However, if you’re looking for the longest runway possible to pay down your debt, cards with the longest introductory 0% APR offers typically come with fees.īefore choosing a balance transfer card, it’s important to do the math to make sure that what you’ll save on interest over the introductory 0% time period is less than what you would pay upfront in balance transfer fees.
Some cards don’t charge a balance transfer fee, which can help save you money overall. When you shift a balance to another card, you may have to pay a balance transfer fee, which is typically 3% to 5% of the amount being transferred.Īlthough a balance transfer fee can add to your existing debt, it’s usually far less than the double-digit interest rates charged by most credit cards. A balance transfer can help you save money by moving high-interest debt on one credit card to a card with a lower interest rate or an introductory 0% APR offer.
0 kommentar(er)
