Balance Transfer Deals Are Back
Get a 0% rate for a year or more, but compare offers carefully.
After becoming scarce in the aftermath of the financial crisis, 0% balance-transfer offers on credit cards have made a comeback. You can dramatically reduce finance costs by shifting your balance to a credit card that charges no interest for a set time frame, as long as you pay it off within that period.
Don’t let teaser rates overshadow other factors when deciding to switch cards. Compare transfer fees (usually 3% of the sum transferred), the length of the 0% term (12 months or more is generous), the nonpromotional annual percentage rate (your interest rate after the promotion expires) and any annual fee.
Citi’s Diamond Preferred card gives you 18 months to pay off a transferred balance at the 0% rate. The Slate card from Chase offers 0% on balance transfers for 15 months, with no fee if you move the money within 60 days of opening an account. Compare offers with a credit card calculator, such as the one at CardHub.com or CreditCards.com, or use the offer to negotiate a better rate with your current issuer.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If you switch from a card you’ve had for years, consider keeping it open to maintain your credit history. Try not to load up the new card with purchases; racking up more debt negates the point of a balance transfer in the first place.
-
Should You Enroll in Medicare if You Still Have a Job?
This question is being asked more than ever these days, so here’s what you can do when it comes to making Medicare decisions while you’re still working.
By Jae W. Oh Published
-
Donald Trump's Net Worth Hits $6.5 Billion, Despite Legal Woes
Boosted by Truth Social stock deal, Trump is thrust into the world’s wealthiest 500 people on the Bloomberg Billionaires Index
By Kathryn Pomroy Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Published
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel Procrastinator? No matter. You can pull off a fun and memorable getaway on a moment's notice — without breaking the bank.
By Vaishali Varu Last updated
-
How Much Life Insurance Do You Need?
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life-insurance needs.
By Kimberly Lankford Published
-
When Is Amazon Prime Day?
Amazon Prime In 2023 Amazon had two Prime Day events — one in July and another, called Big Deal Days, in October. We expect 2024 to follow the same schedule.
By Bob Niedt Last updated
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
By Kaitlin Pitsker Published
-
5 Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Rates are high this year, but you can still find an affordable loan.
By Daniel Bortz Published