Does the GM Credit Card offer a balance transfer intro APR?

A balance transfer APR is the interest rate an issuer charges on debts moved to a credit card from another loan or credit 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 is calculated by multiplying the day’s ending balance by the balance transfer APR and then dividing that number by 365.… read full answer

Here are some of the best balance transfer credit cards:

This card offers an intro APR of 0% for 20 billing cycles on both balance transfers and purchases. After this period expires, its regular APR is 15.24% - 25.24% (V). There’s also a balance transfer fee of 3% (min $5). The card has a $0 annual fee.

The card’s intro APR is 0% for up to 21 months from account opening on qualifying balance transfers and purchases. Then, the regular APR kicks in, which is 13.74% - 25.74% Variable. The balance transfer fee is: 3% intro for 120 days, then up to 5% (min $5). This card has a $0 annual fee.

This card comes with a 0% intro APR for 18 months. The regular APR is 14.74% - 24.74% (V). The card’s balance transfer fee is: 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer. With this card, you also get 2% cash back on every purchase. There is a $0 annual fee.

The card’s intro APR is 0% for 18 billing cycles for any balance transfers made in the first 60 days. It also has a 0% APR on purchases for 18 billing cycles. Its regular APR is 13.24% - 23.24% Variable. There is also a balance transfer fee of 3% (min $10). This card also offers a $100 statement credit for spending $1,000 in the first 90 days. The card comes with a $0 annual fee.

Tips for choosing a balance transfer credit card:

In most cases, you will need a good credit score or better to qualify for one of the best balance transfer credit cards. Issuers will also review other information, such as your credit history, income, employment status, payment history and debt level.

However, the balance transfer APR is one of a number of different credit card APRs. A credit card will also include separate APRs for purchases and cash advances. In many cases, there’s also a penalty APR for late payments.

So, when comparing balance transfer credit cards, it’s important to look at more than just the introductory balance transfer APR. Applicants should also consider the card’s regular APR, along with its transfer fee and annual fee. It’s important to consider how long it will take to repay the transferred debt, too.

An introductory APR is a promotional interest rate that credit card companies often give new customers for a set number of months after they open an account. Some credit cards offer introductory APRs on purchases, balance transfers or both. The rate is lower than the regular APR, often as low as 0%. The average length of an introductory 0% APR promotion is … read full answer10.5 months for purchases and 12 months for balance transfers. Terms generally range from 6 to 18 months. Some cards will occasionally offer a 0% APR for 21 months.

When a credit card has an introductory APR of 0%, that means that you will not be charged any interest on purchases, balance transfers or possibly both during that period. This is a particularly helpful feature if you’re planning on financing a large purchase over time. It can also lower the cost of paying back any existing debts that you transfer to your card. You can focus on paying down the principal balance without new interest charges.

After the introductory period ends, new purchases and any leftover balance will be subject to the regular APR. If you pay late or fail to make at least the minimum payment during the introductory period, the issuer may cancel the reduced rate. The regular APR would then apply to the existing balance and any future purchases. The exception is a type of store credit card APR promotion that involves something called deferred interest. You get a low introductory APR with this type of promotion. But if you don’t repay your balance on schedule, the higher regular APR will be applied to your original purchase amount – not just whatever balance is remaining at the time.

Visit our 0% APR credit cards page for a list of some of the top credit cards with 0% intro rates on purchases. You can also check out our editors’ top picks for the best balance transfer credit cards. Hope this helps!

A 0% APR (also known as zero interest) means that you pay no interest on new purchases and/or balance transfers for a certain period of time. The best 0% APR credit cards give 15-18 months without interest. But the average 0% APR intro period is about 12 months for cards offering 0% purchases. And it’s around 13 months for the average card with 0% on transfers.… read full answer

A 0% APR does not keep you away from monthly payments, nor does it completely remove interest out of the equation. You still have to make monthly minimum payments to keep your 0% APR. And if you don’t pay off your balance by the end of the 0% intro period, you’ll have to pay interest on whatever balance remains. The penalty is even worse with many retailers’ 0% financing offers. If you don’t pay off your full balance in time, interest will retroactively apply to your entire original balance – as if the 0% APR was never there.

There are a few other things you should keep in mind when thinking about 0% APRs, too.

0% APR Key Takeaways

• You pay no interest on your purchases and/or balance transfers for the duration of the introductory APR period, which depends on the card.
• 0% APRs make debt cheaper to pay off, which helps you get out of debt faster.
• A 0% APR does not free you from the responsibility of making monthly payments. You must pay at least your monthly minimum to avoid being classified as late. Late payments damage your credit score.
• 0% credit cards tend to have fairly high regular APRs. So, you should strive to bring your balance to zero by the end of the 0% APR period, when regular rates take effect.

It’s also important to note that you won’t only find 0% APRs on credit cards. You may see auto loans with them, for example. Just be sure to always read the terms in detail before signing. You don’t want to end up with deferred interest instead of a true 0% APR.