After the high interest balance is paid off, you can start to tackle the debt on your balance transfer card more aggressively. If you completed a balance transfer, but weren't able to transfer all your debt to the intro 0% APR card, pay off any lingering balances on the high interest card first - but still make sure to pay the minimum on your balance transfer card. You can minimize the interest you accrue this way, which will help you save money in the long run. This is called the avalanche method of debt repayment. If you have debt across multiple credit cards, it's generally a good idea to start paying off the card with the highest interest rate first. Also be aware that good or excellent credit is often required for a balance transfer credit card. Make sure you read the fine print before requesting a transfer. After that, up to 5% for each balance transfer, with a minimum of $5.īalance transfer cards often have set maximum limits on the amount of debt you can transfer, and you can't complete a transfer between cards issued from the same bank.
The introductory balance transfer fee for the Reflect Card is 3% ($5 minimum) of the amount of each balance transfer for 120 days from account opening. There's also the Wells Fargo Reflect ® Card, which offers an introductory 0% APR for 18 months from account opening on purchases and qualifying balance transfers with an extension for three months (totaling up to 21 months) with on-time minimum payments during the intro period (after, 17.49% to 29.49% variable APR see rates and fees). You'll pay an introductory balance transfer fee of 3% ($5 minimum) for transfers completed within the first 4 months of account opening, then up to 5% ($5 minimum). If you want a long stretch of time to pay off your debt, consider the Citi Simplicity® Card with a 0% intro APR for 21 months on balance transfers from date of first transfer (after, 18.49% - 29.24% variable APR balance transfers must be completed within four months of account opening). You can transfer debt from high interest credit card(s) to a balance transfer credit card that offers no interest for almost two years. One smart way to get out of debt is to complete a balance transfer.
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