you want to transfer in expose to earn a decrease rate, don’t protect a Wells Fargo balance transfer provide, as you won’t be able to transfer that balance from one Wells Fargo card to another.

Transferring debt from one credit card to another won’t damage your credit obtain at all. In fact, you may per chance potentially toughen your credit obtain by opening a novel credit card with a balance transfer provide. That’s because one important factor when calculating credit ratings is how mighty debt you have versus how mighty credit you have, which is known as your “credit utilization ratio.”

In case you originate a novel credit card, you’re increasing your overall credit, yet you’re not increasing your overall debt factual by transferring it from one card to another. As long as you don’t add more debt after transferring your balance, your credit utilization ratio will have to restful toughen and will continue to toughen over time since you’ll be accumulating much less interest, thanks to the introductory APR on your novel card.

Whereas balance transfer credit cards are an gorgeous tool for lowering the amount of interest you’re paying on your debt so you can start making a dent in it, another option is a personal loan. Personal loans are generally easier to qualify for, though they also advance with larger interest rates than balance transfer credit cards. However while you can’t earn approved for a balance transfer credit card, you can read our handbook on how to earn a personal loan to glance if it can be a steady option for you.

Whilst you’re paying an exorbitant amount of interest on your credit card debt or having disaster making your monthly credit card payments, a balance transfer credit card may make sense for you by serving to you earn your debt beneath control.

However, you’ll need to have a respectable credit obtain to qualify for a novel credit card, and even while you’re approved for a balance transfer credit card, it’s not guaranteed that the credit restrict on your novel card can be large enough to transfer all your existing debt.

Purchasing for a novel credit card but don’t need a balance transfer? Examine out CNN Underscored’s record of the easiest credit cards of 2021.

Score all the latest personal finance deals, news and advice at CNN Underscored Money.

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Here’s how to pay no interest on your debt until 2023 with a balance transfer credit card