Shifting your bank card debt from an account with a excessive rate of interest to a brand new card with an extended 0% APR interval can prevent huge cash each month-to-month billing cycle. However if you happen to’re planning to switch a considerable amount of debt, be sure you contemplate stability switch charges first.
Some bank cards cost charges — often between 3% and 5% of your transferred quantity — to make stability transfers. These charges can briefly enhance your stability and negate a number of the advantages of a decrease rate of interest.
Fortunately for you, different bank cards waive stability switch charges utterly, although they could compensate for that free switch with a shorter intro APR interval.
If you wish to transfer your bank card stability to a brand new account and skip the stability switch payment, overview our high accomplice provides to discover a card that works greatest for you. We’ll periodically replace this record as bank card provides and phrases change.
Learn extra: Greatest Secured Credit score Playing cards
Longest intro APR with a $Zero introductory switch payment
Intro ProvideN/A
APR8.49% to 19.99% (Variable)
Really helpful Credit score Glorious/Good Credit score
Reward ChargesN/A
Annual Payment$0
Intro Buy APR0% Introductory APR for the primary 15 months that your account is open.
Intro Stability Switch APR0% Introductory APR for the primary 15 months that your account is open.
Stability Switch Payment Both $10 or 3% of the quantity of every stability switch, whichever is bigger.
Stability Switch APR8.49% to 19.99% (Variable)
Late Fee Payment As much as $37
Overseas Transaction Charges 3% of every transaction in U.S. {dollars}.
Penalty APR None
Our Take
The Union Financial institution® Platinum™ Visa® Credit score Card provides 15 months of 0% introductory APR on each purchases and stability transfers, with $Zero in stability switch charges if you happen to full your first stability switch throughout the first 60 days of account opening (after that, 3% of every switch with a minimal of $10). After the promotional APR interval ends, you will be topic to a variable APR of 8.49% to 19.99% — the decrease finish of this vary may be very aggressive in comparison with most stability switch bank cards. There’s additionally no annual payment, making this a protected card to switch your stability to with none additional prices if you happen to’re diligent.
A mid-range intro APR provide
Intro ProvideN/A
APR8.15% – 18.00% variable APR
Really helpful Credit score N/A
Reward ChargesN/A
Annual Payment$0
Intro Buy APR0% intro APR for 12 months from account opening on purchases
Intro Stability Switch APR0% intro APR for 12 months from account opening on BTs
Stability Switch Payment None
Stability Switch APR8.15% – 18.00% variable APR
Overseas Transaction Charges None
Our Take
Wings Monetary Credit score Union is predicated in Minnesota, however you’ll be able to be part of by making a $5 donation to the Wings Monetary Basis. After that, you’ll be able to apply for the Wings Visa Platinum Credit score Card*, which expenses no annual or stability switch charges and provides 12 months of 0% introductory APR on stability transfers and purchases (8.15% to 18.00% variable APR thereafter).
Intro ProvideN/A
APR6.99% to 18.00% (Variable) whenever you open your account, based mostly in your credit score worthiness
Really helpful Credit score N/A
Reward ChargesN/A
Annual PaymentNone
Intro Buy APRN/A
Intro Stability Switch APRIntroductory 0.00% APR stability switch for 12 billing cycles
Stability Switch Payment None
Stability Switch APR6.99% to 18.00% (Variable) whenever you open your account, based mostly in your credit score worthiness
Overseas Transaction Charges None
Our Take
First Tech Federal Credit score Union is predicated out of San Jose, California, and catered initially to workers of tech firms within the Pacific Northwest. At this time, you’ll be able to develop into a member if you happen to work for considered one of their accomplice firms or develop into a member of the Pc Historical past Museum ($15 for an annual membership) or the Monetary Health Affiliation ($Eight for an annual membership).
The First Tech Platinum Mastercard* bank card additionally provides 12 billing cycles of 0% introductory APR on stability transfers (6.99% to 18.00% variable APR thereafter) with no bank card stability switch charges.
Low intro APR with no stability switch payment
Intro Provide$100 in assertion credit score after you spend $500 on qualifying purchases, within the first Three months after account opening
APR11.24%–21.24% (Variable)
Really helpful Credit score Glorious Credit score
Reward Charges
1% limitless money again on all qualifying purchases
Annual Payment$0
Intro Buy APRN/A
Intro Stability Switch APR3.25% variable intro APR for first 36 months on all stability transfers inside 60 days of account opening.
Stability Switch APR11.24%–21.24% (Variable)
1% limitless money again on all qualifying purchases
Our Take
The SunTrust Prime Rewards Credit score Card* would not cost a stability switch payment per se ($Zero for stability transfers within the first 60 days, then 3% or $10 minimal). Quite, it comes with three years of a comparatively low APR — 3.25% variable — which serves as a flat switch payment paid over a 12 months. It is price noting that the efficient charge will truly be decrease than 3.25% variable, if you happen to pays down your stability.
Backside line: In the event you want extra time to repay your debt, the SunTrust Mastercard Prime Rewards provides a balanced mixture of a low rate of interest and an extended payback interval.
FAQs
How do stability switch bank cards work?
When used appropriately, stability switch bank cards perform as a debt-financing instrument. They may also help you pay down current high-interest bank card debt quicker and for much less.
While you switch a stability, you progress debt from one bank card to a different. One of the best stability switch playing cards provide low or no curiosity for a set introductory interval, permitting you to pay down your debt with out worrying about excessive accruing curiosity. This introductory APR interval typically lasts between 12 months and 21 months, providing you with a major time period to repay your stability earlier than the rate of interest will increase.
Whereas just a few bank cards provide no-fee transfers, most stability switch playing cards cost you between 3% and 5% of the stability transferred. Usually, the longer the introductory 0% APR interval, the upper the payment, and vice versa. So playing cards with out a stability switch payment have shorter introductory APR intervals, and people with switch charges have longer introductory APR intervals.
The place can I discover bank cards with no stability switch payment?
We expect the Wings Visa Platinum and First Tech Platinum playing cards are two of the very best bank cards with no stability switch payment. Whereas each provide introductory APR provides, you’ll have to pay between $5 to $15 to develop into a member. This payment is comparatively small in comparison with typical stability switch charges, although. To check, as an example you are transferring $5,00Zero in bank card debt — a card with a 3% payment would cost you $150 to take action, whereas the Wings Visa Platinum and First Tech Platinum playing cards would solely require a membership payment below $20.
That mentioned, if you happen to’re already a member of a credit score union, it could be price asking if it provides a stability switch card with a 0% introductory APR interval and no stability switch payment.
What are the advantages of a bank card with no stability switch payment?
A bank card with no stability switch payment allows you to switch a stability from one account to a different with out paying an upfront switch payment, typically between 3% and 5%. The trade-off is a shorter introductory APR interval for stability transfers.
A bank card with no stability switch payment and a 0% APR provides a solution to repay high-interest bank card debt with out paying a dime in curiosity or charges, however provided that you’ll be able to pay it off inside one 12 months. In the event you want extra time, it could be higher to contemplate a card with a stability switch payment that has an extended no-interest or low intro APR interval.
How do I determine if a bank card with no stability switch payment is true for me?
Step one is to grasp how giant of a month-to-month cost you’ll be able to afford every month. Then, calculate how a lot you will pay in curiosity and charges with two or three completely different stability switch bank cards.
Usually talking, if you happen to can repay your debt in round 12 to 15 months, the three% you save with a bank card with no stability switch payment will probably be price it. If it will take you 17 to 18 months or longer, a card just like the U.S. Financial institution Visa® Platinum Card could prevent extra money in curiosity funds, regardless of the three% switch payment ($5 minimal). In the event you want greater than two years to pay down your stability, the SunTrust Mastercard Prime Rewards could also be your only option. Do not low cost private loans both — if you happen to owe a major quantity and want just a few years to repay your debt, you could possibly lock in a private mortgage for a decrease rate of interest than the SunTrust Mastercard Prime’s introductory 3.25% variable APR on stability transfers (11.24% to 21.24% variable APR thereafter).
Our methodology
CNET critiques bank cards by exhaustively evaluating them throughout set standards developed for every main class, together with cash-back, welcome bonus, journey rewards and stability switch. We think about the standard spending habits of a variety of shopper profiles — with the understanding that everybody’s monetary state of affairs is completely different — and the designated perform of a card.
For cash-back bank cards, for instance, key components embrace the annual payment, the “welcome bonus” and the cash-back charge (or charges, in the event that they differ by spending class). For rewards and miles playing cards, we calculate and weigh the web financial worth of a card’s respective perks. And with stability switch bank cards, we analyze specs such because the length of the introductory 0% APR interval and the stability switch payment, whereas acknowledging secondary components comparable to the usual APR and the size of time it’s a must to make a stability switch after you open the account.
Extra bank card suggestions
*All details about the Wings Visa Platinum Credit score Card, First Tech Platinum Mastercard, and the SunTrust Prime Rewards Credit score Card has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content material on this web page is predicated solely on goal, impartial assessments by our writers and isn’t influenced by promoting or partnerships. It has not been offered or commissioned by any third occasion. Nevertheless, we could obtain compensation whenever you click on on hyperlinks to services or products provided by our companions.
