You can transfer your balance to an existing card or a new one — but look for one without balance transfer fees to maximize savings. When looking at balance transfer offers, make sure to note if the interest rate increases after a specific period of time. Have you been receiving offers to transfer your credit card balance at special rates?

Is there a fee for a balance transfer?

Balance transfer fee – It’s fairly standard for a credit card to offer 0% on the balance but collect 3% of the transfer as a balance transfer fee. If you get lucky, this fee may be 1% or even 0%. 2.

What to look for in a 0% balance transfer?

There are three things to watch for when it comes to a 0% balance transfer offer. 1. Balance transfer fee – It’s fairly standard for a credit card to offer 0% on the balance but collect 3% of the transfer as a balance transfer fee. If you get lucky, this fee may be 1% or even 0%.

When is the best time to do a balance transfer?

Balance transfers must be completed within 4 months of account opening. Get free access to your FICO® Score online. With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.

You have two balance transfer options: Open a new credit card with a limited-time 0% APR, or transfer a card’s balance to a lower-interest-rate card you already have. Most issuers prevent balance transfers to a new card from the same issuer. Figure out any restrictions such as these, before applying for a new card.

A balance transfer is best when you can move debt from a high-interest card to a lower-interest card. However, keep your credit utilization ratio (the amount of your debt compared to your available credit) low. Ensure your existing credit card accounts and credit history are in good standing before taking action.

Balance Transfer Fee. Some cards don’t charge a balance transfer fee, but most cards do, typically 3-5% of the transfer amount, or $5-10, whichever is greater. Seek low-fee cards, and figure out each card’s fees.

How do I transfer debt from one credit card to another?

If you’re transferring debt from multiple accounts, you’ll need to collect details for each account: Request a balance transfer online or by phone. Start the process by contacting your new card’s customer service department and tell them you’d like to start a balance transfer, and share the information from Step 6.