Banking Personal Finance

Q&A: How do I do a balance transfer?

Step 1: Shop around for a new potential lender by calling them or applying online to see if you qualify. The following options are not exhaustive, but will give you a good start. Whether or not they accept you depends on your credit score and what the lender requires:

0% APR LengthInitial Balance Transfer FeeAnnual Fee
Discover it® Cash Back Credit Card14 months3%None
Citi® Diamond Preferred® Card18 months3%None
Citi Rewards+ SM Card15 months3%None
Blue Cash Everyday® Card15 months3%None
SunTrust Prime Rewards Credit Card3.25% for 36 monthsNoneNone
PenFed Gold Visa® Card12 months3%None

Step 2: Once you are able to successfully transfer the balance from your current debt to one of the above (or similar), do whatever you can to pay it off before the initial low-interest period ends.

Step 3: Celebrate getting rid of that debt!!! 🙂

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