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Balance Transfer

Chase Slate® Review: Is this Legit? An Introductory $0 Fee Balance Transfer?

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Chase Slate Review

Updated May 31, 2018

The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Chase Slate® has a very popular introductory balance transfer offer. You can save with an Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. You can also save with an  0% Intro APR on Purchases for 15 months and an 0% Intro APR on Balance Transfers for 15 months, then 16.49% - 25.24% Variable APR. All with a $0 annual fee. Plus, see monthly updates to your FICO® Score and the reasons behind your score for free.

The savings can be astonishingly high, and you can take years off your debt repayment. But some people worry that the offer is too good to be true. So long as you do the following 3 things, it really is a free balance transfer:

  1. Complete the balance transfer within 60 days of opening the account. Otherwise, you lose the offer and standard balance transfer fees and rates would apply.
  2. Always pay on time. If you are just one day late, you will be charged a hefty late fee. And, if you are 60 days late, you will lose the promotional interest rate.
  3. Only transfer debt from another bank. You can not use this offer to transfer debt from another Chase credit card – and that includes co-brands (like United Airlines and Southwest Airlines credit cards).

The application process is easy, and will only take a few minutes.The interest rates on credit cards are shockingly high, especially those store credit cards that you were tempted with during holiday shopping. Most store cards have interest rates higher than 20%, and here are some examples of particularly expensive cards:

  • Macy’s: 24.5%
  • Wal-Mart: 22.9%
  • Target: 22.9%

Store cards are obscenely expensive, but ordinary credit cards also carry a hefty interest rate. Most people who have a balance on a credit card are paying more than 15% on that debt.

If you wake up one morning with a debt hangover, you shouldn’t think of your high interest rate as a life sentence. Your debt does not need to stay on that high interest rate credit card: you can move it to a lower interest rate with an intro balance transfer. And, one of the best balance transfer credit cards out there is the Chase Slate®.

In this article, we will explain:

  • What is a balance transfer
  • How to qualify for a balance transfer credit card
  • Why Chase Slate® is an almost-perfect introductory balance transfer
  • How to complete a balance transfer with Chase
  • What to do once the balance transfer is complete

If you have any questions about this card, you can always send us an email at info@magnifymoney.com, and we would be happy to help answer any questions you might have. We always respond to emails within 24 hours, and are usually quicker than that.

What is a Balance Transfer

You have probably received many of these offers in your mail: a credit card company offers you a 0% introductory interest rate if you transfer your existing credit card debt from another credit card company to the one offering the intro 0% deal.

A balance transfer is exactly what it sounds like: you can transfer your debt from Bank A to Bank B. Bank B wants your business, so they will “steal” your debt from their competition by offering a great interest rate for a fixed period of time (the promotional period). Often, a bank will charge a fee for the balance transfer. Given how high interest rates are on store cards and credit cards, the fee usually pays for itself within 3-6 months. If you can pay off your debt in fewer than 6 months, a balance transfer is not worthwhile. However, if it will take you longer than 6 months, you will almost always save money.

Banks want to steal your business from other banks: that is why the offers are only available for debt with another credit card issuer. For example, Chase is happy to take over debt from Citibank, Wells Fargo or Target. But, if you just want to transfer debt from one Chase credit card to another, you will be rejected.

Just think of cable/internet/telephone companies. They regularly give you amazing deals for the first year if you sign up for a bundle. After the year is over, the rate goes up. This is exactly the same idea: banks are competing for your debt.

How to Qualify for a Balance Transfer Credit Card

Banks will only offer balance transfers to people with good or excellent credit. That typically means that you will require:

  • A credit score of 680 or higher (700 preferred)
  • A debt burden (explained below) of less than 50% (40% or lower preferred)
  • Very few, if any, accounts that are currently delinquent

A debt burden is calculated by adding up your monthly fixed expenses and dividing that by your monthly income. The expenses should include: monthly rent or mortgage payment, auto payment, student loan payments and the monthly payment on any other credit cards or loans that appear on your credit bureau.

If your total payments are more than 50%, you will likely be declined. If it is less than 50%, you have a chance. However, banks typically want to see debt burdens below 40% (and you will likely get approved at higher debt burdens only if you have a very high credit score).

Banks do not share their underwriting criteria: instead, they keep them as carefully guarded secrets. Life would be a lot easier if they just told us what they wanted! However, at MagnifyMoney, we have done our best to reverse-engineer the underwriting criteria. If you meet the criteria above but are rejected, please let us know!

If you don’t qualify for a balance transfer, you may want to consider a personal loan. The concept is the same: you can take out a loan and use the proceeds to pay off existing credit card debt. But, unlike the credit card balance transfer market, personal loan companies tend to approve much riskier people. Just make sure the interest rate on your new loan is lower than the interest rate on your credit card before proceeding.

If you want to compare the cost of a balance transfer to the cost of a personal loan, you can do that with our balance transfer and personal loan calculator.

Customize your balance transfer offers with Magnifymoney tool

Why Chase Slate® is Almost Perfect

There are two key features of a balance transfer: the balance transfer fee (charged as a percent of the balance that is transferred, and added to your bill upon completion of the transfer), and the duration of the balance transfer (number of months at the promotional rate).

Chase does not charge a balance transfer fee for the intro offer as long as the transfer is made during the first 60 days of account opening. During that time-frame, it costs you nothing to move your debt from another credit card issuer to Chase and it’s 0% Intro APR on Purchases for 15 months and 0% Intro APR on Balance Transfers for 15 months (16.49% - 25.24% Variable APR afterwards).

So, if you move your debt from your store card within the required time-frame and pay it off by month 15, you will not pay a dime to Chase. It will have been completely free. If you do have a balance remaining at the end of the 15 month promotional period, you will not be charged interest retroactively. In other words, the interest that would have been charged during the 15 month promotional period has been waived completely. From month 16, interest would be charged on a go forward basis.

The balance transfer offer is almost perfect. Just be careful of the following:

  • You can only transfer debt from a bank other than Chase. That includes Chase co-branded credit cards, like United Airlines, Southwest Airlines, Marriott and others. Because Chase is the #1 credit card issuer in the country, it is possible that some or all of your debt is already with Chase.
  • The ongoing purchase APR (after month 15) will depend upon your credit score. The ongoing purchase APR range is 16.49% - 25.24% Variable.

Chase has invested in one of the best introductory balance transfer offers out there. If you use the intro offer responsibly, you can have no interest for 15 months. You should take advantage of the offer and reduce your debt as much as possible.

If all of your debt is with Chase, you can find plenty of other offers on our balance transfer marketplace. Just input how much debt you have and how much you can pay each month, and we will show you the offers (updated daily) and how much you will save with each transfer. There are plenty of options out there, so there is no reason to ever pay a high interest rate on your debt.

How to Complete a Balance Transfer with Chase

Make sure you complete your balance transfer as soon as you receive your card. The introductory offer is from when you opened the card, not the date you transfer the debt. So, every month you wait is a month of a promotional balance interest wasted.

It is incredibly easy to complete the balance transfer once you receive your credit card. You can always call them. The call center employees typically receive incentives to complete balance transfers, so it is highly likely that they will want to help you.

But, you don’t need to call them. You can complete the balance transfer online. We have put together a step-by-step guide. It should take you fewer than 5 minutes. All you need is the credit card number of the account that you want to pay off.

Warning: it can take up to 2 weeks for the payment from Chase to reach your bank. Make sure you continue to make payments on your old card until you receive confirmation that the old balance is paid off.

What to Do Once the Balance Transfer is Complete

Once you complete the balance transfer, your goal is to pay off your debt as quickly as possible. In a best case scenario, you divide the total balance by 15 months, and make sure you pay that amount each month. That way, you know that you will be debt free by the time the promotional period expires.

During the promotional period, make sure you:

  • Try to avoid spending on the credit card. Remember: the purpose of this 0% is to help you pay off your debt faster, not to get into more debt.
  • Make sure you make your payments on time, every month. If you pay late, you will be charged late fees. If you are 30 days late, it will hurt your credit score. And, at 60 days late, you will lose your 0% interest rate – and could be charged the penalty interest rate

At the end of the promotional period, don’t close the credit card. Closing credit cards can hurt your score, and Chase Slate® does not have an annual fee. So, it is a nice card to keep.

If you have debt sitting at a high interest rate, you should move it now. There is no reason to drown in high interest rate debt, and there is no reason to work hard only to pay interest to the bank.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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Balance Transfer, Pay Down My Debt

The Fastest Way to Pay Off $10,000 in Credit Card Debt

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Before you read on, click here to download our FREE guide to become debt free forever!

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Digging out of the debt hole can feel frustrating, intimidating and ultimately impossible. Fortunately, it doesn’t have to be any of those things if you learn how to take control.

Paying down debt is not only about finding the right financial tools, but also the right psychological ones. You need to understand why you got into debt in the first place. Perhaps it was a medical emergency or a home repair that needed to be taken care of immediately. Maybe you’d already drained your emergency fund on one piece of bad luck when misfortune struck again. Or maybe you’re struggling with a compulsive shopping problem, so paying down debt will likely result in you accumulating more until the addiction is addressed.

Understanding the why and how of your debt isn’t the only reason psychology plays a role in how you should create your debt attack plan.

You also need to understand what motivates you to succeed. Do you want to pay down your debt in the absolute fastest amount of time possible that will save more money or do you want to take some little wins along the way to keep yourself motivated?

The common terms for these debt repayment strategies are:

  • Debt avalanche: starting with the highest interest rate and working your way down, which saves both time and money.
  • Debt snowball: paying off small debts first to get the warm and fuzzies that will motivate you to keep going.

Whichever version you pick needs to set you up to be successful in your debt repayment strategy. Now it’s time to find the proper tools to help you dump that debt for good.

The first step in crafting a debt repayment strategy is to understand what you’re eligible to use. Your credit score will play a big role in whether or not you’ll qualify for products like balance transfers or competitive personal loan offers.

A credit score of less than 600 will make it difficult for you to qualify for a personal loan and will eliminate you from taking on a balance transfer offer.

Note: If you have a credit score less than 640, struggling to make monthly debt payments and would like to explore your options to reduce your debt by up to 50%, then please click our option below to customize a personal debt relief plan.

Custom Debt Relief Plan

If you have a credit score above 640, you have a good chance of qualifying for a personal loan at a much lower interest rate than your credit card debt. With new internet-only personal loan companies, you can shop for loans without hurting your score. Click here (you will be taken to the LendingTree site) to get rates from multiple lenders in just a few minutes, without a credit inquiry hurting your score. With a simple, single online form, you can get matched with multiple lenders. People with excellent credit can see APRs below 6%. But even if your credit isn’t perfect, you might be able to find a good loan because LendingTree partners with dozens of lenders. [Disclosure: LendingTree is the parent company of MagnifyMoney.]

If you have a score above 700, you could also qualify for 0% balance transfer offers.

[Click here if you’re looking to rebuild your credit score.]

Not sure what your credit score is? Click here to learn how to find out.

Now let’s talk about the financial tools to add into your debt repayment strategy in order to dig out of the hole.

Let’s say you have $10,000 in credit card debt, and are stuck paying 18% interest on it.

You already know that putting as much spare cash as you can toward paying down your debt is the most important thing to do. But once you’ve done that, so what’s next?

Use your good credit to make banks compete and cut your rates

MagnifyMoney’s Paying Down Debt Guide has easy to follow tips on how to put banks to work for you and get your rates cut.

You could save $1,800 a year in interest and lower your monthly payments based on several of the rates available today. That means you could pay it off almost 20% faster.

Here’s how it works.

Option One: Use a Balance Transfer (or Multiple Balance Transfers)

If you trust yourself to open a new credit card but not spend on it, consider a balance transfer. You may be able to cut your rate with a long 0% intro APR. You need to have a good credit score, and you might not get approved for the full amount that you want to transfer.

Your own bank might not give you a lower rate (or only drop it by a few percent), but there are lots of competing banks that may want to steal the business and give you a better rate.

 

The Amex EveryDay® Credit Card from American Express

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Terms Apply

Rates & Fees

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Annual fee

$0

Intro Purchase APR

0% for 15 Months

Intro BT APR

0% for 15 Months

Balance Transfer Fee

$0 balance transfer fee.

Regular Purchase APR

14.74%-25.74% Variable

Rewards Rate

2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.

Our favorite offer is the new The Amex EveryDay® Credit Card from American Express. There is an intro 0% for 15 Months on purchases and balance transfers, (then 14.74%-25.74% Variable APR) and a $0 balance transfer fee. Transfers must be requested within 60 days of account opening. There is also a rewards program where you can earn 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.

MagnifyMoney regularly surveys the market to find the best balance transfer credit cards. If you would like to see what other options exist, beyond Chase and Discover, you can start there.

promo-balancetransfer-halfIt also has tips to make sure you do a balance transfer safely. If you follow them you’ll save thousands on your debt by remaining disciplined.

You might be scared of a balance transfer, but there is no faster way to cut your interest payments than taking advantage of the best 0% or low interest deals banks are offering.

Thanks to recent laws, balance transfers aren’t as sneaky as they used to be, and friendlier for helping you cut your debt.

Sometimes the first bank you deal with won’t give you a big enough credit line to handle all your credit card debt. Maybe you’ll get a $5,000 credit line for a 0% deal, but have $10,000 in debt. That’s okay. In that case, apply for the next best balance transfer deal you see. MagnifyMoney’s list of deals makes it easy to sort them.

Banks are okay with you shopping around for more than one deal.

Option Two: Personal Loan

If you never want to see another credit card again, you should consider a personal loan. You can get prequalified at multiple lenders without hurting your credit score, and find the best deal to pay off your debt faster.

Personal loan interest rates are often about 10-20%, but can sometimes be as low as 5-6% if you have very good credit.

Moving from 18% interest on a credit card to 10% on a personal loan is a good deal for you. You’ll also get one set monthly payment, and pay off the whole thing in 3 to 5 years.

Sometimes this may mean a higher monthly payment than you’re used to, but you’re better off putting your cash toward a higher payment with a lower rate.

And you’ll get out of debt months or years faster by leaving more money to pay down the debt itself. If you want to shop for a personal loan, we recommend starting at LendingTree. With a single online form, dozens of lenders will compete for your business. Only a soft credit pull is completed, so your credit score will not be harmed. People with excellent scores can see low APRs (sometimes below 6%). And people with less than perfect scores still have a good chance of finding a lender to approve them. (Note: MagnifyMoney is owned by LendingTree)

LendingTree

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If you don’t want to shop at LendingTree, you can see our list of the best personal loans here.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Brian Karimzad
Brian Karimzad |

Brian Karimzad is a writer at MagnifyMoney. You can email Brian at brian@magnifymoney.com

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Balance Transfer, Featured, News, Pay Down My Debt

Can a Balance Transfer Hurt Your Credit Score?

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

 

Can a Balance Transfer Hurt Your Credit Score?

When you are carrying a balance on a high-interest credit card, receiving a 0% balance transfer offer can be enticing. After all, shifting the balance from a high-interest credit card to a no-interest card means saving money on interest and paying down the balance faster.

But how will the balance transfer impact your credit score?

First, you should understand three crucial elements that go into determining your credit score: inquiries, credit utilization, and length of credit history.

  • Inquiries – How many new accounts have you opened lately? Whenever you apply for new debt, the lender performs a “hard inquiry” to determine whether they will approve your application. According to FICO, hard inquiries account for about 10% of your credit score.
  • Credit utilization ratio – How much do you owe? Your credit utilization ratio is calculated based on your total outstanding balances compared to your total credit limit. It is calculated both per card and across all of your credit accounts and makes up about 30% of your credit score.
  • Length of credit history – How long have you been using credit? This factor looks at the age of your oldest account as well as the average length of all of your credit accounts. The longer your history, the higher your score. According to FICO, the length of your credit history accounts for about 15% of your credit score.

How balance transfers can hurt your credit score

Balance transfer applications count as a hard credit inquiry

When you open a new account for a balance transfer, the lender will perform a hard inquiry. One hard inquiry is unlikely to have a large impact on your credit score. If you have excellent credit and haven’t applied for a card in the last six months, one hard inquiry may not impact your score at all. Inquiries could have as much as a ten-point impact, but that would be very rare. The typical impact of one hard inquiry is about five points. However, if you apply for several cards at once, the applications could have a big impact.

Balance transfers lower the average length of your credit history

Opening a new credit account will lower the average age of your credit accounts, which can negatively impact your credit score in the short term.

For example, if you have one 5-year-old credit card, one 3-year-old credit card, and one 10-year-old credit card, the average age of your cards is 6 years.

When you open a new credit card for a balance transfer, you now add a less-than-one-year-old account to your balance. At the most, your average credit age will drop down to 4.75 years.

How balance transfers can improve your credit score

All in all, the benefits of balance transfers can far outweigh the negatives.

You will likely lower your utilization rate

Opening new credit accounts decreases your overall credit utilization ratio, which positively affects your credit score over time. For example, if you have one credit card with a $5,000 limit and a $2,500 balance, your credit utilization ratio is 50%. When you open a second account with a $5,000 limit and transfer the $2,500 balance to the new card while leaving the old account open, your total available credit is $10,000 ($5,000 + $5,000), and your outstanding balance is still just $2,500. You’ve reduced your credit utilization rate to 25%.

What happens if the new account’s limit is just $2,500 and you transfer the full $2,500 balance? You’ve still reduced your overall credit utilization ratio. Now you’re using 33% of your available credit ($2,500 / $7,500). However, the negative is that there are still some points taken away if you max out one card. You didn’t have any maxed out cards before, and now you do. Credit scores are very sensitive to people who max out their credit cards as they’re seen as high risk. Maxing out a new card could reduce your credit score by about 30 points in the short term.

You will be paying off debt faster, improving your score dramatically

Where balance transfers get exciting is that more of your money is going to paying off the balance of your debt as opposed to interest. Ultimately, the best credit score comes from carrying as little debt as possible.

Using our previous example of the $2,500 balance on one card, assume that card had a 21% interest rate and you could afford to pay $220 per month toward paying it off. According to MagnifyMoney’s balance transfer calculator, if you did not take advantage of a balance transfer, the card would be paid off in 13 months, and you would pay $309 in interest. If you transferred that balance, even with a 3% balance transfer fee ($75), you could pay off that balance one month sooner and save $234.

In the end, your goal should be to pay off your debt as quickly as possible. Over the course of a year, as long as you stick to your strategy, you can eliminate that debt in a year, and your score will go up a whole lot faster than it otherwise would.

When to avoid balance transfers

The short-term impact of a balance transfer on your credit score should only concern you if you are planning on applying for a mortgage in the next six to nine months. During this period, every point on your score counts. Just a 0.2% difference in your interest rate can cost a ton of money over the life of your mortgage. In that case, wait until after you get the mortgage to do the balance transfer.

The bottom line

People are so programmed to think about their score that they sometimes lose sight of what they want the high score for. A higher score saves you money and gets you out of debt faster. Don’t focus on short-term fluctuations of 10 to 20 points. Use your good credit score to save money. That’s what it’s there for.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Janet Berry-Johnson
Janet Berry-Johnson |

Janet Berry-Johnson is a writer at MagnifyMoney. You can email Janet here

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Balance Transfer, Reviews

BankAmericard® Review: 0% APR on Balance Transfers for 15 Months

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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If you’re looking for a credit card with a balance transfer deal that goes beyond a year, the BankAmericard® Credit Card is one to think about adding to your wallet. The BankAmericard® Credit Card offers an 0% Introductory APR on purchases for 15 billing cycles. After the balance transfer period ends, this card also has the lowest standard APR available of all the BankAmericard products, currently 14.49% - 24.49% Variable APR. However, there are a few nuances to this deal you should be aware of before you sign on the dotted line.

In this BankAmericard® Credit Card review we’ll cover:

  • The BankAmericard® Credit Card basics
  • How to save the most from the balance transfer deal
  • The BankAmericard® Credit Card fine print, benefits and protections
  • The pros and cons
BankAmericard® Credit Card

Intro BT APR

0% Intro APR for 15 billing cycles for balance transfers made in the first 60 days

Balance Transfer Fee

3% of the amount of each transaction or $10, whichever is greater.

Regular Purchase APR

14.49% - 24.49% Variable APR

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All You Need to Know About the BankAmericard® Credit Card

  1. 0% Introductory APR on purchases for 15 billing cycles.

If you transfer balances to your BankAmericard® Credit Card within 60 days of opening an account, you’ll get a 0% Introductory APR on purchases for 15 billing cycles, then a 14.49% - 24.49% Variable APR applies. Purchases will also benefit from the same intro period.

  1. There’s a balance transfer fee — 3% of the amount of each transaction or $10, whichever is greater.

How to Save the Most from a BankAmericard® Credit Card Balance Transfer

For an introductory 0% APR balance transfer intro deal without a fee to be worthwhile, the interest you’ll save after transferring debt from a high-interest card must justify the fee.

Here’s a quick example:

If you have $3,000 in debt on a credit card with 20% APR, a monthly payment of $200 over 15 months will cost you about $457 in interest.

If you transfer this $3,000 balance to a new BankAmericard® Credit Card you’ll enjoy a 0% Intro APR for 15 billing cycles for balance transfers made in the first 60 days. In this scenario, a balance transfer with the BankAmericard® Credit Card will likely be worthwhile since it’ll save you nearly $457 in interest.

The second factor that will impact your interest savings from this balance transfer is whether or not you make new purchases with the card. Swiping the card while repaying your debt can easily get you off track. Remember, your mission is to pay off the balance within 15 months. If you decide to go with the BankAmericard® Credit Card for a balance transfer, tuck the card in the back of a drawer to avoid temptation.

(To find out more about how to get the most value from a balance transfer card, check out this post.)

 

The Fine Print

When it comes to fees, the BankAmericard® Credit Card has relatively standard terms. The fee for foreign transactions is 3%. If you request a cash advance at an ATM or over-the-counter, the fee is 5%. The late fee is up to $38 and returned payment fee up to $27.

BankAmericard® Credit Card Benefits and Protections

Besides the 0% Intro APR for 15 billing cycles for balance transfers made in the first 60 days, there are other perks of using the BankAmericard® Credit Card, including the following:

Fraud Liability

The $0 Liability Guarantee will cover fraud transactions to your account. Bank of America will also block unusual activity and reach out to verify charges that seem suspicious.

Overdraft Protection

If you already bank with Bank of America, you can link your deposit accounts to your credit card account to avoid an overdraft, although fees will apply. Overdraft protection transfers funds into your account from your credit card in increments of $100. The fee for each transaction is $12.

Digital Wallet & Chip Technology

With Bank of America digital wallet, you can sink your credit card to Apple Pay, Android Pay, and Samsung Pay to make in-store or in-app purchases. For added security, the card has chip technology data encryption.

Mobile Bank, Account Alerts and Text Banking

Bank of America makes it easy to manage your credit card account. You can set up alerts to notify you of your credit card balance changes and when payments are due. Instead of logging into your account, you can also send text messages to get account information.

Pros and Cons

Pro: 0% Intro APR for 15 billing cycles for balance transfers made in the first 60 days. You have over a year to pay off your debt aggressively without interest. This is a good length of time. Its main rivals are the Santander Sphere® Credit Cardoffering 18 billing cycles interest-free for balance transfers, 13.99% – 23.99% APR variable, thereafter and Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer offering an intro 0%* for 21 months on Balance Transfers*, then an APR of 14.49% - 24.49%* (Variable).

Con: The balance transfer fee — 3% of the amount of each transaction or $10, whichever is greater. This is typical of balance transfer cards, but you can find cards with $0 intro balance transfer fees.

Pro: There’s a $0 annual fee. If you pay your bills on time and avoid extras like cash advances, international transactions or overdraft protection, this card won’t cost you any money after you transfer balances.

Pro: The Bank of America® perks. Major banks come with some major conveniences. The Bank of America® app and website make it easy to manage your account. Fraud coverage and data encryption are also features that can keep your money safe.

Con: No rewards. There is no rewards program with this card. This isn’t a major con since your goal is to get out of debt and you don’t want to accrue more by spending out of your means just to earn rewards.

Who Will Benefit Most from the BankAmericard® Credit Card?

If you’re already a Bank of America account holder, the BankAmericard® Credit Card has a leg up on competitors because of convenience. You can connect your existing accounts to the card. If you’re not a customer of Bank of America®, you can still benefit from the balance transfer since the card gives you an entire year and a half to chip away at your debt. Even after you pay off the balance transfer, the interest rate starting point for new purchases is competitive.

Whether you’re new to Bank of America® or a faithful customer, when using the BankAmericard® Credit Card for a balance transfer commit to paying off your entire balance without new transactions to get the most from the promotion.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Balance Transfer

How to do a Balance Transfer with Bank of America

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Black woman using credit card and laptop

So, you have been approved for a balance transfer. Congratulations – there is no better way to save money and get out of debt faster. Just make sure you complete the transfer as soon as you receive your card in the mail and never more than 60 days after you apply, because you can lose the introductory offer.

Completing a balance transfer is easy. You can do it on the phone or online, and it should only take a few minutes.

What You Need

You will need the account number and balance of the credit card that has the debt.  These cards will be referred to as the “transfer from” account. If you have a $3,000 balance at Discover, and you want to transfer it to your new Barclays account, then you will need the account number and balance of the Discover account.  And, in this example:

  • The transfer from account is Discover.
  • The transfer to account is Bank of America.

Once you have that information, you are ready to go.

Call

You can call the customer service number on the back of your credit card, and they will be more than happy to help you complete the balance transfer. The phone representative will go through security checks and then ask for the credit card number and amount of debt that you want to transfer. Call center employees often receive a bonus to complete a balance transfer, so you will usually find a very eager person on the other side of the telephone line.

The bank makes the payment to your credit card for you.  If you are close to your due date, I recommend making the minimum payment to your card to ensure that you do not have any late fees. The payment (in this example, from Barclays to Discover), can take up to 3 weeks. It is usually faster, but you should not take any chances and want to avoid being hit with a late fee.

Online

Most banks make it easy to complete a balance transfer online. Once you receive your credit card, you will need to sign up for online banking. Below, we will show you how to complete an online balance transfer with Barclays. Click on these names if you’re looking for a step-by-step guide for: Discover, Capital OneChase or Barclays.

Step 1

Login to your account go to “Transfers” and select “For credit card balance transfers”.

bofabt1

Step 2

Select which account you’d like to use.

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Step 3

Select an offer. You should see the introductory offer listed.

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Step 4

  • The account number of the credit card that has your debt right now.  This is the account number of the transfer from account.
  • The amount that you want to transfer

Most banks have a limit on the total amount that you can transfer.

bofabt4

Step 5

You will then be shown the terms and conditions of the balance transfer offer, which you will need to accept.

Here are the most important items:

  • Make sure the terms of the balance transfer match the terms of the offer when you applied. If you are expecting a 0% fee and a 0% interest rate for 15 months, make sure that is what you see. If there are any issues, call the bank directly.
  • Make sure you pay on time.  If you go 60 days late, you will lose your balance transfer offer

Step 6

You will then receive your confirmation.  Bank of America will pay your existing credit card bill to roll the debt over to their bank.  But, it can take up to 3 weeks.  So, we recommend that you make the minimum payment if your bill is due in the next 3 weeks.

Remember

  1. Make sure you pay on time.  Paying late (60 days) can lead to a loss of your 0% interest rate.  And it would go to the penalty rate.
  2. Take full advantage of the balance transfer period to pay down as much of your debt as possible.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Brian Karimzad
Brian Karimzad |

Brian Karimzad is a writer at MagnifyMoney. You can email Brian at brian@magnifymoney.com

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Balance Transfer, Pay Down My Debt

How to Use a Balance Transfer Check to Deposit Funds into Your Bank Account

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Pretty Young Multiethnic Woman Holding Phone and Credit Card Using Laptop.

If you’re struggling to pay debt on a high-interest credit card, you’ve probably considered using a balance transfer check.

A balance transfer is when you take a balance from Credit Card A with a high interest rate and transfer it to Credit Card B, which is offering a low or 0% APR promotional period. And your credit card company might send you checks in the mail to transfer a balance.

The Amex EveryDay® Credit Card from American Express

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Terms Apply

Rates & Fees

Read Full Review

Annual fee

$0

Intro Purchase APR

0% for 15 Months

Intro BT APR

0% for 15 Months

Balance Transfer Fee

$0 balance transfer fee.

Regular Purchase APR

14.74%-25.74% Variable

Rewards Rate

2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.

What is a Balance Transfer Check?

A balance transfer check is like a typical check except it’s issued by your credit card company and used to withdraw cash from your credit line. You can write out a check directly to the company that has the debt you want to pay off. Or you can write a balance transfer check payable to yourself for a cash deposit.

Here’s an example. Say you open up a balance transfer card with a $15,000 credit line and you want to pay off the last $5,000 of your student loan. You make out a balance transfer check of $5,000 payable to yourself.

Once you get the cash in your bank account, you pay off the student loan with your balance transfer. Then you enjoy an interest-free period on the $5,000 balance that’s now sitting on the balance transfer card.

The Good and Bad of the Balance Transfer Check

Besides using the balance transfer check to pay off debt, you may able to use it to obtain cold-hard cash. In this scenario, you would keep some of the cash or all of it instead of using it to repay a debt. This isn’t a good idea if you’re deep in debt. It’s not free money and you’ll eventually owe interest on it.

Some balance transfer checks have a fee of 3% to 5% per transfer, however, these fees are often much less than you’d pay in interest at existing rates. You’re also required to transfer a balance within a certain timeframe typically within 60 days for it to qualify for the deal.

You can avoid a 3% (or 5%) balance transfer by opening a new credit card that has a special intro offer waiving the balance transfer fee. Our favorite offer comes with the Chase Slate® credit card. There is a Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. There’s also a 0% Intro APR on Purchases for 15 months and 0% Intro APR on Balance Transfers for 15 months (16.49% - 25.24% Variable APR, thereafter). The card charges a $0 annual fee. Just remember: while balance transfers may be able to be used to pay off debts that aren’t from credit cards, if you are looking for cash, this is not the best option.

The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

There are a few other things to keep in mind when using a balance transfer check.

First, not all credit card companies offer balance transfer checks as a way to transfer money. If your sole reason for signing up for a balance transfer card is using a balance transfer check, you need to read through the terms or reach out to the credit card company to make sure it’s an option. Otherwise, you could end up with a balance transfer card promotion that serves no purpose.

Even if you do happen to find a credit card company that offers balance transfer checks, verify that the process of obtaining a balance transfer check will happen quickly. As mentioned above, balance transfer deals usually have a deadline. If you transfer a debt after the deadline, it won’t qualify for the promotion.

Try to pay off the balance before the end of the promotional period, especially on debts like student loans. If you use a balance transfer to pay off a student loan debt at 8%, then dropping to 0% sounds great. But if you have a lingering balance of say $1,000 after the promotional period is up, your debt has gone from a high of 8% to probably 18%! Be sure you have an actionable and realistic plan to pay off the debt before using your balance transfer.

Beware of the Cash Advance APR

If you receive a check in the mail from your credit card company, just make sure you read the terms and conditions carefully. Most of the time, credit card companies will only send checks that have 0% promotional APRs, or low rate promotional APRs.

This is a much better path than taking out a cash advance on a credit card. With a cash advance, most credit card companies will charge an up-front fee and there is no grace period. Even worse, most cash advance APRs are much higher than purchase APRs (although you should check with your card issuer).

In general, a check offered by your credit card company will be a much better deal than a standard cash advance.

Final Word

We can’t stress enough the importance of making sure a credit card company offers balance transfer checks if that’s the method you want to use. For the most part, transferring a debt from one credit card to another online is the most convenient way to take advantage of a balance transfer special which is something to consider.

If you plan to use a credit card check to increase your bank account balance, it may cost you. Do your homework before hastily writing out a check from your credit card company.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Taylor Gordon
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Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Balance Transfer, Building Credit

How a Balance Transfer Affects Your Credit Score

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Credit-Score_lg (1)

A balance transfer is an extremely effective way to cut down the amount of interest you pay on your debt. Applying for a balance transfer does require a hard inquiry on your credit, which is likely to impact your credit score.

But there’s no reason to freak out.

How Your Score Will Be Affected

According to FICO, a hard inquiry on your credit results in a score drop of about five points or less. Then, after a few months of appropriately using your credit by paying your debts on time, you’re likely to see your score bounce back up.

In fact, you may even see your score increase. This is because while new credit makes up 10% of your credit score, the amount you owe accounts for 30%. A huge component of the amounts you owe isn’t necessarily dependent on the actual dollar amount, but rather on your credit utilization ratio. To find this ratio, you divide how much you owe by your total available credit limit (across all cards).

Let’s say you had $7,500 in credit card debt, and it was your only debt. You only have one credit card with a $10,000 limit. You applied for another card that was offering you a reduced interest rate to entice you to do a balance transfer, and you took it. That card gave you an additional credit line of $5,000.

There was a 3% fee to transfer the $7,500, so now your total debt is $7,725. Where your credit utilization used to be 75%, now it is only 52%. You may owe a bit more money, but since your credit utilization went down, you’re likely to see your credit score jump up a little bit. The $225 extra will probably end up saving you money, but let’s walk through how.

How a Balance Transfer Can Save You Money

The fact that you now owe an additional $225 may make you cringe, but in all reality, the balance transfer will save you money long-term. In this example, you were offered an introductory interest rate of 0% for 18 months and then 15% APR after the promotional period ends. You currently pay 18% APR on your $7,500 debt and make monthly payments of $200.

If you don’t take the balance transfer and make the $200 monthly payment, it will take you 56 months and cost $3,604 in interest to get debt free.

If you take the balance transfer and make the same $200 monthly payment, you could be debt free in 43 months and only pay $900 in both interest and fees (that $225 to transfer the balance). You could even transfer the balance at the end of your first promotional period to another 0% APR offer with no fee for 15 months and be debt free in 40 months and pay $423 in interest and fees.

That initial hit on your credit score and $225 fee will save you $2,704 in interest with one balance transfer or $3,181 with multiple balance transfers.

Well worth the price.

When You Might Want to Wait

If you credit score falls below the “good” range, which would mean your score is below 680, it may be wise to wait before applying for a balance transfer. Financial institutions generally will not accept your application if you’re at 679 or below, but they will have to complete the hard inquiry in order to get that information. That means your score is still likely to drop, but you won’t be seeing any of the rewards of decreased credit utilization.

If you’re close to the cutoff, waiting until you hit that magic 680 number may be a good idea. While you’re waiting, be sure to do things that are likely to improve your score, like:

  • Paying at least your minimum payments on time every month.
  • Paying all your other bills on time so nothing delinquent pops up on your credit report.

As you pay your minimum payments on time every month, your creditor likely be reporting positive information to the credit reporting agencies.  At the very least, they won’t be reporting negative information.

If you make more than the minimum payment, your balance will go down faster which will lower your credit utilization, and we’ve already seen how that positively affects your score.

After your score increases, you’ll be more likely to qualify for the balance transfer with low or no interest rates. At that point, taking the small hit will be worth it.

Another time you may want to wait before applying for a balance transfer is if you are thinking about taking out a mortgage in the near future. This is one of the biggest purchases you’re likely to make in your life. The higher your credit score when you apply, the lower your interest rates will be, so even a small hit from a hard inquiry could increase your interest rates.

Go For It

If you qualify and are not thinking about making a massive purchase in the near future, taking the temporary, small hit on your credit score is more than likely worth the savings. Just be sure to pay at least the minimum due every month once you’ve made the balance transfer; otherwise your interest rates will jump back up, negating the advantage of this strategy.

A good credit score is something to be leveraged. The entire reason you want one is to enable you to save money. While it might be nerve-wracking to watch it decrease slightly, paying more interest than you have to is a bigger cause for concern.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Balance Transfer, Earning Cashback, Reviews

Chase Freedom or Chase Slate: How Do You Know Which to Pick?

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Chase Freedom or Chase Slate

Are you looking for your next credit card? If so, one of the companies you may have considered is Chase. Two of the most popular products offered by Chase are the Chase Freedom® and the Chase Slate® credit cards. If you are wondering which card, Chase Freedom® or Chase Slate®, will best meet your needs, read on to see our head to head review.

Chase Slate®

Chase Slate® is a great credit card for balance transfers. Save with a 0% Intro APR on Purchases for 15 months and a 0% Intro APR on Balance Transfers for 15 months (16.49% - 25.24% Variable APR, afterwards) and $0 annual fee. Plus, see monthly updates to your FICO® Score and the reasons behind your score for free. Just make sure you get the balance transfer done within 60 days of opening the account. This offer can help you pay off your debt efficiently as your full payment will go towards the principal balance.

There is no penalty APR for paying late. However, other terms apply, like paying a late fee if you miss the payment deadline.

That may sound too good to be true, but it isn’t as long as you follow 3 rules:

  • Complete your balance transfer within 60 days of opening your account. Transfers made after 60 days will be subject to standard balance transfer fees.
  • Pay your bill on time every month. If you are one day late with your payment, you will be subject to a late fee.
  • Transfer debt from another bank. The 0% Intro APR on Balance Transfers for 15 months is not applicable to debt transferred from another Chase credit card, including co-brand credit cards issued by Chase like the Southwest Rapid Rewards® Plus Credit Card, United MileagePlus® Exporer Card, and more.

The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Chase Freedom®

Once you are at a point in your financial journey that you can trust yourself to use credit wisely in order to take advantage of credit card rewards, then Chase Freedom® is a strong contender.

Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

You also have to enroll online to activate the 5% cash back categories. If you forget to activate them, you will only earn the standard 1% cash back, even if you make purchases within the bonus categories of the current quarter. The good news is that you have a grace period of 2 months to get enrolled in the bonus categories each quarter, so you can earn 5% cash back on purchases in the bonus categories even if you didn’t remember to enroll right away.

Rewards are earned as points in part of the Chase Ultimate Rewards® system, which you can then redeem for cash back as a statement credit, gift cards, travel, and more through your online account.

Chase Freedom®

Intro BT APR

0%

Promotional rate

Balance Transfer Fee

$5 or 5% of the amount of the transfer, whichever is greater

Regular Purchase APR

16.49%-25.24%

Variable

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on Chase Bank’s secure website

Pros and Cons

Chase Slate®

  • Pro: Balance transfer is a highly competitive offer.
  • Con: You can only transfer debt from cards not owned by Chase. Chase is a large bank, so some of your debt may already be held at Chase Bank even if you were not aware of it.
  • Pro: Interest charged during month 16 is charged going forward, not retroactively.

Chase Freedom®

  • Pro: Bonus categories offer the opportunity to earn some serious cash back.
  • Con: You must actively opt in to the bonus cash back, currently 5% cash back on up to $1,500 in combined purchases.
  • Pro: Unlimited 1% cash back on all other purchases – it’s automatic.

When to Use Each Card

Chase Freedom® and Chase Slate® are not cards that will likely be used by the same target customer. The Chase Slate® card is a great tool to use if you are trying to get out of debt because you’ll be able to focus on paying off your principal balance instead of paying high interest rates. Just be sure to make your payments on time and pay as much above the minimum due as you can afford.

Another balance transfer option to consider besides the Chase Slate® card is the Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer. The Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer has an intro 0%* for 21 months on Balance Transfers* and an intro 0%* for 12 months on Purchases*. However, there is a balance transfer fee of 5% of each balance transfer; $5 minimum..

Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer

Intro BT APR

0%* for 21 months on Balance Transfers*

Balance Transfer Fee

5% of each balance transfer; $5 minimum.

Regular Purchase APR

14.49% - 24.49%* (Variable)

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on Citibank’s secure website

Chase Freedom® is a rewards card that may make sense to have in your wallet if you are able to use credit responsibly. However, you might want to consider a flat rate cash back card, like the Citi® Double Cash Card – 18 month BT offer, which offers 1% cash back when you buy and 1% cash back as you pay for those purchases, which is double the cash back of the Chase Freedom® outside of the 5% cash back bonus categories.

Citi® Double Cash Card – 18 month BT offer

Intro BT APR

0%* for 18 months on Balance Transfers*

Balance Transfer Fee

3% of each balance transfer; $5 minimum.

Regular Purchase APR

14.99% - 24.99%* (Variable)

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Which card you use, Chase Freedom® or Chase Slate®, depends on your personal financial situation and your goals. If your goal is to pay off debt, Chase Slate® is the way to go out of the two, but if you are interested in earning rewards for your everyday spending, Chase Freedom® may be right up your alley.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Kayla Sloan
Kayla Sloan |

Kayla Sloan is a writer at MagnifyMoney. You can email Kayla here

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Balance Transfer, Reviews

Chase Slate® or Citi Simplicity®: Which Balance Transfer Should You Pick?

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Chase Slate or Citi Simplicity

Credit cards can be a great financial tool – if you know how to use them properly. But if you’ve found yourself in credit card debt, that may be hard to believe.

One way to help you pay off your credit card debt efficiently is with a balance transfer. A balance transfer can allow you to move debt from one credit card to another to obtain a much lower interest rate so more of your money payment is going toward paying off the principal balance of your debt instead of those pesky interest charges.

In order to take advantage of a balance transfer to save the most money and help you get out of debt as fast as possible, you may have to open up a new credit card. Yep, you heard right. Sometimes opening up a new credit card can save you money. That’s because some credit cards offer great promotional deals for balance transfers with 0% interest rates for a period of time so you can pay off your debt faster.

Once you’ve come to that conclusion, the far more challenging decision is which credit card to apply for so you can get the best deal possible. Choosing one of out hundreds of offers can be tricky.

Two popular cards are Chase Slate® and Citi Simplicity® Card - No Late Fees Ever. But which one is a better fit for you?

Let’s dive in and take a look with a head-to-head review of these popular credit cards.

Chase Slate®

Chase Slate® is a great credit card for balance transfers. Save with an Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. You can also save with an 0% Intro APR on Purchases for 15 months and an 0% Intro APR on Balance Transfers for 15 months, all with a $0 annual fee. After the introductory period ends, the APR is 16.49% - 25.24% Variable. Plus, see monthly updates to your FICO® Score and the reasons behind your score for free.

There is no penalty APR for paying late. However, other terms apply, like paying a late fee if you miss the payment deadline.

The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Citi Simplicity® Card - No Late Fees Ever

Citi Simplicity® Card - No Late Fees Ever is another popular balance transfer credit card choice. This card offers an introductory 0%* for 18 months on Purchases* and 0%* for 18 months on Balance Transfers*, which is a longer duration than the Chase Slate®. After the promotional period ends, your APR will be between 15.49% - 25.49%* (Variable).

However, the Citi Simplicity® Card - No Late Fees Ever does charge a balance transfer fee of 5% of each balance transfer; $5 minimum This is not waived for a certain time period for new customers, and the balance transfer option with 0% interest for 18 months is only available to new card members on balance transfers made within 4 months of opening their account.

Citi Simplicity® Card - No Late Fees Ever has a $0* annual fee and also promises not to charge a penalty interest rate on late payments. It also does not charge late fees.

Citi Simplicity® Card - No Late Fees Ever

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Pros and Cons

Now that you’ve seen an overview of each card, let’s sum up some of the pros and cons of each as a balance transfer credit card to help you pay off debt.

Chase Slate®

  • Pro: You can save a lot with the balance transfer. Credit card interest rates are high. By taking advantage of Chase Slate®, you could significantly reduce your interest expense.
  • Pro: No penalty APR for a late payment.
  • Con: There is a late payment fee, so make sure you pay on time.
  • Con: You can only transfer balances from non-Chase banks. You cannot transfer debt from another Chase credit card or from a co-brand, like Southwest Airlines or United Airlines.

Citi Simplicity® Card - No Late Fees Ever

  • Pro: Intro 0%* for 18 months on Purchases* and 0%* for 18 months on Balance Transfers*. After 18 months, interest is charged going forward, currently 15.49% - 25.49%* (Variable) APR,
    but you will not be charged deferred interest. This is a longer 0% period than the Chase Slate®.
  • Con: Interest rate after 18 months will be high.
  • Pro: No penalty APR or fee on late payments.
  • Con: Balance transfer of5% of each balance transfer; $5 minimum This is relatively common for similar balance transfer offers.
  • Pro: $0* annual fee.
  • Con: 0% promotion expires. Balance transfers must be made within 4 months to qualify for the 0% interest promotion. So don’t delay in moving any debts over once you’re approved.

When to Consider Each Card

Obviously both of these cards can be useful if you are trying to transfer your credit card debt to save on interest and pay off your balance faster. However, which card you choose comes down to doing a little math and considering your personal circumstances.

On one hand, the Chase Slate® card offers an Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. This makes it an attractive option if you hate paying fees. However, it charges a fee for late payments, unlike the Citi Simplicity® Card - No Late Fees Ever. This fee can add up quickly if you are notorious for paying your bills late and may more than make up for the 5% balance transfer fee charged by the Citi Simplicity® Card - No Late Fees Ever.

Another consideration is how much debt you plan to transfer. You want to make sure you can pay off your transferred balance in full before the promotion expires to avoid paying interest charges. The Citi Simplicity® Card - No Late Fees Ever is popular because it offers such a long promotional period in which you’ll be paying no interest. But once again, you need to consider how much it will cost you to transfer your debt with its 5% balance transfer fee.

Finally, if the debt you are wanting to pay off is on a Chase card already or held at a co-brand, like Southwest Airlines or United Airlines, you won’t be able to transfer the balance onto the Chase Slate® card to save on interest. In this case, the Citi Simplicity® Card - No Late Fees Evercard clearly wins out.

Neither card charges an annual fee, which works in your favor.

Ultimately, you can’t go wrong with either card as long as you are using them to save money on interest and pay off your debt. It’s all about personal preference and your debt situation.

Other Balance Transfer Options

There are a lot of other balance transfer credit cards to consider. In fact, we’ve put together a list of credit cards that offer great balance transfer options.

Feel overwhelmed with how to get started? Check out our guides for how to complete a balance transfer here.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Kayla Sloan
Kayla Sloan |

Kayla Sloan is a writer at MagnifyMoney. You can email Kayla here

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Balance Transfer, Reviews

Review: BankAmericard® Credit Card

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

review-cc-full

Need to take control of your credit card debt? Try a balance transfer. It’s a great way to get a majority, if not all, of your payments to actually be applied to the principal balance. An interest-free introductory promotional offer can give you the head start you need to crush debt for good.

Although there are a few things to think about before making a transfer, like if you plan to use the new credit card to make purchases. Not all deals include new purchases in the 0% APR promo, so to make the most of a balance transfer you should avoid swiping the card altogether. Instead focus your energy on paying off debt.

BankAmericard® Credit Card is one of many cards that offer a balance transfer deal with a promotional interest rate, which excludes new spending. You may want to consider it if you already use Bank of America, but you’re moving money over from a non-Bank of America credit card.

The BankAmericard® Credit Card Balance Transfer Offer

The BankAmericard® Credit Card offers a 0% Introductory APR on purchases for 15 billing cycles if made within 60 days of opening your account (after, 14.49% - 24.49% Variable APR). Ultimately, how much interest you qualify for depends on your credit score and history. Again, standard interest applies to new purchases and not 0% APR. This means if you transfer a balance to this card you shouldn’t use it for purchases in order to take full advantage of the promo.

The BankAmericard® Credit Card comes with chip technology for security when you travel. There’s also ShopSafe for online shopping protection and a $0 Liability Guarantee for fraud. When you become a cardholder, you can sign up for the entire suite of Bank of America services like spending alerts, mobile banking and text banking.

You can also attach your credit card to your Bank of America checking account to protect yourself from overdraft. Transfer charges may apply if you use overdraft protection and we’ll touch more on that in the next section.

Fees and Gotchas

There’s no annual fee. The balance transfer fee is 3% of the amount of each transaction or $10, whichever is greater. You need to make balance transfers within 60 days to qualify for the deal. The foreign transaction fee is 3% of the U.S. dollar amount of each transaction (1) made in a foreign currency, or (2) made in U.S. dollars if the transaction is made or processed outside of the United States. This fee will be in addition to any other applicable fee.

The late fee is up to $38 and the returned payment fee is up to $27. You’re given a 25-day grace period from the bill closing date to make payment. There is no Penalty APR on this card.

Pros and Cons

Pros

This card has a long promo period, which is useful if you need to pay off a sizeable amount of debt. Over a year of no interest saves you money while you attack the principal balance directly. And the standard interest is still competitive even when the promo period ends. Convenience is a benefit if you’re already a Bank of America account holder because you can manage accounts on one dashboard.

Cons

The BankAmericard® Credit Card balance transfer is straightforward with no frills, yet there’s fine print. Sure connecting the credit card to your checking account for overdraft is a perk, but it’s also costly if you have to use it. The transfer fees and high interest on the advance can quickly add up. In addition, this card charges a balance transfer fee when other deals don’t have one. And if you need a longer balance transfer there are other cards available.

BankAmericard® Credit Card

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on Bank Of America’s secure website

BankAmericard® Credit Card Against the Competition

Let’s compare the BankAmericard® Credit Card balance transfer to the Chase Slate® and Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer on BT and Purchases cards.

It’s hard for deals to compete with Chase Slate®. You can save with a Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. Also, you get 0% Intro APR on Purchases for 15 months and 0% Intro APR on Balance Transfers for 15 months (16.49% - 25.24% Variable APR, thereafter) all for a $0 annual fee. Plus, see monthly updates to your FICO® Score and the reasons behind your score for free.

The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

The Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer has an intro 0%* for 21 months on Balance Transfers* and an intro 0%* for 12 months on Purchases* with an APR of 14.49% - 24.49%* (Variable) once the intro periods end. The balance transfer fee is 5% of each balance transfer; $5 minimum., but you get three more months of 0% APR. This card also has a $0* annual fee.

Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer

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on Citibank’s secure website

Who Will Benefit the Most From This Card

Consider this card if you already have an account with Bank of America. It’s convenient to access all of your accounts in one place and you can fall back on overdraft protection if you’re in a real bind. But, it’s a little heavy on the fine print and if you want to transfer your balance with introductory 0% APR and intro no balance transfer fee, Chase Slate® is the way to go. You can also find other 0% with no fee offers here.

promo balancetransfer wide

 

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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