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Scrutinize that fine print. Look for fees, APR rates after the introductory period and whether or not the introductory APR applies to transactions other than the balance transfer.
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With a large balance transfer you can consolidate your debt or simply get it to a credit card with a lower APR to make management easier and interest payments less. Navigating a large balance transfer may be a little overwhelming, but this guide should give you a good jumping-off point.
When facing large debts at a high APR spread across several lenders it can be difficult to manage making minimum payments on every balance on time every month. Even if minimum payments are made, your balance can still grow due to high interest rates. By transferring those large balances onto a single credit card, you can consolidate all or some of your debt to one place and potentially receive a 0% APR to start.
Figuring out what it is you need in order to bring your debt into a more manageable form can take some research. In the case of a large credit card balance transfer it can take a measure of good creditworthiness to get the best out of any offers. While there are companies that can work with poor credit, you may not find their available cards or the limits to be to your liking. It’s important to look at the entire package, including the APR after the introductory period and any fees, when deciding on a credit card for a large balance transfer.
If your debt is $30,000, and you qualify for a card with an intro rate of 0% at 12 months, you would need to pay $2,500 per month toward your balance to pay it off within the introductory period. You can also consider a personal loan as another option for a different payment schedule that may be more manageable.
There are a few key benefits that come with a large credit card balance transfer. To help you identify them and figure out if a big move is right for you:
Scrutinize that fine print. Look for fees, APR rates after the introductory period and whether or not the introductory APR applies to transactions other than the balance transfer.
Generally, a good to excellent credit score is recommended if you want to apply for one of the cards below.
Here are the steps for getting your debt moved to a large credit card balance transfer:
It can be easy to get as intimidated by choices as the debt itself. Remember the key parts of a large credit card balance transfer that we highlighted before. Introductory period, the amount that can be transferred, rewards, fees and post-introductory APR are all important to keep in mind when making a decision.
Factors | Explanation | What to Expect |
---|---|---|
Balance transfer APR | An APR offered specifically for balance transfers. This is based on creditworthiness and varies based on the lender. | Try to find a card with a 0% APR for a long period of time. After the intro rate expires rates revert to one that’s much higher. |
Length of introductory period | When an extremely low APR is offered it’s usually done so for a limited period of time. This will be the amount of time you can benefit from the lower APR before it goes up. | 6 to as high as 24 months |
Revert rate | After the introductory period is up the APR reverts to a higher rate that’s based on the lender and your creditworthiness. | Usually 20% or more |
Balance transfer fee | Making a balance transfer sometimes comes with a fee on the side of the new lender issuing the credit card the debt is being transferred to. | 3% to 5% |
For example:
Taking the $5,000 balance, but this time with a 14% APR, we can estimate the interest that would accumulate over a period of time. For our example, we’ll use 30 days which will be represented as .08 (30 / 365) in our equation. 5,000 x (1 + .14 x .08) = 5,056. $5,056 is the total of the principal and the interest, so to get just the interest subtract 5,056 – 5,000 = 56. The estimated interest is $56. This estimate is based on the annual percentage rate being equally distributed across the principal in a month and doesn’t reflect the interest owed if there are payments made.
So you’ve figured out the card that’s right for you and what you want to transfer, here’s what you’ll want to do next:
Here’s what to do next:
Your ability to get out of debt is directly affected by your ability to make a smart plan and follow through. While a large balance transfer may help you realize that plan, it’s important to consider just how much it will help and any setbacks that it may entail. Make sure to compare your options before you select a card and account, and look at more than just the intro APR and the amount you can transfer.
Need to save interest on your existing debt? Here are the best balance transfer cards for 2022.
Pay off your debt interest-free with a long 0% intro APR on these balance transfer credit cards.
Consider these cards if you want strong rewards and time to make an interest-free balance transfer.
Weigh the pros and cons of a second balance transfer to get your credit card debt under control.
Use this guide to see which institutions accept balance transfers from a personal loan to a credit card and discover how you can consolidate your debt faster with 0% balance transfer offers.
Calculate your interest savings with the finder.com balance transfer credit card calculator.
Understand why a balance transfer credit card could save you years of interest fees.
Compare rates, fees and intro APR, so you can get the best card and get out of debt.
Find a fair credit balance transfer credit card that is right for you.
I have 2 credit cards. One has 3300 on it and the other 2000. I want to Do a balance transfer onto a new card but I’m having a problem finding a company that will give me that high of a limit. How can I get a credit card that will give me a high balance so that I can transfer both credit card into the new one ?
Hi Joshua,
Thanks for getting in touch with finder. I hope all is well with you. :)
While it is possible to transfer debts from one or more card, you’d need to find out first how much credit limit you’ll be approved for the new balance transfer card by contacting the bank. Typically, the total amount you can transfer will depend on the new card’s balance transfer limit, which is usually a percentage of the credit card limit. Learn more about balance transfer limits by credit card and how they work.
Also, you can check your options for credit cards with a higher credit limit.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Loraine
I need a credit car with a zero balance transfer and a limit of 22,000. How do I find this without having to apply for a new cc each time?
Hi Kylien
Thanks for your message and for visiting Finder.
Check out our 0% balance transfer credit cards. We suggest reviewing the card you’d like to apply for. Click on MORE INFO and you’ll see the information on the limit of the card as well.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Cheers,
Nikki
Where can I find a credit card where I can balance transfer 19,000 over with a 0 APR for a year to 18 months and that deposits cash as I have one other debit to pay but they don’t take credit cards for payments so I would need cash deposited to my checking account to pay that one off. Is there such a thing where you obtain a card as mentioned above and don’t have to start paying for 4 months? I need something like this so it can work for me. I quickl y await your reply. Thank you
Hi Monique,
Thanks for your inquiry.
When facing large debts at a high APR, spread across several lenders, it can be difficult to manage to make minimum payments on every balance on time every month. Even if minimum payments are made, your balance can still grow due to high-interest rates. By transferring those large balances onto a single credit card, you can consolidate all of your debt to one place and potentially receive a 0% APR to start.
For example, if your debt is $30,000, and you qualify for a card with an intro rate of 0% at 12 months, you would need to pay $2,500 per month toward your balance to pay it off within the introductory period. If this doesn’t sound like a payment schedule you could handle, consider a personal loan is another option.
If you have a huge amount of debt, it may make more sense to get a personal loan. In case you have difficulties paying multiple loans, a debt consolidation loan can be a suitable option for you.
Best regards,
Rench
I have three cards that have roughly 10k a piece on them. I’m finally in a good place were on able to make $3500 payments or more every month and I’m looking to transfer all of that money onto one card with a 0% transfer fee and the possibility of being able to have 12 months of interest free payment. I know Then you cannot make recommendations on certain cards, but what’s your best advice for me to do?
Hi Chris,
Thank you for your inquiry.
Your 3 credit card balances can possibly be transferred to a single card. Initially, making at least minimum payments is important to get most of the 0% introductory APR.
Take note, the amount you transferred depends on the card you apply or qualify for. It is best to contact a lender to discuss your eligibility.
We also have a page that will give you a guide on 0 fees and 0% interest balance transfer credit cards.
I hope this information helped.
Cheers,
Asia
I have a $25,000 debt that I need to transfer to another credit card was 0% interest. The intro for my debt expires in 90 days so I’m starting to look now if I keep the debt on the card I have now the interest will be 25% to continue to pay it off.
I don’t know how to go about researching cards that would be right for me if I run too many applications to find out what credit line they will give me it will hurt my credit what is the best way to approach this?
Hello Tami,
That’s a great question.
You are actually on the right page to help you make an informed decision. Unfortunately the best way to predict what kind of credit limit you can get is to apply for the card. And you’re right, that could hurt your credit to do too many pulls and applications.
To make the best decision you may want to consider your current situation – do you know your credit score, and where it falls into the FICO range of Fair, Good, or Excellent? Do you know the number of cards you have now, and your debt-to-limit ratio on each? If you don’t have a strong track record of making your minimum payments, have a high debt-to-limit ratio, or less than a Good or above credit score, you very well may not be approved for a card with a limit of $25,000.
What you could do initially is to review and read through what each card offers (details, restrictions, etc) and narrow down your choices to 2 or 3 to limit the number that you apply for. Even if you don’t qualify for a limit of the full $25,000, even transferring the balance that you do qualify for will help save on interest on that portion and could be worth it.
Cheers,
Gru