Among the best methods to keep away from excessive rates of interest on bank card debt is to make the most of one of many many bank cards in the marketplace that allow you to switch that high-interest stability to a brand new card and let it sit at a 0% rate of interest when you get it paid off.
There are loads of nice no-interest stability switch gives on the market, however the issue is that the majority of them will cost you a one-time stability switch payment once you transfer the stability. This payment is often 3% however might be as excessive as 5% relying on the cardboard, which means you can pay a $30 to $50 payment for each $1000 you switch.
The excellent news, although, is that there are not less than two bank cards in the marketplace that allow you to switch a stability and get a 0% rate of interest with NO stability switch payment. These playing cards are:
- BankAmericard Credit Card – There’s no payment to switch a stability to this Financial institution of America bank card, so long as you do the switch within the first 60 days of getting the cardboard. When you make the switch, you’ll get 15 billing cycles with no curiosity expenses to fret about. (Hopefully you may get that stability utterly paid off inside that interval.) The cardboard additionally gives a 0% charge on any new purchases charged to the cardboard, however you would possibly need to focus on paying down that present stability as a substitute of constructing new purchases with this one. (Observe that after the primary 60 days a 3% payment would apply to any additional stability transfers, so get them carried out inside these first couple of months.)
- Chase Slate Credit Card – This card additionally allows you to switch a stability and get a 0% charge on that stability for 15 months — with no stability switch payment once you switch balances throughout the first 60 days of opening the account. You’ll pay no curiosity on new purchases made with the cardboard for the primary 15 months as properly. (Observe that after 60 days any stability transfers can have a excessive 5% stability switch payment, so this deal is certainly one to make the most of once you first get authorized for the cardboard.)
There are different stability switch bank cards in the marketplace with longer 0% rate of interest durations, however if you wish to keep away from paying a stability switch payment, one in every of these playing cards is the best way to go.