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 Tuesday, June 6th, 2017 by
Amy Miller

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.

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Unfortunately, you will not be able to do this. If you have a balance with, for example, Chase Bank, you won’t be able to get a different credit card from Chase and transfer that balance for a zero-interest deal. But fortunately, there are many balance transfer offers to choose from, so chances are, you’ll be […]

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When you’re searching for a new credit card, it can be tricky to figure out which one is right for you. One thing you might want to do is decide which is your priority right now: a balance transfer card, or a card with great rewards. When you’re transferring a balance, you’ll want to refrain […]

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