People who are carving down credit card debt in 2024 will need their own action plan filled with budgets and smaller repayment goals along the way. With interest rates as high as they are, a 0% balance transfer credit card may help too. Just be on the lookout for the fine print and the rates that follow that initial 0%.
Balance transfer cards are “my favorite debt pay off tactic,” said Ted Rossman, senior industry analyst at Bankrate. Even as card issuers tighten their standards and card delinquencies increase, Rossman said he’s “pleasantly surprised” by the wide availability of balance transfer card offers. A lot of cards have a balance transfer offer paired with other incentives like points and rewards, Rossman said. But cards like the Citibank
C,
+1.44%
Simplicity card, the Wells Fargo
WFC,
+2.00%
Reflect card and the U.S. Bank
USB,
+2.13%
Visa Platinum card are more straight ahead examples, he said. Here’s the deal on these types of credit cards. They load on the balances from other cards and typically lump in a transfer fee that’s 3% – 5% of the balance. Then there’s the introductory 0% annual percentage rate, which usually lasts for nearly two years. The Citi, Wells Fargo and U.S. Bank cards all offer a 21-month window of 0%. After that, the APRs climb substantiall …
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Balance transfer cards are “my favorite debt pay off tactic,” said Ted Rossman, senior industry analyst at Bankrate. Even as card issuers tighten their standards and card delinquencies increase, Rossman said he’s “pleasantly surprised” by the wide availability of balance transfer card offers. A lot of cards have a balance transfer offer paired with other incentives like points and rewards, Rossman said. But cards like the Citibank
C,
+1.44%
Simplicity card, the Wells Fargo
WFC,
+2.00%
Reflect card and the U.S. Bank
USB,
+2.13%
Visa Platinum card are more straight ahead examples, he said. Here’s the deal on these types of credit cards. They load on the balances from other cards and typically lump in a transfer fee that’s 3% – 5% of the balance. Then there’s the introductory 0% annual percentage rate, which usually lasts for nearly two years. The Citi, Wells Fargo and U.S. Bank cards all offer a 21-month window of 0%. After that, the APRs climb substantiall …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]