No, the GM Rewards Card doesn’t offer a balance transfer intro APR. If you wish to transfer a balance to this card, you’ll be charged with an APR of 17.24% to 27.24% Variable, based on your creditworthiness. The balance transfer fee is $0.
If you're looking for a credit card with a good transfer intro APR offer, I'd suggest the Wells Fargo Reflect. It has an introductory APR of 0% for up to 21 months from account opening on qualifying balance transfers. After that, the Wells Fargo Reflect regular APR ranges from 15.99% to 27.99% Variable.
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 17.49% - 27.49% (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 15.99% - 27.99% 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 16.99% - 26.99% (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 21 billing cycles for any balance transfers made in the first 60 days. It also has a 0% APR on purchases for 21 billing cycles. Its regular APR is 14.24% - 24.24% Variable. There is also a balance transfer fee of 3% (min $10). 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.
A 0% APR means that you pay no interest on new purchases, balance transfers or both for a certain period of time after you open the credit card account. The best 0% APR credit cards on the market currently give 15-21 months without interest. The average 0% APR intro period is about 12 months for cards offering 0% on purchases, according to WalletHub’s … read full answerCredit Card Landscape Report, and around 13 months for the average card with 0% on balance transfers.
A 0% APR does not save you from having to make monthly payments, nor does it completely remove interest from 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, the card’s regular interest rate will apply to whatever balance remains.
The penalty is even worse with many retailers’ 0% financing offers, which typically include a feature called deferred interest. 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.
Deferred interest: Pay no interest or a reduced rate for a period of time, but if you don’t repay your balance on schedule, the card’s higher regular APR will be applied to your original purchase amount retroactively.
It’s worth noting that some cards offer 0% APR on both purchases and balance transfers, but they may have different offer periods for each transaction. For example, a card could offer 0% APR for 21 months on balance transfers but only 12 months on purchases.
Who Can Qualify for a 0% APR Credit Card?
The best 0% APR credit cards require good or excellent credit for approval. Rarely do cards designed for people with bad credit offer 0% introductory APRs, but students with limited credit history may find attainable 0% credit card offers from time to time. People with fair credit may be able to qualify for a 0% store credit card, but they’ll have to watch out for deferred interest.
When the 0% APR period ends, the credit card’s regular APR will kick in. That rate will apply to any unpaid balance remaining on the credit card as well as any new purchases made from that point on. The regular APR that applies when a 0% APR period expires tends to be very high, so it’s best not to leave much of a balance for it to affect.
On the other hand, if you have a 0% intro APR with deferred interest (common among retail financing offers), it is vital to pay off the balance before the intro period ends. Paying one month’s bill a day late or owing even $1 when the promotional period ends could trigger the deferred interest clause; high interest charges would retroactively apply to your entire original purchase amount.
Pros & Cons of 0% APR Credit Cards
The opportunity for interest-free debt repayment can provide a lot of savings.
Credit cards with 0% APR offers usually have a high regular APR.
These credit cards rarely have annual fees.
They make it easier to spend more than you can afford to repay.
0% APR on purchases allows you to finance important things you’d otherwise have to wait to buy.
If it’s a store credit card, the offer could involve deferred interest.
Some 0% APR balance transfer credit cards have no balance transfer fee, which saves cardholders even more money while repaying a debt.
You need good credit or better to qualify for most 0% APR credit cards.
Overall, 0% interest credit cards can be extremely helpful in certain situations. But if you regularly find yourself coming up short financially at the end of the month, a 0% period may land you in a deeper debt hole by the end of the no-interest window.
Finally, it’s important to note that you may find 0% APRs on more than just credit cards. You might also 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.
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