Yes, First National Bank of Omaha does charge a balance transfer fee on some of its credit cards. The First National Bank of Omaha balance transfer fee is 5% (min $10) of the transferred amount for all First National Bank of Omaha credit cards that allow balance transfers.
Balance Transfer Fees on Popular First National Bank of Omaha Credit Cards
In order to pay off $1,000 in credit card debt within 36 months, you need to pay $36 per month, assuming an APR of 18%. While you would incur $304 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.… read full answer
The average length of a 0% APR balance transfer intro period is 13 months, according to WalletHub’s Credit Card Landscape Report, and the average balance transfer fee is 2.47% of the transferred amount. Below, you can see how much you could save while paying off $1,000 over different time frames, assuming a 12-month 0% APR period, a 3% balance transfer fee, and an 18% regular APR.
Paying Off $1,000 with a 0% APR Balance Transfer Card
Months to Payoff
Total Interest Paid
Total Savings vs. Regular Card
Of course, these aren’t the only timelines that you could commit to with $1,000 in debt. To price out more options, try WalletHub’s debt payoff calculator. This calculator can also help you decide if transferring the $1,000 in debt to a 0% APR balance transfer credit card would save you money.
Getting a 0% APR credit card isn’t the only way to pay off $1,000 in debt. In fact, there are many options to consider, each suited for slightly different situations.
Ways to Pay Off $1,000 in Credit Card Debt
0% APR Credit Card
Debt Management Plan
0% APR Credit Card
0% APR credit cards allow cardholders to avoid interest while paying down their debts. These cards can offer 0% introductory periods on new purchases or balance transfers for up to 20 months.
Keep in mind, however, that you may pay a fee for balance transfers, usually around 3% of the transferred amount. Also, if you decide to transfer your debt to one of these credit cards, do your best to pay it off before the typically-high regular interest rate kicks in.
Personal loans can be used to pay off $1,000 in credit card debt, assuming you can qualify for a big enough loan with a lower interest rate than your current credit card interest rate. This depends heavily on your creditworthiness.
Debt settlement is when the debtor negotiates with the creditor to pay a lump-sum that covers less than the total amount of the debt. In return, the creditor will forgive part of the debt, as well as other outstanding fees. This option is good for people who have enough money to make a large payment all at once. When taking this route, just be careful not to overextend yourself financially, or you’ll likely just end up back in debt.
Debt Management Plan
Debt management plans allow the cardholder and the lender to amend the original payment agreement by lengthening the repayment term, lowering the interest rate, and perhaps even waiving fees. Each of these modifications is meant to make the repayment process more manageable for the cardholder. Keep in mind, though, that cardholders are still expected to pay the full $1,000 with these plans.
Bankruptcy should only be used as a last resort. While declaring bankruptcy may help you clear your debt, it will also damage your credit score for years.
You should do a balance transfer if it will save you money. You should do a balance transfer if it will save you money. To determine whether a balance transfer will save you money, use a balance transfer calculator to compare the cost of sticking with your current card to the savings available from the latest balance transfer offers. You will also need good credit or better to qualify for the best balance transfer cards. You can check your credit score for free on WalletHub. … read full answer
Doing a balance transfer means using a new credit card to pay down existing debt from another credit card or loan. A transfer should save you money on interest and enable you to pay off your debt faster. But if you’re not careful, you could wind up with even more debt and a higher interest rate than you started with.
You have moderate debt: The best balance transfer cards have minimum credit limits of $500 - $1,000, but will offer higher credit limits to people with higher credit scores. If you have a lot of debt, you may only be able to transfer part of what you owe.
You take fees into account: Balance transfers cost you a percentage of the total debt transferred, usually 3% to 5%. That fee gets added to your balance on the new card. So the balance plus the fee must be less than or equal to your credit limit on the new card. A few cards do not charge a transfer fee.
You have a payoff plan: Figure out what monthly payments you’ll need to make to pay off the balance by a target date. Aim to pay in full before any low intro APR period ends, given that regular rates are often above 20%.
You have a separate credit card for new purchases: When you charge a new purchase to a balance transfer card, it’s subject to the card’s purchase APR. And there’s not always a low intro APR for purchases, even when a card offers 0% balance transfers.
If you decide that you should do a balance transfer, make sure to shop around for the best offer. Take a look at the best balance transfer credit cards and compare their terms to see which one fits your needs.
Once you do a balance transfer, you may be tempted to apply for another balance transfer card when the introductory APR on your current card expires. That may sound like a good plan to avoid paying interest, but it’s easy to rack up more debt than you can afford. Plus, 0% APR balance transfers aren’t always available.
Yes, you can make a partial balance transfer if the transfer card’s credit limit is less than the amount you’re planning to transfer. When you transfer a balance, you usually do so to move high-interest debt from one creditor to another creditor with a lower interest rate, often taking advantage of a… read full answer0% introductory rate at the start. With a partial balance transfer, you’ll only be able to take advantage of lower rates on the amount you transfer. The remaining balance from the original creditor will still accumulate interest at the same high rate because it won’t have moved.
It’s best to try to find a card where you can transfer your entire balance. But that won’t always be possible. Credit cards often cap balance transfers at a percentage of your available credit. And most balance transfers include a transfer fee, usually 3% or 5% of each balance transferred. WalletHub’s free balance transfer calculator can help you figure out which card is best and whether you’re better off paying a balance transfer fee in exchange for a longer 0% introductory term.
There’s no real way to determine how much your limit will be or how much you can transfer until you apply for a card. You’ll get those amounts either online immediately after you’re approved or when your new card arrives, usually 7-10 business days from the approval date. So depending on your credit line and fees, you may not be able to transfer as much as you’d like. Still, it’s good to take advantage of a lower interest rate on as much of the balance as you can.
If you do a partial transfer, you should pay at least the minimum due on the transferred balance each month. At the same time, focus on paying off as much of the remaining high-interest debt as possible. Once that debt is paid off, you can increase the size of your payments toward the transferred balance.
If your card has an introductory APR on balance transfers, any balance remaining at the end of the introductory period will be charged interest at the card’s regular APR. Aim to pay the transferred balance in full before the end of the intro rate.
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