Best Card for Balance Transfer?

Discussion / Conversation Forum
1

My credit card debt is approximately $12,000, which I have been making monthly payments towards. However, this card has interest of roughly $250 per month, so even though I feel like I’m making progress, the amount keeps going up.

I have been considering canceling my current card and conducting a balance transfer to a new one. I was simply curious about your thoughts on the ideal card to utilize.

I can afford to pay off the sum each month since I’ve previously planned a specific amount, and I’ve cut out a lot of wasteful spending.

The Wells Fargo Cash Back Visa Signature Card is what I currently own. For a while now, I’ve wanted to leave Wells Fargo for some time now and have been searching for a card that offers greater benefits.

2

Try the BankAmericard Credit Card. This card provides a solid introductory APR period, giving you ample time to pay down debt or finance a large purchase.

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I understand your frustration. The high interest on your current card is definitely hindering your progress in paying down the debt. Here are some thoughts on using a balance transfer card to tackle your $12,000 credit card debt:

Balance Transfer Card Could Be a Good Option

Since you can afford the monthly payments (including the transferred balance amount) and are committed to avoiding further charges, a balance transfer card can be a strategic move. Here’s why:

0% Intro APR: Balance transfer cards typically offer a 0% introductory APR period on transferred balances, usually for 12-21 months. This allows you to focus on paying down the principal amount without interest accruing during that period.

Potentially Lower Interest: Even after the intro period ends, the balance transfer card might offer a lower APR compared to your current card’s $250 monthly interest.

Choosing the Right Balance Transfer Card

Intro APR: Look for a card with a 0% intro APR on balance transfers for at least 12 months, ideally longer, to give you enough time to pay off a significant portion of the debt.

Balance Transfer Fee: Many cards charge a balance transfer fee (usually 3-5% of the transferred amount). Factor this into your calculations to ensure the benefits outweigh the fee.

Rewards (Optional): If you plan to use the card for future purchases after paying off the transferred balance, consider cards with rewards programs that align with your spending habits.

Here are some cards to consider:

  • Citi Double Cash Mastercard: Offers a 0% intro APR on balance transfers for 18 months (intro APR may vary based on creditworthiness), with a 3% balance transfer fee.
  • Chase Slate Edge: Offers a 0% intro APR on balance transfers for 15 months (intro APR may vary based on creditworthiness), with a balance transfer fee of 5%.
  • Discover it® Balance Transfer Card: Offers a 0% intro APR on balance transfers for 18 months (intro APR may vary based on creditworthiness), with a balance transfer fee of 3%.

Additional Tips

Do the Math: Calculate how much you can realistically pay towards the balance each month to determine how long it will take to pay it off within the intro APR period.

Avoid New Charges: Resist the temptation to use the new card for fresh purchases. Focus on paying down the transferred balance before the intro APR ends.

Consider a Debt Consolidation Loan: Explore this option if you qualify for a lower interest rate on a loan than you’re getting with the balance transfer card.

Leaving Wells Fargo

If you’re looking to move away from Wells Fargo, a balance transfer card can be a good opportunity to switch. Just ensure the new card offers the features and benefits you’re looking for beyond the intro APR on balance transfers.

1 Like
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Wells Fargo Reflect Card is the best card for balance transfer that offers a lengthy 0% intro APR on both balance transfers up to 18 months and purchases up to 15 months. This gives you a significant amount of time to pay down your debt without accruing interest.

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Hi, Nicholas6. In my opinion, I recommend Self Help Credit Union, which now offers 16% interest.