How To Transfer Your Credit Card Balance To A 0% Card


balance-transfer2One of the easiest things you can do to save money is NOT pay interest on your credit card.

Maybe you spent too much over Christmas and New Year’s Eve.  Maybe you always carry a balance on your credit card.  Whatever your situation, let’s fix that now.  Today!

Here’s the scoop:  Credit card companies, er uh, banks want your business.  As a come on, some banks offer you 0% interest on the balance you transfer from your credit card over to their card.  This offer is cleverly called a “0% Balance Transfer Credit Card” promotion.

If you’d like to get one of these cards, click on “Chip’s Favorite Credit Card Offers” at the top right side of this website and then “0% Balance Transfer”. If you apply and get approved by using my links, you get the same deal but I get a taste from the bank for referring you.  Email me if you have any questions about which card(s) might be right for your situation.

These cards usually come with a balance transfer fee of 3% of what you dump onto the new card.  Chase Slate is the only card that does not charge a balance transfer fee.  So start with that one.  But first…

You can’t transfer a balance between two cards at the same bank.  So if you ran up your balance on your Chase Freedom card and apply for the Chase Slate card, you cannot transfer the balance from Freedom to Slate.  You would have to apply for a 0% Balance Transfer card from another bank like Capital One, Citi, Discover, American Express or Bank of America.  You can see all the different banks’ card options on “Chip’s Favorite Credit Card Offers” page.

The 0% Balance Transfer card promotion usually comes with 0% on new purchases as well.  Pretty sweet!  The downside is that if you lack discipline, you will start piling up new debt on top of your old debt.  That is no Bueno.

The 0% Balance transfer card offers range from 9-21 months.  That could save the average American credit card debtor thousands of dollars over the length of the promotion.

If you do take advantage of this, and find you still have a balance on your new card when the new card’s 0% period is ending, do it again!  I suggest paying off your card debt, but you could move thousands of dollars in card debt from bank to bank for years and never pay any interest.

Again… if you’d like to get one of these cards, click on “Chip’s Favorite Credit Card Offers” at the top right side of this website and then click “0% Balance Transfer”.  Email me if you have any questions.

And… don’t cancel your old card.  Keeping it open is good for your credit score.

Happy 2016!



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