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Compare Balance Transfer Credit Cards in February 2024
Chase Slate Edge
- Lower your interest rate by 2% each year. Automatically be considered for an APR reduction when you pay on time, and spend at least $1000 on your card by your next account anniversary.
- Raise your credit limit. Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months.
- Keep tabs on your credit health – Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more
Blue Cash Everyday® Card from American Express
- Balance Transfer is back! Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 18.99% to 29.99% variable APR.
- 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.https://www.quickencompare.com/wp-admin/post.php?post=22679&action=edit&classic-editor#
- 3% Cash Back at U.S. gas stations, on up to $6,000 per year in purchases, then 1%.
Capital One SavorOne Cash Rewards Credit Card
- Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% on all other purchases
- Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024
- Earn 8% cash back on Capital One Entertainment purchases
Capital One Quicksilver Cash Rewards Credit Card
- Earn unlimited 1.5% cash back on every purchase, every day
- $0 annual fee and no foreign transaction fees
- Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
Blue Cash Preferred® Card from American Express
- Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments.
- Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, 18.99% to 29.99%
- 6% Cash Back on select U.S. streaming subscriptions.
Benefits of a Balance Transfer Credit Card
Using a balance transfer credit card can offer several benefits for individuals who have existing credit card debt. Here are five common advantages of utilizing a balance transfer credit card:
Consolidation of Debt
One of the primary benefits of a balance transfer credit card is the ability to consolidate multiple credit card debts into a single card. By transferring balances from multiple high-interest credit cards to a balance transfer card, you can streamline your debt and make it more manageable.
Potential for Lower Interest Rates
Balance transfer credit cards often come with introductory periods featuring low or 0% interest rates on transferred balances. This can provide significant interest savings, allowing you to pay off your debt faster and more affordably. By reducing or eliminating interest charges during the introductory period, more of your payments go towards reducing the principal balance.
Simplicity and Convenience
Consolidating your credit card debts onto a single balance transfer card simplifies your financial management. Instead of juggling multiple due dates and varying interest rates, you only have to focus on one payment each month. This makes it easier to stay organized, avoid late payments, and budget effectively.
Pay off Debt Faster
With lower interest rates or interest-free introductory periods, a balance transfer credit card can help accelerate your debt repayment progress. By allocating more of your payments towards the principal balance, you can potentially pay off your debt quicker compared to making minimum payments on multiple high-interest cards.
Potential Savings on Fees
Some balance transfer credit cards offer promotional periods with waived or reduced balance transfer fees. This means you can transfer your balances without incurring substantial upfront costs. Saving on fees can contribute to overall debt reduction and help you achieve financial freedom sooner.
It’s important to note that after the introductory period, the interest rate on the balance transfer card may increase. Additionally, balance transfer credit cards often come with terms and conditions, such as a transfer limit or fees for late payments. Carefully reviewing the terms and considering any potential fees or limitations is crucial to make the most of a balance transfer credit card. It’s also important to use the opportunity to pay down your debt diligently and avoid accumulating new debt while working towards becoming debt-free.
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