Chip Lupo, Credit Card Writer
@CLoop
The Destiny Card does not have a balance transfer fee. The reason the Destiny Card has no transfer fee is that it does not allow balance transfers at all, and that means you’ll need to look for another credit card to help reduce the cost of existing debt.
There are a few credit cards with no balance transfer fee on the market. There are also a lot of 0% APR balance transfer cards. Picking one of these cards could help you save big on interest while you pay off your debt.
To see exactly how much you could save with the right balance transfer credit card, use WalletHub’s Balance Transfer Calculator.
People also ask
How do you do a balance transfer?
The best way to do a balance transfer is to apply for a new credit card with a low balance transfer APR and low fees. If your balance transfer credit card application is approved, the new card’s issuer will pay your original creditor for the amount transferred. You will then owe that amount, plus a balance transfer fee of 0% - 3%, to the balance transfer card’s issuer. If you repay the full amount of your balance...
read full answerIs it a good idea to do a balance transfer?
Yes, it is a good idea to do a balance transferif you need multiple 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...
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...
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