Best Way to Transfer Money for a House Purchase

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Balance transfer credit cards are a great manner to salve money while you pay off debt. These types of credit cards offer a low introductory Apr -- the best balance transfer credit cards even commencement with an intro 0% APR. Pay off your rest before the intro period ends, and you can avert involvement fees entirely. On our list of the best balance transfer credit cards, you'll observe top choices that offer the longest intro periods and the fewest fees.

Best residue transfer credit cards

• Long 0% intro Apr: Wells Fargo Reflect℠ Card
• Long 0% intro APR: Citi® Diamond Preferred® Card
• Balance transfers and cash back: Discover information technology® Residual Transfer
• Remainder transfers and cash dorsum: Citi® Double Cash Bill of fare – 18 month BT offer
• Long 0% intro April: Citi Simplicity® Carte
• Balance transfers and purchases: U.S. Banking concern Visa® Platinum Bill of fare
• Remainder transfers and purchases: BankAmericard® credit card

Best OF 2022

Great for: Long 0% intro APR

Intro Apr

Purchases: 0% intro Apr, upward to 21 months from account opening

Rest Transfers: 0% intro April, upwardly to 21 months from business relationship opening on qualifying balance transfers

Regular April

12.99%-24.99% Variable APR

• A clear leader with a 0% intro Apr offer that is among the longest we've come across. The card also includes an innovative intro APR extension with on-fourth dimension payments. Read Total Review

• • Long 0% Intro April offer
  • No almanac fee
  • Cell phone protection

  • Rest transfer fee
• • 0% intro Apr for 18 months from account opening on purchases and qualifying remainder transfers. Intro Apr extension of up to iii months with on-time minimum payments during the intro and extension periods. 12.99% to 24.99% variable April thereafter; balance transfers made within 120 days qualify for the intro rate and fee of three% then a BT fee of upwardly to 5%, min $5
  • $0 Almanac Fee
  • Become up to $600 of cell phone protection when yous pay your monthly cell telephone bill with your eligible Wells Fargo carte (subject to a $25 deductible).
  • Through My Wells Fargo Deals, yous can earn cash back in the grade of a statement credit while you shop, dine, or enjoy an feel but past using your eligible Wells Fargo Credit Carte
  • Select "Apply Now" to learn more about the product features, terms and conditions

Nifty for: Long 0% intro APR

Intro April

Purchases: 0%, 12 months

Residual Transfers: 0%, 21 months

Regular Apr

13.74% - 23.74%, variable

• A difficult-to-crush 0% intro Apr credit that'due south a fit for cardholders wanting to pay off debt faster with residue transfer strategies and/or finance the toll of a buy and temporarily avoid plush interest charges. Read Full Review

• • Keen intro APR
  • No annual fee
  • Free credit score monitoring

  • No rewards
  • Foreign transaction fee
• • 0% Intro April for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from engagement of account opening. After that the variable APR will be thirteen.74% - 23.74%, based on your creditworthiness. Remainder transfers must be completed within 4 months of business relationship opening.
  • At that place is a residuum transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
  • Get free access to your FICO® Score online.
  • With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
  • Shop with confidence knowing that you lot take undecayed protection benefits, including $0 Liability on Unauthorized Purchases and Citi®Identity Theft Solutions.
  • The standard variable Apr for Citi Flex Programme is 13.74% - 23.74%, based on your creditworthiness. Citi Flex Plan offers are made bachelor at Citi'south discretion.

Great for: Balance transfers and cash back

Intro APR

Purchases: 0% Intro APR, 6 months

Residual Transfers: 0% Intro Apr, 18 months

Regular April

eleven.99% - 22.99% Variable APR

• Get the best of both balance transfer and cash back worlds with this carte. Non only practice yous become a cracking intro Apr on residue transfers, simply you as well get a rich greenbacks back plan. Read Full Review

• • Slap-up intro APR offer
  • Sign-upwards bonus offer
  • Robust greenbacks back program
  • No annual fee
  • FICO® Score for free

  • No fixed bonus categories
• • INTRO Offer: Unlimited Cashback Lucifer – only from Discover. Discover volition automatically lucifer all the greenbacks back you've earned at the end of your start twelvemonth! There'southward no minimum spending or maximum rewards. You could turn $150 cash dorsum into $300.
  • Earn 5% cash dorsum on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you lot pay using PayPal, upwards to the quarterly maximum when yous activate. Plus, earn unlimited i% greenbacks back on all other purchases – automatically.
  • Redeem cash dorsum any amount, any fourth dimension. Rewards never expire.
  • Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more than.
  • No annual fee.
  • Discover is accepted nationwide past 99% of the places that take credit cards.
  • Click "APPLY Now" to see rewards, FICO® Credit Score terms, Cashback Friction match™ details & other information.

Great for: Balance transfers and greenbacks back

Intro APR

Purchases: N/A

Remainder Transfers: 0%, eighteen months

Regular April

13.99% – 23.99%, variable

• Earn up to 2% on all purchases - i% when you buy, and i% when you pay the minimum each month. Add that to no annual fee and an eighteen calendar month 0% intro APR offer on balance transfers and this card is a winner. Read Total Review

• • Manufacture-leading cash back
  • 0% intro Apr residual transfer offering
  • No annual fee
  • Free credit score monitoring

  • No sign-up bonus
  • Strange transaction fee
  • No 0% intro Apr on purchases
• • Earn ii% on every purchase with unlimited one% greenbacks back when you buy, plus an additional ane% as you pay for those purchases.
  • To earn greenbacks dorsum, pay at least the minimum due on time.
  • Balance Transfer Only Offer: 0% intro Apr on Balance Transfers for 18 months. After that, the variable APR will exist 13.99% – 23.99%, based on your creditworthiness.
  • Residue Transfers practice not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a remainder, interest will be charged on your purchases unless you lot pay your entire balance (including balance transfers) by the due date each month.
  • At that place is an intro balance transfer fee of 3% of each transfer (minimum $five) completed within the outset 4 months of account opening. After that, your fee will be five% of each transfer (minimum $5).
  • The standard variable Apr for Citi Flex Programme is 13.99% – 23.99% based on your creditworthiness. Citi Flex Program offers are made available at Citi's discretion.

Great for: Long 0% intro Apr

Intro APR

Purchases: 0%, 12 months

Remainder Transfers: 0%, 21 months

Regular April

fourteen.74% - 24.74%, (Variable)

• With a long 0% intro APR offer, no late fees, no almanac fee, and no penalty rate, this card is an unmatched choice. Read Full Review

• • Bang-up intro April
  • No almanac fee
  • No late fees
  • No penalty APR

  • No rewards
  • Foreign transaction fee
• • No Late Fees, No Penalisation Rate, and No Annual Fee... Always
  • 0% Intro APR for 21 months on rest transfers from engagement of first transfer and 0% Intro APR for 12 months on purchases from date of business relationship opening. Afterward that the variable APR will exist 14.74% - 24.74%, based on your creditworthiness. Residual transfers must be completed within 4 months of account opening.
  • There is a balance transfer fee of either $5 or five% of the amount of each transfer, whichever is greater.
  • The standard variable Apr for Citi Flex Programme is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Programme offers are made available at Citi'south discretion.
  • Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges

Great for: Residue transfers and purchases

Regular APR

xiv.49% - 24.49% (Variable)

• With a twenty billing cycle intro Apr offer for both rest transfers and purchases, this is one of the best low interest credit cards we've come across. Read Full Review

• • Long 0% intro APR offer
  • No annual fee
  • Cell phone protection
  • Complimentary credit score monitoring

  • No rewards
  • Foreign transaction fee
• • Limited Fourth dimension Offer!
  • 0% Intro April on purchases and residuum transfers for 20 billing cycles. After that, a variable April currently fourteen.49% - 24.49%.
  • Get upwardly to $600 protection on your cell phone (subject to $25 deductible) confronting covered damage or theft when you pay your monthly cellular telephone nib with your The statesBanking concern Visa® Platinum Credit Bill of fare. Certain terms, conditions, and exclusions apply.
  • Choose a payment due engagement that fits your schedule
  • No Annual Fee
  • Terms and atmospheric condition utilise.

Bully for: Balance transfers and purchases

Intro APR

Purchases: 0%, 18 billing cycles

Balance Transfers: 0% Intro Apr for eighteen billing cycles for any residuum transfers fabricated in the beginning lx days

Regular APR

12.99% - 22.99% Variable

• This no-annual-fee carte du jour has among the longest 0% intro APR offering for purchases and qualifying residue transfers. Few cards pack in such a long promo period for both, plus a sign-up bonus. Read Full Review

• • Sign-up bonus
  • Long 0% intro APR offer
  • No almanac fee
  • FICO® Score for free
  • No penalty APR

  • No rewards
  • Balance transfer fee
• • $100 argument credit online bonus after making at least $1,000 in purchases in the kickoff 90 days of business relationship opening.
  • 0% Introductory Apr for xviii billing cycles for purchases, and for whatever balance transfers made in the first 60 days. Later on the intro APR offering ends, 12.99% - 22.99% Variable APR volition apply. A iii% fee (min $10) applies to all rest transfers.
  • No annual fee.
  • No penalty April. Paying late won't automatically heighten your involvement rate (Apr). Other account pricing and terms apply.
  • Admission your FICO® Score for gratuitous within Online Banking or your Mobile Banking app.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offering may non exist available if you leave this page or if you lot visit a Depository financial institution of America financial center. You tin can take advantage of this offer when you lot apply at present.

Savvy consumers utilise credit bill of fare balance transfer offers to refinance or consolidate credit carte debt. And when used correctly, the best balance transfer credit cards tin can save you hundreds of dollars in involvement. To become the best results with these credit cards, information technology helps to empathise how residual transfers work.

What is a balance transfer credit card?

Balance transfer credit cards are cards that can receive remainder transfers -- a feature not offered by all credit cards. A balance transfer is moving a balance from 1 account to another. Once you've completed a residue transfer, the original business relationship is paid off, and you brand payments on the account that received the transfer.

Yous're essentially using the residue transfer bill of fare to pay off your debt. The best balance transfer credit cards come with a 0% introductory APR -- similar to 0% intro April credit cards -- on a qualifying balance transfer. This means that y'all won't pay credit card interest on the balance transferred for the intro menstruation, which can be anywhere from a few months to 20 billing cycles. After the introductory Apr ends, the card issuer will first charging the carte du jour's regular variable APR on whatsoever remaining balance. Paying off your balance quickly will help you avoid getting an interest accuse when the intro APR menstruation ends.

The type of debt you tin can transfer depends on your residuum transfer card. Sometimes a menu issuer will only allow you lot transfer credit bill of fare balances, whereas others allow you transfer all kinds of debt. Consumers typically use balance transfer cards for credit carte du jour debt.

The full amount of the transfer plus any transfer fees must be less than the balance transfer menu'southward credit limit. If information technology isn't, yous'll find your balance transfer denied. You tin't transfer a balance between ii cards from the same card issuer, either. A residual transfer from a Chase credit card to a Citi credit card is fine, but a transfer between ii Hunt credit cards wouldn't be immune.

What is a balance transfer fee?

A balance transfer fee is a fee charged for moving a balance onto a new credit card. The balance transfer fee is charged by the rest transfer carte (the card that receives the remainder). It's typically between iii% and five%.

The residuum transfer fee is charged every bit a pct of the amount transferred and typically added to your overall credit card rest. For example, if you lot transfer $one,000 to a credit carte with a iii% balance transfer fee, you'll be charged a $thirty residue transfer fee. Your new balance on the balance transfer card will be $1,030.

How to do a residue transfer

Here are a few steps on how to do a balance transfers:

1. Search for 1 of the all-time residual transfer credit cards. Attempt to find a card with a long plenty intro menstruum so that you'll be able to pay off your debt within that time frame.
2. Open up the card and transfer the balance. You'll need the credit carte number of the card with the residuum as well as the amount to transfer. Most card issuers allow you transfer balances online. Then you'll log in to the account for your balance transfer bill of fare and wait for the rest transfer option. Alternatively, you can telephone call the credit menu visitor and exercise the remainder transfer by phone.
3. Make your payments. You lot're still required to brand payments on the original carte until the rest transfer is processed. You'll know that has happened one time the original card remainder changes. From this point on, yous'll make payments on the rest transfer carte du jour.

How to do a rest transfer with Chase

Rest transfers with Hunt tin can exist completed past logging into your Chase account and doing the post-obit:

1. Click "Transfer a balance." You lot can notice this option in multiple locations. On the Account Summary page, it will be underneath the residuum transfer card's available credit. On the credit card's page, information technology will exist bachelor in the "Things y'all tin do" drop-down menu.
2. Select a balance transfer offer. Chase will list any residuum transfer offers available for the card you chose. Click on the offer y'all want, and then click "Next."
3. Enter the required information. You'll need to provide the full card number for the credit card with the balance and the remainder transfer amount.
4. Submit the balance transfer.

How to do a balance transfer with Discover

Balance transfers with Discover can be done past going to your online Discover account and following these steps:

1. Click "Balance Transfers." There's a "Manage" selection at the top of your business relationship page, and underneath, you'll observe the "Balance Transfers" link.
2. Select a residual transfer offer. Depending on which Discover credit cards you take, there may exist multiple balance transfer offers available to yous.
3. Fill out the class. Discover will ask you for the residual transfer amount and the credit card number of the card with the residue.
4. Submit the residual transfer.

How to do a remainder transfer with Wells Fargo

Balance transfers with Wells Fargo are available through your online Wells Fargo account when you follow these steps:

1. Click "Request Balance Transfer." To discover this option, place the cursor over "Accounts" and look under the "Manage Cards" heading.
2. Select a balance transfer offering. The offers available will depend on which Wells Fargo credit cards yous have.
3. Complete the balance transfer form. Wells Fargo asks for the creditor name, credit card number, and transfer amount.
4. Submit the balance transfer.

What happens to the old credit card after the balance transfer?

The credit card that originally had the residual volition remain open after the balance transfer. Although you can go along using it, you should strongly consider waiting until yous've paid off all your credit menu debt. Y'all don't want to brand the same mistakes and run upwardly a costly residue.

How to compare balance transfer credit cards

Comparing credit cards is all nearly saving the virtually money, and choosing one of the best residual transfer credit cards tin can save you big.

Here are the steps to compare residuum transfer offers:

1. Check the length of the offers. Nigh of the best credit card residue transfer deals have 0% intro APRs, and then y'all can compare them past how long their intro offers last. If you need equally much time as possible to pay off debt, pick the bill of fare with the longest 0% intro APR.
2. Run across which cards have balance transfer fees. Free balance transfer credit cards assistance you avoid actress fees, just they may not take the longest 0% intro offers. You'll need to calculate whether yous'll pay less with a longer intro offer or by not paying balance transfer fees. Utilize our residue transfer calculator to meet how much you could salvage with a balance transfer.
3. Use other features as a tiebreaker. Y'all may find that multiple residual transfer credit cards are dead even. In that case, you lot can choose i based on other features the cards offer, such as cash rewards or a welcome bonus. For example, the Citi® Double Cash Card – eighteen month BT offer is one of the best balance transfer credit cards and one of the best cash rewards credit cards.

Fugitive other fees, such as an annual fee or belatedly fee, is also smart. The Citi Simplicity® Bill of fare card doesn't charge a late fee, although y'all should avert making late payments as you lot can lose your 0% intro Apr offering. None of the cards on this list charge an almanac fee. You should avert cards with an annual fee, as it tin eat into any savings y'all get from the introductory APR.

To larn more nearly how to pick the best balance transfer credit card, bank check out the video below.

Does a balance transfer affect your credit score?

Balance transfers tin hurt and help your credit. When you use a balance transfer card, it affects three factors used to calculate your credit score:

• New credit (10% of your FICO® Score): The credit menu awarding will cause a hard credit inquiry, which negatively affects the new credit category. It's not a serious issue, though, equally most consumers only come across their FICO® Scores drib five points or less from a difficult inquiry.
• Length of credit business relationship history (15% of your FICO® Score): A new credit card causes your boilerplate length of credit business relationship history to decrease, and this can injure your credit.
• Credit utilization (thirty% of your FICO® Score): Your new balance transfer card's credit limit volition increase your total credit, causing your credit utilization to become downwards. That's good for your credit score. Only your credit utilization on each individual card is also important. If you finish upwards with high credit utilization on the balance transfer carte du jour, and so that could have a negative impact.

Although your credit score may or may not drop afterward a balance transfer, it will likely go upwardly as you pay downward your credit card debt. After all, building a positive payment history is 1 of the all-time ways to rebuild credit. And a balance transfer credit card allows you to do that faster while also saving on involvement.

Is in that location a limit to how much yous tin transfer?

You tin never transfer a balance that's larger than your credit limit. Some rest transfer credit cards will only let you lot transfer up to a percentage of your credit limit -- usually seventy% to 95% -- while others will allow you accomplish your credit limit. Proceed in heed that any residual transfer fees will add to your balance also. If yous're transferring a $1,000 balance to a card with a 3% balance transfer fee, you'll need a credit limit big enough to cover a $1,030 residue.

Is a residual transfer credit card right for you?

It'due south important to consider the benefits and drawbacks of doing a balance transfer with a balance transfer credit menu. While the best balance transfer credit cards can save you hundreds in interest, they tin besides terminate upwardly costing you.

A residual transfer credit card is a good idea if:

• You want a lower interest rate. The biggest perk of 0% intro Apr balance transfer credit cards is how much money they can salvage you. If you have credit carte debt that y'all'll be paying off over six months or longer, then a rest transfer could lead to big savings.
• You want to consolidate debt. When yous take debt spread out beyond multiple credit cards, it can be difficult to manage. A balance transfer card allows you to consolidate debt so you lot only demand to make i payment per calendar month.
• You're trying to boost your credit score. Credit card debt often results in a loftier credit utilization ratio, a gene that has a big impact on your credit score. Since opening a balance transfer carte du jour adds to your total credit, it will lower your credit utilization. That balance transfer could salve y'all money and heighten your credit score.

A balance transfer credit card is not a proficient thought if:

• You don't have a plan to pay off your debt. A residual transfer just helps if you take advantage of the opportunity past paying off as much debt equally possible before the intro April period ends, and you don't overspend now that your debt isn't costing yous any interest. Otherwise, you lot could attain the end of the intro catamenia with the same corporeality of debt or more.
• You accept subpar credit. To qualify for the top residual transfer credit cards, you'll typically need proficient credit. If your credit is bad or average, information technology'southward a expert idea to focus on building your credit. That fashion you lot don't demand to settle for a subpar balance transfer card.
• You could pay off existing credit carte debt within a few months. When you're this close to paying off your debt, information technology's usually better to stick with your current credit card. A rest transfer fee could wipe out anything you'd salve on interest. Even if it's a balance transfer credit carte du jour with no fee, the credit card application volition still have fourth dimension and cause a minor dip in your credit score.

Alternatives to residue transfers

If you're not certain that a balance transfer credit card is the best selection for you, consider these alternatives:

Personal loans for debt consolidation

Past paying your debts with a personal loan, you'll accept a fixed loan term, payment corporeality, and involvement charge per unit. Consolidating debt is a keen way to ensure you lot tin can afford your monthly payments and get your debt paid off in total. Fifty-fifty though debt consolidation loans don't offer 0% intro APRs, y'all can notice personal loans with depression interest rates. You also won't need to worry nigh the APR going up like it does with balance transfer cards at the finish of the intro period.

Home equity loans/home disinterestedness lines of credit

Since a habitation equity loan or a dwelling equity line of credit (HELOC) uses your habitation as collateral, they tend to offer some of the lowest involvement rates you can find. Either is an affordable way to pay off debt, but you will need disinterestedness in your home to qualify. The fact that your home is the collateral besides adds to your risk.

Nonprofit credit counseling agencies

When you lot work with a credit counseling agency, it can give you advice on how to budget and pay dorsum your debts. A credit counseling bureau can likewise negotiate a debt management plan with your creditors. This option can be especially helpful if your credit isn't the best, as information technology's hard to find residue transfer credit cards for bad credit.

Negotiating your credit card debt

Credit menu companies are oft willing to negotiate your credit card debt with you if you're having trouble making your monthly payments. Some might even have low involvement credit cards you tin can consider. Many offer hardship plans that can reduce your menu's involvement rate, fees, or minimum payment amount. Even if your carte du jour issuer doesn't, you may still be able to negotiate whatever of those items.

FAQs

• A balance transfer credit carte can have residuum transfers from other cards. When you ready a residuum transfer, your remainder transfer menu is paying off your other credit bill of fare(s). The corporeality you transfer will be taken off the original credit bill of fare and put onto the rest transfer card.

• Y'all could see a pocket-sized drib or increase in your credit score later on completing a rest transfer. This could be due to new inquiries on your credit report, a change in your boilerplate age of accounts, or changes in your credit utilization charge per unit. Over fourth dimension, as y'all pay off your balances and avoid late payments, you should come across your credit score ameliorate.

• A balance transfer can take anywhere from two days to six weeks. Information technology depends on multiple factors, including the card issuers of both cards and whether you're a new cardholder for the balance transfer carte. Capital 1 takes nigh 10 business days. Banking concern of America, Notice, and U.S. Bank all accept up to 14 days or two weeks. Hunt and Citi take upwardly to 21 days. These are maximums, so in many cases, your balance will transfer more chop-chop.

Ask the experts

Francisca Beer, Ph.D.

Professor of Finance, California State University, San Bernardino

Who would be a good candidate for a balance transfer credit bill of fare?

Meticulous and knowledgeable consumers who are serious well-nigh paying downwardly debt. Residuum transfers can exist problematic for customers for several reasons. Some customers overlook that a transfer means making monthly payments even if the APR is 0%. Others do non business relationship for the transfer fee when evaluating the benefits of a transfer. Yet others practice not understand the bear upon of a transfer on their credit limit when they utilize an existing bill of fare. Some do non sympathise when penalty rates will be applied.

Do you demand practiced credit for a rest transfer credit card?

The transfer request will most probably be rejected when a client has filed for a defalcation in the past. Transfers might also exist declined for customers with past due payments or a low credit score. In some cases, the credit score is used to calculate the length of the 0% introduction menstruation.

What do consumers need to know about 0% intro April offers?

Generally speaking, if the residuum transferred can exist paid off within the 0% APR intro period, the transfer is probably a good thought. If the balance cannot be paid inside that menses of time, it's important to know what the Apr volition be. It's probably ameliorate to avert using the carte du jour for anything else than paying the transfer rest. And then customers should steer clear of using the card for both transfer and new purchases.

The Motley Fool owns shares of and recommends Mastercard and Visa.

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Source: https://www.fool.com/the-ascent/credit-cards/best-balance-transfer-credit-cards/

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