If you manage to pay off your balance entirely within 12 months, you will pay nothing more than the amount of your credit card balance. That’s because unlike most other balance transfer credit cards, the Wings Financial Visa Platinum card charges no balance transfer fee. If you have the budget to make $417 or more in payments each month, you can pay off a $5,000 balance transferred to the Wings Visa Platinum card within 12 months while paying $0 in interest and fees-an offer that’s hard to match. We also considered other card benefits like points or miles, but we regarded these as a secondary concern, since cost of credit card debt typically swamps the value of any rewards you might earn. To find the best balance transfer credit cards, we assumed your aim was to pay off a significant amount of credit card debt-for simplicity we picked $5,000-as quickly and cheaply as possible. Wings Visa Platinum’s free balance transfers, along with up to 12 months of 0% APRs on purchases and balance transfers are why Buy Side from WSJ named this card its Best Balance Transfer Card No Balance Transfer Fees. If you live in one of the communities served by Wings Financial, have a family member who is a Wings member, or have an affiliation with the aviation industry, you qualify to become a Wings Financial member for free. Wings Financial membership is open to everyone who makes a donation of at least $5 to the Wings Financial Foundation. That means you can’t sign up, unless you become a member of the Wings Financial Credit Union. What’s more, Wings Visa Platinum is a credit union card. Other balance-transfer cards offer longer interest-free introduction periods, or they offer cash back rewards on new spending. To be sure, the Wings Visa Platinum has some drawbacks. Intro APR applies to purchases and balance transfers for 12 months from account opening.Intro APR offer: 0% APR offer for 12 months on purchases and balance transfers, afterwards regular APR applies.Other card features you may want to consider are the credit limit you’re offered and the standard variable interest rate you’ll revert to once the promotional period is over. Look for the best promotional rates with a long introductory period. In most cases, the longer the interest-free balance transfer period, the better because it’ll give you more time to pay off your borrowing. The best balance transfer card is the one that will save you the most money. How to choose the best balance transfer card This means you’ll start paying interest at the standard variable credit card rate if you don’t pay your balance in full and on time when due. What happens after the balance transfer period ends?Īt the end of your balance transfer period, you will be charged interest at your card’s standard APR on any outstanding balance. You must also pay the €30 government stamp duty charge each year on every credit card you keep open. However, you will need to meet the credit card provider’s lending criteria for each new credit card application you make. There is no set limit to the number of balance transfers you can do as long as the total amount you transfer is below your total credit limit. If you owed €2,000 on a credit card with an APR (Annual Percentage Rate) of 22.9% and did a 0% transfer lasting 12 months with no fee, you would save €232 in interest if you paid off your existing credit card balance in full by the end of the 0% period. If there are any balance transfer fees to pay.The interest rate on your existing credit card.Moving your credit card balance using a 0% balance transfer deal could save you hundreds of euros and help you pay off what you owe faster. Once the introductory rate ends, the standard variable rate applicable to your credit card account will apply. You’ll need to make your minimum monthly repayment on time each month and stay within your credit limit to keep your promotional rate. The transfer of your balances should take up to 3 working days. You’ll need to provide information about the card debt you want to move and have enough credit available to cover the balance. Transferring your balance may differ between banks, but you can typically make transfers online or by phone. There is often a ‘transfer window’ of around 90 days. You may have to pay a small balance transfer fee to do this, but many credit card providers in Ireland currently offer fee-free balance transfer deals. Once your balance transfer application is approved, you can move your outstanding credit card borrowing from one card to another. This means you’re paying zero interest on your transferred balances.Ī balance transfer could make your existing credit card debt much cheaper by reducing how much interest you pay. Typically balance transfer credit cards offer an introductory 0% APR (Annual Percentage Rate) on your account for up to 12 months. It’s a credit card that lets you transfer existing credit card balances from other accounts.
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