How to Ditch Debt with Balance Transfers

Getting rid of debt is a tough, slow process, but you can speed things up a bit by reducing your debt interest rates. One fast way to do the is to transfer your balances to lower interest rate loans–like a credit card. There are many credit cards that let you transfer balances for a lower interest rate, but be warned not all balance transfer cards are created equally. So, if you are considering a balance transfer, take out your calculator because many of them come with fees.

Sometimes balance transfer fees can be offset by savings, but not always and besides that, you should try to avoid fees whenever possible–and it is possible.

At Coors Credit Union you can pay off your debt earlier with a rewards earning VISA starting as low as 11.90%, to a low fixed-rate VISA with no frills starting at 7.90%. Both cards come with NO balance transfer fees, NO cash advance fees and NO annual fees NO KIDDING!

But, don’t just do it because we said so.  Below is comparison of Coors Credit Union Visa cards (bottom of chart) and balance transfer credit cards found on Bankrate (1/25/12). These are Bankrate’s 10 best choices for commercial balance transfer cards. They all offer 0% APR on balance transfers, though for a limited time, and they all charge a Fee to do so. The exact balance transfer fees are not disclosed until you go through the online application.

The bottom line (of the chart) shows that Coors Credit Union Visa cards are an awesome deal: No tricky introductory periods, low rates and no balance transfer fees!

 

Intro APR

Intro
Period

Regular
APR

Annual
Fee

Balance
Transfer FEE

Capital One® Platinum Prestige Credit Card

0% intro APR on purchases and balance transfers

until March 2013

10.9% – 18.9% (V)

None

Yes

Citi® Platinum Select® MasterCard

0%

21 months on balance transfers and purchases

11.99%-21.99% (Variable)

$0

Yes

Citi® Diamond Preferred® Card

0%

21 months

11.99-21.99% (Variable)

$0

Yes

Citi® Dividend Platinum Select® Visa® Card –   $100 Cash Back*

0%

12 months on balance transfers and purchases

12.99%-22.99% (Variable)

$0

Yes

Discover® More® Card – Balance Transfer Fee*

0%

18 months on Balance Transfers; 6 on Purchases

10.99% – 20.99% (Variable)

$0

Yes

Citi Simplicity® Card

0%

21 months on balance transfers and purchases

12.99 – 21.99% (Variable)

$0

Yes

Capital One® Cash*

0% intro on purchases and balance transfers

until December 2012

12.9% – 20.9% (V)

$0

Yes

Discover® More® Card

0%

15 months on purchases & balance transfers

10.99% – 20.99% (Variable)

$0

Yes

Discover® Motiva Card

0%

15 full months on Balance Transfers and Purchases

10.99% – 20.99% (Variable)

$0

Yes

Discover® More® Card – No Balance Transfer   Fee*

0%

12 months on Balance Transfers and Purchases

10.99% – 19.99% (Variable)

$0

Yes

Coors Credit Union

VISA Rewards

n/a

n/a

11.90%

NONE

NONE

Coors Credit Union

VISA Summit

n/a

n/a

7.90% (fixed)

NONE

NONE

Advertisements

Post a Comment

Required fields are marked *

*
*

%d bloggers like this: