A Warning About 0% Balance Transfer Credit Cards #shorts

Here's a quick warning about the balance transfer fee that's charged with 0% balance transfer credit card offers.

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[HonestFinance]

Thanks for watching and supporting the first "short" video on the channel. We'll see where it goes from here.

[imranhuddin]

3% fee for 24 months 0% promotion is still a very good deal. Its actually a bad deal for the bank.

[Shawnxsather]

I had 20, 000+ and transferred it to a Citi card, 0% for 18 months on balance transfers, yes the fee was about 600 bucks. But! That was almost my interest payment for 1 month so it still really works in your favor as long as you can control yourself and you have the drive to pay that debt off. Now I have multiple cards with 20k+ limits that are paid off.

[FerociousSniper]

I'd rather pay a one time $300 fee for 12-15 months of 0% APR than paying monthly interest for that period of time.

[AceofHeartsLA]

For anyone wondering, the transfer fee is a one-time payment - Definitely worth considering! Thank you for this video.

[tiffanybagby]

You wanna know the real hidden secret of 0% introductory offers? It isn't the transfer fee. Most banks are up front about that these days. The real hidden secret is that if you don't pay the the balance by the end of the introductory APR promotion period, you will be charged interest on the ENTIRE balance transfer amount, not just what's left over after the introductory period ends. He should be telling people about THAT!

[davidqheffner]

I've been paying ZERO interest for about a year now by continually moving my credit card balances to ZERO interest cards. It's MUCH better to pay that fee.

[sjay]

In 2008 Chase cancelled my 0% for 18 months and started charging me interest anyway.
Banks are still too big to fail.

[Ben..E]

There are no advertised 0% Balance Transfer cards that don't require a transfer fee I know of. What you can do is find a lender, maybe your credit union, that offers a balance transfer with no fee, but charges an intro APR of 1 to 2 %. That way you don't have that upfront charge, but as long as you pay off that balance over time, you will save on overall fees and interest.

[n]

Better then paying interest on the old card. Interest would be $300 a month

[heisrisen]

That 3% fee has saved me 1, 000s of dollars on interest over the long term, only borrow or transfer what you can pay in a year, divide the amount you borrow into 12 or 18 (however many months free interest you have) and that will tell you how much to pay off each month to avoid paying any additional interest

[originalk]

Still worth the balance transfer fee cause you was about to pay $300 interest every month . Just be sure you pay off the balance before the term of the transfer expires. If not you will pay all the interest from day One

[clockwork]

That's why I do it with banks like BOA I don't mind paying the 300 fee. When they are giving me 18 months to pay it off. They also offer to put the 10000 in your personal checking account. This can only help those who can flip that into a side hustle or good investment.

[WhyGodLoveMe]

A 3% or higher interest fee for balance transfers shouldn't matter at all because you will be paying more interest every month or every two months on your current credit card anyway.

[Zhello]

I had to do a transfer balance because my card was stolen. My balance was $560 when they stopped and transferred my card but a few days later it shot up close to my $1k limit which is crazy.

[Rkg]

But your paying over $200-300 in interest each month that your carrying a balance make that one time fee and save yourself some interest for x amount of months

[zafirchorbeski]

This guy lol
Bruh 3% vs %30 apr, what are you talking about haha

[RohanI]

Idk I still think its worth to balance transfer because lets say i owe 10, 000. My Chase card interest rate is like 28.49%. I rather owe 300 compared to 2, 849 yk

[davidqheffner]

I estimate that the fee is usually close to about two months worth of interest.

[NikkiMcKiinney]

yeahhhh but if you keep the $10k on a credit card that is now charging you 20% APR, you are paying an additional $2, 000 over the course of the year (about $170 per month, assuming you don't add more to the card). so its still a better option if you need more time to pay it off - but don't slack off! get to paying it off:)