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Too much debt can wreak havoc on your credit score, especially if you don’t pay it off. If most of that debt is on your credit card, the problem will only get worse, creating an ever-greater debt burden.
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With the holidays approaching, that debt can be a big source of anxiety.But credit card debt doesn’t have to be insurmountable. For example, a balance transfer credit card allows you to move your balance to a credit card with a lower referral annual rate while paying off your debt.
Let’s take a look at some of the best balance transfer credit cards to help ease your debt anxiety. please. Otherwise, you could end up in the same debt cycle as before.
What is a balance transfer credit card?
Direct debit credit cards have many of the same features as other credit cards. However, balance transfer cards have the additional advantage that the introduction APR for balance transfer is favorable. The starting APR for balance transfers is often 0%, but this may extend to purchases as well. Many direct debit credit cards have an introductory period of one year or more.
Balances transferred to balance transfer credit cards typically have this low APR during the introductory period. However, most balance transfer cards charge a fee for transfers. For example, we may charge 3% of the remittance amount during the introductory period and 5% thereafter.
In many cases, the introduction APR of a balance transfer card is low, making it ideal for paying off credit card debt balances with other cards. However, the introduction period does not last forever. His APR for these cards could be the same or higher than his APR for other credit cards. Therefore, you should only consider a balance transfer card if you are ready to pay off your credit card debt.
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A balance transfer card that eliminates the anxiety of debt
Many cards let you transfer balances, but these credit cards are among the best balance transfer credit cards available.
1.
Wells Fargo Reflect is a no annual fee balance transfer credit card. 0% APR for 18 months from account opening for balance transfers and purchases followed by APR. During the introductory period, if you pay the minimum monthly fee on time, you can extend the APR-free period by 3 months. The debit fee is $5 or 3%, whichever is greater, during the introductory period and 5% thereafter.
2.
The Chase Freedom Flex is a great all-purpose card for moving balances. No annual fee for 15 months from the opening of the account, 0% annual interest, and then annual interest. The initial balance transfer fee is either 3% or $5 of the amount transferred, whichever is greater, and $5 or 5% thereafter. You may even be able to claim a sign-up bonus on your card. Other perks include a quarterly 5% cashback category.
3.
Citi Diamond Preferred has no annual fee and currently offers 0% APR for 21 months from the date of your first transfer. It also has a 0% buy introductory period, a short period from account opening to 12 months and then to APR. There is no introduction fee for balance transfer. Instead, it has the same $5 or 5% that other cards on this list have after the introductory period. The card includes other perks such as identity theft protection and special access to event tickets.
Four.
Citi Double Cash is a no annual fee card that, as the name suggests, is perhaps best known for its 1% cash back on purchases and 1% extra cash back on payments. However, there is currently an offer of 0% APR for 18 months from account opening followed by APR. Earn a 3% referral fee for every $5 or more transferred within the first 4 months of account opening. After that, the usual 5% balance transfer fee will apply.
Five.
BankAmericard is a no annual fee card offering 0% APR on purchases 21 billing cycles after account opening. Balance transfers made within the first 60 days of account opening are also 0% per annum over 21 billing cycles. After the introductory period, this card offers Other benefits include no penalties on APR — no automatic interest rate increases for late payments. It also includes access to monthly updated FICO scores.
6. Capital One Quicksilver Cash Rewards
The Capital One Quicksilver Cash Rewards card has no annual fee and a generous introductory period of 15 months for balance transfers and purchases, after which APRs apply. Transfers completed within the first 15 months are subject to a 3% balance transfer fee. Transfers completed with purchased APRs after the introductory period will not incur additional balance transfer fees.
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Information related to Chase Freedom Flex has been collected by GOBankingRates and has not been verified or provided by the issuer of this product/card. Product details may vary. Please refer to the publisher’s website for the latest information. GOBankingRates does not receive a commission for this product.
This article originally appeared on GOBankingRates.com: 6 Balance Transfer Credit Cards to Help With Debt Worries
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