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My Sam's credit card has a balance on it and I'm paying a lot of interest. Is there a way to pay it off faster?
Answered on June 06, 2017 Updated on June 06, 2017
The content is accurate at the time of publication and is subject to change.
If you're carrying a balance on a credit card that has a high interest rate, the best thing to do is apply for a balance transfer credit card with a zero-percent interest rate for a limited time. These cards, which give you a 0% APR for anywhere from six months to 21 months, are a great way to pay your balance off quickly and save money on interest. As long as your credit score is reasonably good, you'll be able to get one of these cards, which will allow you to transfer your balance for a small fee – usually from 3-5% of the balance you're transferring – and then pay it off without accruing any interest. Once the promotional rate ends, your balance will be subject to the regular, ongoing interest rate, as will any purchases you make with the card. But in the meantime, take advantage and pay off as much of your balance as you can.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
User Comments about This Question
BROWSE MORE QUESTIONS ABOUT Balance Transfer Cards:
Unfortunately, you won't be able to transfer the balance of one Wells Fargo credit card to another Wells Fargo credit card as balance transfers between two cards of one issuer are not allowed. You will need to apply for a credit card from a different issuer.
When you first face credit card issues, some phenomena can come as a bit of a shock. For example, balance transfers may seem unintelligible, but in fact they are quite easy to understand. You have a balance on card A and then you transfer it onto card B. Cards for balance transfers usually have low intro rate offers on balance transfers, so for the first time you may have even a 0% APR offer. That will allow you to pay off some or all of your balance with little interest and save quite a lot. So that is quite an option.
Note that balance transfer cards with attractive low rate intro offers...
Unfortunately, you won't be able to transfer the balance of one U.S Bank credit card to another U.S Bank credit card as balance transfers between two cards of one issuer are not allowed. You will need to apply for a credit card from a different issuer.
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