Chip Lupo, Credit Card Writer
@CLoop
The Aspiration Zero card balance transfer fee is 3% (min $5). This card is not a good choice for balance transfers due to the combination of its balance transfer fee and relatively high balance transfer APR: 15.9% - 25.7% (V). That does not compare favorably to the selection of 0% balance transfer credit cards on the market right now.
People also ask
Is a balance transfer a good idea?
Yes, a balance transfer is a good idea if you need months to pay off high-interest debt and you are able to qualify for a 0% balance transfer credit card deal. Most balance transfer cards require a 700+ credit score, and most also have high regular APRs, making it important to repay what you owe before the 0% period ends.
What you should know before making a balance transfer:
- You generally need good credit or...
What is a balance transfer APR?
A balance transfer APR is the interest rate an issuer charges on debts moved to a credit card from another loan or card. Many balance transfer offers include an introductory 0% APR that lasts for a specified number of months, usually 6 to 21 months.
Once an introductory balance transfer APR expires, any remaining balance accrues interest at the card’s regular balance transfer APR. This interest accrues daily, and it is calculated by multiplying the day’s...
read full answerDoes a balance transfer count as a payment?
A balance transfer does count as a payment to the original creditor to which you owed the balance. The issuer of the balance transfer card will submit payment to the old creditor for the amount of the transfer. Once the first monthly statement comes for your balance transfer card, you will need to begin making payments to that card’s issuer.
What you should know about credit card balance transfers:
- Balance transfer timelines vary by...
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