Credit and Debit Card Ratings

Is it Smart to Transfer a Credit Card Balance?

Please note that this page devoted to whether or not it’s smart to transfer a credit card balance is outdated and maintained for archival purposes only.

However, consumer comments below are still relevant and new consumer reviews (by folks like you) are still encouraged. You can view our current 0% introductory offers here.

Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc.

Unlike almost all card comparison sites that only list cards that advertise with them, 95% of the cards on our site don’t pay us a dime. This site is powered by consumers like you!

It is Smart to Transfer a Credit Card Balance

So, you have a credit card with a balance, and you find that you are paying a good bit of interest every month. What are your options? Well, you can take the easy do-nothing approach and keep the balance with that card and continue paying that interest rate. That is the easiest option.

You can look around and see what kind of balance transfer card offers exist and see about applying for a new credit card and transferring your balance to a card with a lower interest rate. You can find deals for 0% APR balance transfer for up to 21 months, or you can find something like 4.99% for a longer period of time (compare offers and apply online- must have good credit). Which option is better for you depends on your own personal situation and preference.

Whatever circumstances you currently are facing or may be facing down the road, here at BestPrepaidDebitCards.com, we would like to help. Take a look at our balance transfer card information below to see if one of the cards listed can help you in your interest savings goals.

If you have Good or Excellent credit and would like to view some ad additional cards, please click on the link above or below. If you are looking to build your credit, take a look at our Best Secured Credit Building Cards page.

Consumer Tips on How to Save Money with a 0% Balance Transfer

How do you choose the right balance transfer card? If you want to really hammer down on your credit card balance in the short term and save your hard-earned money from interest payments, you may want to look at the 0% APR balance transfer options. If you have a longer term horizon and want to keep your interest rate fixed at a low rate, you may find a card with 4.99% for 48 months may be more to your liking.


Each person shopping for a card has their own unique wants and needs in a credit card. We hope to help point you in the right direction and help you find the best credit card to transfer your current balance(s) over and begin paying them down while reducing your interest payment.

General Tips on What to Look For in Your Next Credit Card:

Here are some other items to look for that may be important in your selection of a credit card that best fits your needs (whether a balance transfer offer or not).

Annual Fee:

 Does the card have an annual fee? If so, is it held back for a while, or is it refunded if a certain spending threshold has been met? Or, it’s even better if there is “No Annual Fee” (but still has the other features and rewards you are looking for, of course.)

Most cards do not carry an annual fee. Typically, cards with certain rewards such as airline miles or special concierge features may carry an annual fee. Look for some great reward cards, if you are in the market for an airline miles card or another type of reward card

Interest Rate:

What is the annual APR of the card? The lower the better if you carry a balance. Usually, the higher your credit score, the better APR you may qualify for. This can help substantially if you are carrying balances on credit cards and in large loans such as mortgages.

Rewards:

There are cards for all of those different savings or rewards plans. There are some great travel cards out there that will help you save on planned vacations. The cash back cards can offer you a return over time that can really pay off the more you use your card. Watch out for special deals in areas that you can get bonus % cash back for certain spending categories such as cash, groceries and restaurants.


What types of penalties and fees are there on the card?

This could be something to look into. Although not much fun, it never hurts to look at the fine print. We do try to take some of that off your plate via our editorial reviews and star ratings. If you want to look at the detailed fees and features, check out the card’s “Terms & Conditions” page; it will typically show the most current data on fees, interest rates and penalties.

Each person shopping for a card has their own unique wants and needs in a credit card. We hope to help point you in the right direction and help you find the best credit card for your needs. Whether it is a balance transfer card or a rewards card or another type of card, we would like to be a part of your research process through this site

How do you define a credit card balance transfer?

Most everyone in today’s world carries some sort of credit card debt.  And with all of this debt piling up, the credit card companies have figured out a way to “win your debt over to them”.  What we mean by this is credit card companies will offer you 0% Interest APR for so many months in order to Transfer your Debt Balance over to their card.  In other words, a credit card balance transfer is the transfer of outstanding debt on a credit card account to an account held by another credit card company.

Example of how it can be smart to transfer a card balance 

Lets say you currently have $10,000 in debt on a credit card.  And your current interest rate is 18% APR.  If you paid the minimum monthly payment of $50 for 18 months your total interest charges would be close to $3,000.  Now paying this additional interest would not be something I would be happy about.  Luckily there is something smart you can do about it.

So you see a commercial or an advertisement of 0% APR Balance Transfer for 18 Months (Promotional Period).  Now is your opportunity to stop getting charged interest on the $10,000 in debt you currently have.  Go to the company or their website and open an account for the 0% APR Balance Transfer Card they advertised about.  There you will be able to open the account and transfer your outstanding balance of $10,000 to the new card with 0% APR for 18 Months.

At this point you have transferred $10,000 worth of debt that you could have been paying close to $3,000 of interest on over the next 18 months to a new card with 0% Interest APR.  This saves you from paying the roughly $3,000 in interest on your old card that you could have been paying if you would have left your debt where it was. 

But instead for the next 18 months you get to pay off the $10,000 in debt without accruing interest.  Although most of these types of Balance Transfer Offers come with Transfer Fees.  So be cognizant of what you are signing yourself up for.

Summary: Is it Smart to Do a Balance Transfer?

With the amount of debt piling up today, balance transfer credit cards can be a good way to relieve you from interest payments temporarily.  With the proper money management skills and being diligent about paying off debt we find most balance transfer to be a smart way to manage your debt.

Just remember balance transfers can be good if you properly manage your debt.  We recommend comparing offers online before you apply. These offers can help you pay your debt down gradually or pay your debt off completely.  However, do NOT use these to acquire more debt that you will not be able to pay off!

Consumer Comments about Whether it’s Smart to Transfer a Balance:

Please leave your rating and/or review below to help empower other consumers!

Other Related Resources:

Ratings of 0% Teaser Rate Credit Cards

 

*Disclaimer: BestPrepaidDebitCards.com is an independently owned and operated, advertising-supported financial product comparison service. Many of the credit card offers that appear on linked sites are from companies from which BestPrepaidDebitCards.com receives compensation.

Category: Best Low Fee Prepaid Cards

Millions of people are turning to prepaid debit cards as a smart alternative to carrying cash and writing checks. Almost anyone can qualify and they don’t require a credit check or a bank account.

Though they carry credit card logos and can be used anywhere a credit card is used, unlike a credit card, they do not offer a line of credit. The user can only spend the amount that has been loaded onto the card or placed into the account associated with the card.

There are dozens of debit cards on the market, many of them issued by the same bank, but fee structures are vastly different. Bestprepaiddebitcards.com has done all the research for you and provides comprehensive reviews to help you decide which card is best for you.

GO2bank Offers Overdraft Protection up to $300.

And build your credit with the GO2bank Secured Visa® Credit Card with no annual fee*, no credit check*, and no impact to your credit when you apply. (sponsor link)

  • Is it Smart to Transfer a Credit Card Balance?

    Is it Smart to Transfer a Credit Card Balance?

    Please note that this page devoted to whether or not it’s smart to transfer a credit card balance is outdated and maintained for archival purposes only.

    However, consumer comments below are still relevant and new consumer reviews (by folks like you) are still encouraged. You can view our current 0% introductory offers here.

    Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc.

    Unlike almost all card comparison sites that only list cards that advertise with them, 95% of the cards on our site don’t pay us a dime. This site is powered by consumers like you!

    It is Smart to Transfer a Credit Card Balance

    So, you have a credit card with a balance, and you find that you are paying a good bit of interest every month. What are your options? Well, you can take the easy do-nothing approach and keep the balance with that card and continue paying that interest rate. That is the easiest option.

    You can look around and see what kind of balance transfer card offers exist and see about applying for a new credit card and transferring your balance to a card with a lower interest rate. You can find deals for 0% APR balance transfer for up to 21 months, or you can find something like 4.99% for a longer period of time (compare offers and apply online- must have good credit). Which option is better for you depends on your own personal situation and preference.

    Whatever circumstances you currently are facing or may be facing down the road, here at BestPrepaidDebitCards.com, we would like to help. Take a look at our balance transfer card information below to see if one of the cards listed can help you in your interest savings goals.

    If you have Good or Excellent credit and would like to view some ad additional cards, please click on the link above or below. If you are looking to build your credit, take a look at our Best Secured Credit Building Cards page.

    Consumer Tips on How to Save Money with a 0% Balance Transfer

    How do you choose the right balance transfer card? If you want to really hammer down on your credit card balance in the short term and save your hard-earned money from interest payments, you may want to look at the 0% APR balance transfer options. If you have a longer term horizon and want to keep your interest rate fixed at a low rate, you may find a card with 4.99% for 48 months may be more to your liking.


    Each person shopping for a card has their own unique wants and needs in a credit card. We hope to help point you in the right direction and help you find the best credit card to transfer your current balance(s) over and begin paying them down while reducing your interest payment.

    General Tips on What to Look For in Your Next Credit Card:

    Here are some other items to look for that may be important in your selection of a credit card that best fits your needs (whether a balance transfer offer or not).

    Annual Fee:

     Does the card have an annual fee? If so, is it held back for a while, or is it refunded if a certain spending threshold has been met? Or, it’s even better if there is “No Annual Fee” (but still has the other features and rewards you are looking for, of course.)

    Most cards do not carry an annual fee. Typically, cards with certain rewards such as airline miles or special concierge features may carry an annual fee. Look for some great reward cards, if you are in the market for an airline miles card or another type of reward card

    Interest Rate:

    What is the annual APR of the card? The lower the better if you carry a balance. Usually, the higher your credit score, the better APR you may qualify for. This can help substantially if you are carrying balances on credit cards and in large loans such as mortgages.

    Rewards:

    There are cards for all of those different savings or rewards plans. There are some great travel cards out there that will help you save on planned vacations. The cash back cards can offer you a return over time that can really pay off the more you use your card. Watch out for special deals in areas that you can get bonus % cash back for certain spending categories such as cash, groceries and restaurants.


    What types of penalties and fees are there on the card?

    This could be something to look into. Although not much fun, it never hurts to look at the fine print. We do try to take some of that off your plate via our editorial reviews and star ratings. If you want to look at the detailed fees and features, check out the card’s “Terms & Conditions” page; it will typically show the most current data on fees, interest rates and penalties.

    Each person shopping for a card has their own unique wants and needs in a credit card. We hope to help point you in the right direction and help you find the best credit card for your needs. Whether it is a balance transfer card or a rewards card or another type of card, we would like to be a part of your research process through this site

    How do you define a credit card balance transfer?

    Most everyone in today’s world carries some sort of credit card debt.  And with all of this debt piling up, the credit card companies have figured out a way to “win your debt over to them”.  What we mean by this is credit card companies will offer you 0% Interest APR for so many months in order to Transfer your Debt Balance over to their card.  In other words, a credit card balance transfer is the transfer of outstanding debt on a credit card account to an account held by another credit card company.

    Example of how it can be smart to transfer a card balance 

    Lets say you currently have $10,000 in debt on a credit card.  And your current interest rate is 18% APR.  If you paid the minimum monthly payment of $50 for 18 months your total interest charges would be close to $3,000.  Now paying this additional interest would not be something I would be happy about.  Luckily there is something smart you can do about it.

    So you see a commercial or an advertisement of 0% APR Balance Transfer for 18 Months (Promotional Period).  Now is your opportunity to stop getting charged interest on the $10,000 in debt you currently have.  Go to the company or their website and open an account for the 0% APR Balance Transfer Card they advertised about.  There you will be able to open the account and transfer your outstanding balance of $10,000 to the new card with 0% APR for 18 Months.

    At this point you have transferred $10,000 worth of debt that you could have been paying close to $3,000 of interest on over the next 18 months to a new card with 0% Interest APR.  This saves you from paying the roughly $3,000 in interest on your old card that you could have been paying if you would have left your debt where it was. 

    But instead for the next 18 months you get to pay off the $10,000 in debt without accruing interest.  Although most of these types of Balance Transfer Offers come with Transfer Fees.  So be cognizant of what you are signing yourself up for.

    Summary: Is it Smart to Do a Balance Transfer?

    With the amount of debt piling up today, balance transfer credit cards can be a good way to relieve you from interest payments temporarily.  With the proper money management skills and being diligent about paying off debt we find most balance transfer to be a smart way to manage your debt.

    Just remember balance transfers can be good if you properly manage your debt.  We recommend comparing offers online before you apply. These offers can help you pay your debt down gradually or pay your debt off completely.  However, do NOT use these to acquire more debt that you will not be able to pay off!

    Consumer Comments about Whether it’s Smart to Transfer a Balance:

    Please leave your rating and/or review below to help empower other consumers!

    Other Related Resources:

    Ratings of 0% Teaser Rate Credit Cards

     

    *Disclaimer: BestPrepaidDebitCards.com is an independently owned and operated, advertising-supported financial product comparison service. Many of the credit card offers that appear on linked sites are from companies from which BestPrepaidDebitCards.com receives compensation.

  • Jackson Hewitt No Fee Early Refund Advance Loan – Up To $500 with 0% APR

    Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc. Your input is invaluable and we’d love to have your opinion as to whether the Jackson Hewitt No Fee Early Refund Advance Loan is a good or bad deal (see the bottom of the page for reviews and to post questions) – this site is powered by you!

    Jackson Hewitt

    Full Review with Ratings – Jackson Hewitt No Fee Early Refund Advance Loan – Up To $500 with 0% APR

    With the Early Refund Advance Loan – Up to $500 – 0% APR.  There are no fees applied to this loan and you will not be charged interest either.  This loan can only be applied for starting December 18th in the amount of $200-$500 with a pay-stub or other acceptable income verification.  JH will also need to know how much your federal tax refund from 2018 was in order to determine if you are eligible for this loan or not.  To apply for this loan you can go to their website and input last years federal tax return amount.  They will then ask you if you received the full amount of your tax return and if you had money taken out of your taxes for childcare, back taxes, or outstanding student loans.

    After answering their questions, you will then have to submit your name, email, date of birth, social security number, address and phone number in order for JH to process your pre-qualification.  You can find our in minutes how much you pre-qualify for with Jackson Hewitt.  My advice would be to start the process as early as you can since tax season in around the corner.

    Keep in mind this loan from $200-$500 will be deducted from your 2019 tax return that has to be prepared by JH.  And if you are in a crunch for money, Jackson Hewitt claims this is the only Refund Advance Product available in December.

    The incremental amounts you can get from the loan is either $200, $300 or $500.  So if you need $250 you better plan on getting the $300 loan amount.

    How long will it take to receive my loan?

    If you are approved, loans can be received within 24 hours if disbursed via an American Express Serve Card.  Be careful of fees if you decide to use the American Express Serve Card.  Or, within 5 business days if you choose to have the loan amount directly deposited into a qualified account of your choice.

    We suggest having your loan amount deposited into a Chime Bank Account so you don’t get hit with fees.

    Related Visa Card to Compare to American Express Serve Card (works like American Express Serve Card but with No Fees):

    Chime is a new Visa card that is amazingly free (unless you use the card outside of their large ATM network). This is best alternative to a prepaid card that we’ve seen in 5+ years and offers all of the benefits of traditional bank account.

    It’s a real Visa card (not a prepaid debit card which usually have a lot more fees) and people with poor credit can apply too as there is no credit check. Chime can be managed entirely from your smartphone. No overdraft fees. No minimum balance. No monthly service fees. No transfer fees. No Chex Systems. Over 38,000 fee-free ATMs, plus 30,000+ cash-back locations.

    And for a limited time, earn a Cash referral bonus of $50 when you tell your friends and family members about Chime and they sign up (and they’ll earn $50 too)- details within the app after you apply! Click for more info.- you can apply online in just 2 mins with no obligation. Start by simply entering your email address and clicking “Get Started”– over 3 million customers couldn’t be wrong. 🙂 (Referral Link)

    Will applying for a Refund Advance loan impact your credit score?

    Jackson Hewitt says no.  There is no impact on your credit score if you apply for a Refund Advance.

    Do you need good credit to qualify?

    Historically, the No Fee Refund Advance has had high approval rates, but approval varies from customer to customer. You can be approved for a Refund Advance loan even if you do not have a credit history.  Loan approval is subject to Metabank’s underwriting criteria that is based in part on the size of your tax refund.

    Important Consumer Note!

    The Refund Advance Load does NOT help you improve your credit. 🙁

    If you are trying to get a higher credit rating (which is very important), we strongly suggest you consider the no annual fee Capital One Secured MasterCard (apply online in mins- if you have poor credit or no credit, this card will to help you rebuild or build your credit).

    (Sponsor Link)

    Bottom Line:

    If you are in a crunch for money and you can not wait until you receive your tax return then we find this loan to be a good choice.  Just be careful how you decide to pocket the loan money.  We suggest having it directly deposited into a checking account such as Chime so you don’t get hit with fees.  And remember you will have to file your taxes with Jackson Hewitt so you will have to pay them what it cost for their 2019 tax return.  They may be selling you on the “No Fee – 0% APR” but there will always be the cost for them to do your taxes.

    Other Related Reviews and Resources That Might be Helpful:

    Still not finding the right Card to fund using your Refund Advance Loan? Click HERE to go to our current reviews on our Main Prepaid Card Page.

    Click HERE to read our reviews of the Jackson Hewitt Prepaid American Express Serve Card

    Click HERE to read the Review of the H&R Block Advance Tax Refund Loan up to $3,500

    Editorial Note!:
    “The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone, including this review and the reviews written by actual cardholders below.”

     

Credit and Debit Card Ratings