Privacy Policy. Regular variable APR is the interest rate that you will be charged after the introductory 0% APR period. This compensation may impact how, where and in what order products appear. Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate. Frequent mobile wallet users looking for balance transfer options will find a lot to like here. The Citi Rewards+® Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap. Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions. Read our BankAmericard® credit card review. The interest rate charged for the first 6 months is about 0.99% a month, after which the interest rates associated with the card will be charged. Public Bank … While you still may have credit left after transfer of previous credit card balance, it is always a good strategy to refrain from using your credit card until all balance transfer payments are paid and all subsequent charges are cleared. 0% Intro APR † for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. For the supplement card the annual fees is RM 150.00. The fee might also have a minimum cash alternative, as in 3 percent or $5, whichever is greater. With no rewards program or sign-up bonus, this card is essentially a balance transfer machine. All conditions and rates mentioned here are decided by the banks and could change at any time so it would be best to confirm the same with the bank before actually applying for balance transfer. With the U.S Bank Visa® Platinum Credit Card, you'll enjoy simplicity and more buying power. Read our U.S. Bank Visa® Platinum Card review. You can use the offer to transfer a balance from a high-interest account and potentially save money on APR while paying off the debt. Credit card issuers usually charge a balance transfer fee, which can range from 1.00-5.00% of the amount you transfer over (e.g. Here’s a look at some exceptional 0% intro APR offers on balance transfers available from our credit card partners: *Terms and Restrictions Apply Before you start thinking of going in for a balance transfer, you need to first know what a credit card balance transfer actually means. The best credit cards for balance transfers share a number of key features. Here’s how much you could save by transferring $5,315 in debt to one of our best balance transfer credit cards, based on the following conditions: *The introductory balance transfer fee for the Wells Fargo Platinum and Wells Fargo Cash Wise Visa is 3% for 120 days after account opening. 5,000. A Balance Transfer fee of 3% of each transfer amount ($5 minimum) will apply. Psst... We'll ensure you're the very first to know the moment rates change. Potential savings with each card are calculated by comparing how much interest you would pay on your current card at 20 percent APR, minus the balance transfer fee. The minimum amount for each Balance Transfer ("BT") application is RM1,000. In terms of long-term value, the card also earns two reward points per dollar spent. Does the card have features that make it worth keeping after you’ve used the balance transfer offer to pay off debt? These are all factors that make up your credit score. Still, don’t forget that you’ll probably have to pay a fee for each transfer, so multiple transfers will raise your total cost accordingly. For example, Chase customers can transfer credit card balances only, but Bank of America and Citi both allow credit card balances, auto loans, personal loans, home equity and student loans to be transferred. By temporarily avoiding interest on the debt you’ve transferred, you could save money on interest payments. If you’re committed to paying off a transferred balance in a year or less, this card might be worth a look. After that, the variable APR will be 13.49% - 23.49%, based on your creditworthiness. Most balance transfer cards recommend credit scores ranging from good to excellent. Nowadays, 20 months and 18 months are the gold and silver standards for 0% intro APR offers with balance transfer credit cards. Read our full BankAmericard credit card review, Compare the best credit cards for balance transfers, A closer look at Bankrate’s best balance transfer cards, Pros and cons of balance transfer credit cards. If your combined balance is higher than $10,000, you might want to consider other options. His work has also appeared on websites including Nasdaq.com, Zillow.com and The Simple Dollar. Uh-oh! Get free access to your FICO® Score online. Credit card rewards shouldn’t be the main motivation behind getting a balance transfer card, but cash back or points can increase a card’s long-term value. The card features an introductory 12-month balance transfer offer at 0% – 5.99% based on creditworthiness (13.24% – 23.24% variable APR after). With a good or excellent FICO Score (between 670 and 850), qualifying for a top-rated balance transfer credit card is generally easier. Deal? Another possibility is negotiating the balance transfer fee with the credit card issuer. We don't spam or sell your details to annoying people. The application process, once again, can be initiated through calls, SMS or the online portal maintained by the bank. The actual rate could be 0% – 5.99% depending on your creditworthiness. Santa Claus comes around just once a year. Cash withdrawal fee is RM 20.00 or 5.00% which ever is the highest. Rest needs to be paid by the you out of your own pocket. The second-best option would be a low-interest intro offer. Read our full Citi Diamond Preferred Card review. The potential benefits are significant, just as long as you hold up your end of the bargain. Earn 15,000 bonus points after you spend $1,000 in purchases with your card within 3 months of account opening; redeemable for $150 in gift cards at thankyou.com. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. You might experience a temporary dip in your credit score after you complete a balance transfer. Balance Transfer is a credit card installment facility whereby a principal Security Bank Credit Cardholder can request, via an application for the transfer of his/her outstanding credit card balances with other … Debt can cause a major disruption in your personal finances, affecting not only your current situation but also future credit opportunities. A longer introductory period also translates to smaller monthly payments. One example is the SunTrust Prime Rewards Credit Card and its 3 Year Introductory Offer at Prime Rate. Although balance transfers are primarily used for credit card debt, each issuer has its own rules for what types of debt you can transfer. A 3% fee (min $10) applies to all balance transfers, If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase, Contactless Cards - The security of a chip card, with the convenience of a tap. ; Worth noting: This is a basic credit card… As long as you have your account numbers and other information ready beforehand, the process of, You might be tempted to cancel your high-balance card once you transfer, but, Best balance transfer credit cards: 0% intro APR for 12-18 months, $10,000 or less total on multiple credit cards, $10,000 or less in different kinds of debt. The Alliant Visa® Platinum Credit Card offers the opportunity for extra cost-cutting with its low balance transfer fee: $5 or 2% of the amount of each transfer, whichever is greater. The longer the intro offer lasts, the more time you’ll have to pay down your transferred debt. Look for confirmation. Send your questions about credit cards (and fantasy baseball) to bbridges@bankrate.com. Select the Bank you want to “Transfer To” and enter the account number. On this page, you can check out recommendations for the best balance transfer credit cards available from our partners. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. Bankrate.com is an independent, advertising-supported comparison service. Having a balance transfer fee lower than the industry standard helps this card stand apart from competitors despite a relatively short 12-month intro APR offer. How profitable is balance transfer for you depends upon the interest that you are currently paying on our existing credit card versus the rate of interest plus charges being charged by the new credit card. If you have trouble finding the information you’re looking for, call the issuer or go to their website. Although it’s possible to pay off a loan with a balance transfer credit card, keep in mind that they’re best suited for managing smaller debts. Get latest promotions and freebies from Public Bank Do a balance transfer with 0.0 p.a to your account for more cash in hand! Please provide some details to get the best offers. The most rewarding feature of credit card balance transfer is that the entire pending amount gets paid in the form of a demand draft that is issued by the new credit card company towards your old credit card. The issuer of your balance transfer card will notify you when the transfer is approved, but always check your other account(s) to make sure the old balance has been zeroed out. The key to getting the most value out of a balance transfer credit card is to keep making your monthly payments during the intro period until the balance reaches zero. The choice category earns 3 percent cash back on one of the following categories such as travel, gas, dining, online shopping, drug stores or home improvement/furnishings and 2 percent on grocery store/wholesale club purchases each quarter (on the first $2,500 in combined choice category/grocery store/wholesale club purchases). However, credit score alone does not guarantee or imply approval for any A FICO score/credit score is used to represent the creditworthiness of a If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. The first being that some banks will offer this facility only if the balance being transferred is for a credit card not issued by them. We promise never to spam you. No matter how convenient and lucrative credit card balance transfer sounds it is always a good practice to know all important aspects of it before availing the same. The most useful balance transfer cards are the ones that include an introductory offer providing a temporary window to pay off the balance interest-free before the standard APR would apply. Check the bank’s website for the most current information. It also has a flexible rewards program that lets you choose a 3% cash back category. The interest rates are also charged as per the tenure and a processing fee may also be applicable. Other account pricing and terms apply, Access your FICO® Score for free within Online Banking or your Mobile Banking app, As low as 0% introductory rate for 12 months on purchases and balance transfers (After the introductory period, a low standard variable rate applies ranging from 10.24%–22.24%. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. The card earns 2x ThankYou Points at supermarkets and gas stations on up to $6,000 in combined purchases each year and 1x ThankYou Points on all other purchases. To earn cash back, pay at least the minimum due on time. Keep in mind that multiple transfers can mean multiple transfer fees. Over the long term, reducing debt can improve your. Availing credit card balance transfer reduces your credit limit in the same proportion. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. if you are transferring a balance of $10,000 and the transfer fee is 3%, … Read our full Citi Rewards+ Card review. This period has zero rate of interest or a very nominal rate of interest. There will be RM 10.00 for late payment fee per card. Customers can also make a payment of a minimum of 5% of the transferred amount each month and the facility can be availed by sending the bank an SMS indicating you wish to avail a balance transfer. To put it in the simplest of terms, balance transfer in credit cards means that you transfer the amount you owe on one card to another card. Here is a table that depicts and compares the credit card balance transfer features offered the topmost credit card issuers in India. Every reasonable effort has been made to maintain accurate information. CardSmart: Which offer is better, longer low APR or shorter zero APR? The information, including card rates and fees, is accurate as of the publish date. This saves you the burden of additional interest payment on the credit card pending bill. Experian reports that the average credit card balance reached $5,315 in 2020. The Citi Double Cash Card offers an inventive cash back rewards program on top of a generous 18-month 0% introductory balance transfer offer (13.99% – 23.99% variable APR after the intro period ends). Consider the following situations: A balance transfer is ideal when it involves less than $10,000 in debt, whether on a single credit card, multiple cards or different types of credit accounts. Have more questions for our credit cards editors? financial product. 199 whichever is higher if the period is 60 days and zero if the period is 6 months, Rs.172 or more depending upon the transfer amount, 0.99% for tenures between 3-12 months Citi Flex Plan offers are made available at Citi's discretion. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. The recommended credit score to apply is in the good to excellent range (670-850), but the balance transfer offer and spending and budget management tools through My Money Map could appeal to credit-conscious consumers looking to manage debt. This card comes from Alliant Credit Union, named Bankrate’s best credit union of 2020. However, the trade-off is that you would pay 3.25% variable APR during the introductory period (and 11.24% – 21.24% variable after) rather than 0% APR. The average is probably closer to the 15-month range. Check your credit score before you start shopping and then compare it with each card’s recommended credit score to get an idea of whether you might qualify. Zero-interest offers for balance transfers lasting 20 months or more aren’t as common as they used to be, but the U.S. Bank Visa Platinum Card is currently a rare exception. Citi Flex Plan offers are made available at Citi's discretion. Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Two, you can earn 1.8 percent cash back (a 20-percent bonus) on qualifying digital wallet transactions during your first year of owning the card. In the event the total outstanding including Balance Transfer instalment is not settled, on or before the due date of Union Bank Credit Card of a particular month, the unsettled portion of the instalment will be charged at the prevailing revolving interest rate applicable to the Union Bank Credit Card. The Citi Rewards+® Card proves that you don’t have to be a big spender to enjoy the benefits of a balance transfer card (15 months at 0% APR, 13.49% - 23.49% variable after) that also earns rewards. You can only transfer an amount equal to the credit limit of the new credit card. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. Balance transfer is generally offered to customers who have been a credit card user for one particular company for at least a year. In the meantime, there are Credit Cards. You will receive a call shortly from our customer support. Leaving so soon? Read our full Bank of America Cash Rewards credit card review. Copyright © 2021   BankBazaar.com. However, transfer of credit card balance makes sense only when the bank that you are transferring your balance to offers rates that are more lucrative than the original credit card on which you have pending dues. That with the two Alliant credit cards, you would qualify for an introductory APR of 0%. Editorial Disclosure: Opinions expressed here are the author’s alone, and have not been reviewed or approved by any advertiser. Read our full Citi Diamond Preferred Card review. There is a processing fee that will be charged for the options, and it is based on the amount that is being transferred. Complete the application form (Reducing Balance and/or Fixed Pay), attach photocopy of your other bank credit card/charge card statement and send via mail to: UOB Card Centre, P.O Box 10253, 50708 Kuala … Citi Flex Plan offers are made available at Citi's discretion. The fee for each qualifying balance transfer after 120 days is up to 5%. Public Bank, a complete one-stop financial portal, offering a range of accounts, credit cards, loans, deposits and other financial aids for our personal and commercial customers. Get better at managing your finances by consolidating all of your credit card … As low as 0% introductory rate for 12 months on purchases and balance transfers (After the introductory period, a low standard variable rate applies ranging from 13.24%–23.24%. Cards available from our partners could help you avoid APR on a transferred balance well into 2021 or even 2022. For example, if the outstanding credit card balance on your existing credit card is Rs.75,000 and your new credit card has a credit limit of Rs.50,000 then only Rs.50,000 can be used for transferring balance. Although many cards have longer introductory offers that could save you more money on a balance transfer, the low starting point for this card’s standard APR is notable in its own right. There may also be conditions that govern the minimum and maximum amounts that can be transferred. Author ’ s your money, after all, so you ’ ll want to “ transfer a... 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