'Tis The Season To Transfer Balances

'Tis the season to transfer balances! If you have an excellent credit score you should consider transferring balances from high-interest cards to a new card offering 0% APR. That would allow you to pay no interest on new purchases and on monthly payments for a set time. The key is to shop around for the offer that lasts the longest. Some offers are only good for 6 months while others can last for up to a year.  

NerdWallet recently rated money-saving offers from Chase, Wells Fargo, American Express, Discover, U.S. Bank, Bank of America and Capital One. All are offering 0% APR for 15 months or more and the top pick was the Chase Freedom Flex® with no annual fee, up to 5% cash back on purchases, and a decent APR after the 0% offer expires.

If you decide to take advantage of one of these deals, make sure to limit unnecessary spending. The money you save should go towards paying down the balance on the card. Since you won’t be paying interest, your balance will be reduced more quickly. Keep in mind, there are some downsides to these credit card offers. 

If you don’t have willpower and cannot curb your spending during the intro 0% APR, your efforts will go to waste. Your other cards will still be active and have the same limits. Either cancel them or resist charging on them. Some credit cards charge fees for a balance transfer. If you pay a 3% fee upfront and don’t pay your balance off in time, you could end up paying more than what you originally owed. Do your research, and if you have questions – call us! 800-689-3935