The United Business Credit Card balance transfer fee is: either $5 or 5% of the amount of each transfer, whichever is greater. This card is not a good choice for balance transfers due to the combination of its balance transfer fee and relatively high balance transfer APR: 21.74% - 28.74% (V). That does not compare favorably to the selection of 0% balance transfer credit cards on the market right now.
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...
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:
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...
WalletHub is committed to transparency and editorial independence. The information about the following cards has been independently collected by WalletHub: BankAmericard® credit card and Union Bank® Platinum™ Credit Card
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.