Pay Off High-Interest Credit Card Debt With A Balance Transfer | NerdWallet
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- Опубліковано 1 жов 2024
- A balance transfer is a type of credit card transaction in which debt is moved from one account to another. For those paying down high-interest debt, such a move can save serious money on interest charges if done strategically. But what's the catch?
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Pay Off High-Interest Credit Card Debt With A Balance Transfer | NerdWallet
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You can balance transfer between visa to visa or Mastercard to Mastercard as long as it’s with different institutions. Also, if one of your zero percent balance transfer card promotional period is ending and you got approved for a new zero percent balance transfer card you will only pay the 3-5%. I look at it as a 3-5% simple interest which you initially pay on your balance transfer. This is much cheaper than paying a variable interest that accrue daily. Make sure you pay these off and not get charge more. Be smart and payoff you debts. Cut out all the things you want and only buy what you need and can afford.
Great information. Unique voice. Politely sqweaky.
It's hard to get approved for balance transfer cards if you have high utilization. How do you get around this?
vocal fry is next level
Great tips!! Thank you.
So once you transfer the balance from card a to card b what happens? Can you star making purchases on again does it get closed down or what. Sorry I am to owning multiple CC's and was just wondering.
Yes, you can start making purchases on the card from which you transferred the balance. That is risky though because if you were to run that balance back up, you'd have to pay all of that off in addition to the amount that was originally transferred
I used this strategy a few times while climbing my way out of credit card debt
Cut up the card. If you are buying things with a credit card and not paying off the card each month, you really can't afford the stuff you're buying. You'll never get ahead. My wife and I made the credit card mistakes when young. We finally learned to live within our means. Your life is much better. Material things don't make you happy.
Mmmmm,okayymmmmm,thank yoummmm
Very well done