Save more with balance transfer credit cards
Pay less interest on your credit card debt.
Published Wednesday, November 20, 2024 to Advice
Credit cards are essential tools these days. You can use them to buy the things you and your family need. And you can use them to improve your life and pay off big purchases over time.
But so many cards come with high interest rates. Unless you’re paying off your balance in full each month, the interest can add up over time and greatly increase the amount you’re paying for your purchases.
There are ways to pay less interest though. One of those ways is to use balance transfer credit cards. Or, simply put, regular credit cards that have lower interest rates when you transfer your balances from other credit cards.
Pay less interest over time
With balance transfer credit cards, you simply move your balances from higher-interest cards to those with lower rates.
Transferring your balances to lower interest credit cards can help you:
• Pay off your debt faster.
• Pay less interest over time.
Some credit cards have promotional periods where you can get an even lower rate for balance transfers for a limited time. Sometimes it’s even as low as 0%.
Considerations for balance transfer credit cards
Here are a few things to look for when searching for a balance transfer credit card:
Interest rate
The purpose of a balance transfer is usually to pay less interest on your debt. When looking to transfer your balance, make sure the interest rate is lower than your current card.
Balance transfer fees
Many credit cards charge balance transfer fees. Be sure that a balance transfer fee won’t offset any potential savings before starting your balance transfer.
Better yet, look for a credit card that doesn’t charge a balance transfer fee. Many credit cards will even have promotions where they waive balance transfer fees for a limited time.
Annual fees
Some credit cards, especially travel and rewards cards, charge annual fees. Depending on the card, this could come out to around $100 or more annually.
If you’re willing to pay an annual fee for access to certain rewards, just make sure the fee doesn’t offset your potential savings from transferring your balances. The best option is always to look for a card that doesn’t charge an annual fee.
Balance transfer credit cards: a good way to save
To save money on your credit card debt, you can start by moving your balances to a balance transfer credit card with lower interest.
Veridian credit cards have great low rates, no balance transfer fees and no annual fee to help you save compared to high-interest cards from stores and banks. Click below to learn more about our cards and find the right one for you!