What is the OakStone Platinum Card balance transfer fee?

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 ... read full answerbalance transfer fee of 0% - 3%, to the balance transfer card's issuer. If you repay the full amount of your balance transfer before the new card's high regular APR takes effect, you could save a lot of money on finance charges and get out of debt sooner.

Keep in mind that balance transfers can take a while to process, as long as six weeks in some cases. So, it's important to keep making payments to your original creditor until the transfer goes through. Otherwise, you risk late fees and credit score damage.

How to do a balance transfer:

1. Check your credit score. Balance transfer credit cards with 0% APRs usually require good credit or better for approval. Knowing your credit score will make it easier to compare relevant credit card offers.
2. Find the best balance transfer card for you. Compare cards based on their balance transfer APRs, balance transfer fees, and annual fees. Also, consider how much you can afford to pay each month. Using a balance transfer calculator can help.
3. Apply for your balance transfer card. Fill out the application with your personal and financial information, including the section of the application for requesting a balance transfer. Provide the account number and the amount you want to transfer to make the request. It's best to ask for a balance transfer when you apply because promotional 0% APR periods start as soon as the account opens.
4. Keep making payments. Keep up payments to your original creditor until the balance transfer goes through, or you could be marked as past-due. You will be credited for any payments made during this period after the transfer gets processed.
5. Receive a decision. The issuer may allow you to transfer the full amount that you request or offer to transfer part of the balance instead. Or, your balance transfer request could be denied, depending on your creditworthiness and available funds. It may take a few weeks to get a decision.
6. Pay the rest of the balance. Try to pay off a transferred balance before your new credit card's low introductory APR expires. A high regular rate will apply to any balance remaining at that time. If you still have a balance on your original account, continue repaying that as well.

It's also good to note that you can transfer multiple balances to the same credit card. But that can lead to paying a lot in balance transfer fees and interest, if you're not careful.

Now that you've learned how to do a balance transfer, you're on your way to saving money on interest and getting out of debt. For more tips and info, check out WalletHub's in-depth balance transfer guide.

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.

What you should know before making a balance transfer:

• You generally need good credit or better to get a 0% balance transfer credit card. Most balance transfer cards have very high regular APRs, making it important to repay what you owe before the 0% period ends.... read full answer
• You’ll also want to make sure the new card’s balance transfer fee is as low as possible. The average balance transfer fee is 2.53%. But, from time to time, there are credit cards that have both 0% APR on balance transfers and no balance transfer fees.
• You should use a balance transfer calculator to compare the cost of repaying what you owe with your current card versus taking advantage of the best balance transfer offers.

If you’d like to know where you stand before applying for a balance transfer card, check your latest credit score for free on WalletHub.

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 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:

The U.S. Bank Platinum offers an intro APR of 0% for 18 billing cycles on both balance transfers and purchases. After this period expires, its regular APR is 19.24% - 29.24% (V). There’s also a balance transfer fee of 3% (min $5). The card has a $0 annual fee.

The Wells Fargo Reflect card’s intro APR is 0% for up to 21 months from account opening on qualifying balance transfers and purchases and balance transfers. Then, the regular APR kicks in, which is 17.74% - 29.74% Variable. The balance transfer fee is 3% intro for 120 days, then up to 5% (min $5). This card has a $0 annual fee.

Th Citi Double Cash Card comes with a 0% intro balance transfer APR for 18 months. The regular APR is 18.74% - 28.74% (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 BankAmericard credit 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 15.49% - 25.49% Variable. There is also a balance transfer fee of 3%. The card comes with a $0 annual fee.

The balance transfer APR is one of several 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.

What you should keep in mind before getting 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.

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.