![]() ![]() Other factors, such as our proprietary website's rules and the likelihood of applicants' credit approval also impact how and where products appear on the site. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. The offers that appear on this site are from companies from which receives compensation. ![]() All Rights Reserved.ĪDVERTISER DISCLOSURE is an independent, advertising-supported comparison service. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs.Copyright © 2023 a Red Ventures Company. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful. Balance transfers can take a couple days or up to two weeks when requested with a new card application, so it’s important to keep paying at least the minimum payment due to your creditors until you see the balance transfer you requested post as a payment on those accounts.You’ll need the full account numbers for each balance you plan to pay down and the current balances, and sometimes you may need to know the payment billing address for the creditor as well. If you’re approved, use online or mobile banking or call the new card’s customer service number to transfer the balance from your old card.Try using a balance transfer savings calculator to figure out the right payment amount. This amount will typically be larger than the required minimum monthly payment the creditor will bill you. Consider how much you’ll need to pay each month in order to pay down your balance before the introductory rate expires.Look for a credit card intended for balance transfers, with the right combination of low APR, low (or no) transfer fee and a long promotional period.Many lenders allow you to see your offers and request the balance transfer on their mobile app or online banking. For a balance transfer offer on a card you may already have, the lender will likely guide you to the quickest and easiest way to request it. For a new credit card introductory offer, many applications include the option to request the balance transfer within the application.Note your current balances and the interest rates for each.Knowing all the APRs and noting which transaction types a promotional or introductory rate offer applies to (and which one you’re likely to use) is important when comparing offers. What are the various APRs? In general, balance transfers have one APR, while other transactions-purchases, cash advances or checks-have their own interest rates.Plan for this and make adjustments to any automatic payment arrangements you may use. If you still have a balance when the promotional period ends, going from 0% to a higher interest rate in one month can cause your agreed minimum payment to increase. What happens when the promotional rate expires? Once the introductory or promotional rate ends, the contractual rate kicks in on any remaining unpaid balance.However, the long-term savings from the lower promotional rate can often outweigh the cost of this fee. What are the up-front fees? When transferring a balance to a credit card, generally you pay a transaction fee of 3%–5% of the transferred amount.Be sure to keep up with your payments, because missing one will likely cancel your promotional rate and you’ll have to start paying interest based on the higher standard or contract APR for the account. To maximize your savings, determine how long the low rate lasts and how much you can pay off before it ends. When does the promotional rate end? Promotional or introductory new card rates often end 9 to 21 months after they start. ![]()
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