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How Does LendingTree Get Paid?

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How to Compare Balance Transfer Offers

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Balance transfer credit cards can offer a lifeline if you’re carrying a lot of high-interest card debt. However, with so many balance transfer card options available, it can be hard to pick the right one.

Some of the things you need to consider when comparing card offers are the fees, the length of each card’s 0% intro period and the ongoing APR after the no-interest period expires.

We review how to compare balance transfer offers and provide some of the best cards to get out of debt.

How to compare balance transfer offers

Decide if a balance transfer fee is worthwhile

Balance transfers often aren’t free; most cards charge a 3% to 5% fee per balance transfer. The balance transfer fee can be outweighed by the amount you save on interest — but always do the math first!

There are no-fee balance transfer cards out there — just know that the no-fee cards often have shorter intro periods of 15 months or less, compared to cards that charge a balance transfer fee and have intro periods up to 20 months.

If you choose a no-balance-transfer-fee card and realize you won’t have enough time to pay off your balance before the intro period ends, you can opt to apply for yet another balance transfer card from a different issuer until the balance is paid off.

Let’s look at an example where you have $3,000 in debt on a credit card with a 20% APR:

If you can afford a monthly payment of… It’ll take you this long to pay off your balance… Total interest charged would be… The best balance transfer card would be…
Scenario 1 $300 12 months $309 A card offering an intro 0% APR for at least 12 months and no balance transfer fee. This saves you $309.
Scenario 2 $200 18 months $481 A card offering an intro 0% APR for at least 18 months with a 3% balance transfer fee. This saves you $391 in interest charges.
Consider how many months you need to pay off debt

The length of intro periods varies by balance transfer card, from cards offering as little as six months to as much as 20 months interest-free. Depending on the size of your balance and how much you can afford to pay each month, the amount of time you need to pay off debt varies.

For example, if you have $3,000 in debt and can only afford to pay $150 a month, it’ll take you 20 months to pay off debt. A balance transfer offer of 12 months won’t provide you with enough time, so you should look for a balance transfer offer with the longest 0% promotional period.

On the other hand, if you can afford $250 monthly payments, then a balance transfer offer of 12 months or more would be OK, since you should be able to have it paid off in a year with all of your payments going toward the debt’s principal.

Know the APR you’ll be charged after the promotional period expires

If you still have a balance after the introductory 0% period ends, you have two options: complete another balance transfer or keep whittling away at what you owe.

If your balance transfer card has a reasonable APR and you only need a month or two remaining to pay off the balance, avoid the hassle of opening a new card and completing another transfer. Your card statement should reveal what your APR will be once your promotional deal is over.

Popular balance transfer cards

When choosing a balance transfer card, remember that you can’t transfer balances between cards from the same issuer. Below are a few cards with intro 0% APR offers worth considering:

Citi Simplicity® Card

Disclosures |
Citi Simplicity® Card
Citi Simplicity® Card
on Citibank's secure site
0% for 12 months on Purchases
14.74% - 24.74% (Variable)
$0
N/A
  • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
  • The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.
  • Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges
690 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Intro balance transfer APR: 0% for 21 months on balance transfers. After, a 14.74% - 24.74% (variable) APR applies.

Balance transfer fee: There is a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.

Check out our review of the Citi Simplicity® Card

Citi® Diamond Preferred® Card

Disclosures |
Citi® Diamond Preferred® Card
Citi® Diamond Preferred® Card
on Citibank's secure site
0% for 12 months on Purchases
13.74% - 23.74% (Variable)
$0
N/A
  • 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 13.74% - 23.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
  • Get free access to your FICO® Score online.
  • With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
  • Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions.
  • The standard variable APR for Citi Flex Plan is 13.74% - 23.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.
660 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Intro balance transfer APR: 0% for 21 months on balance transfers. After, a 13.74% - 23.74% (variable) APR applies.

Balance transfer fee: A balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.

Check out our review of the Citi® Diamond Preferred® Card

Discover it® Cash Back

Disclosures |
Discover it® Cash Back
Discover it® Cash Back
on Discover's secure site
0% Intro APR for 14 months
11.99% - 22.99% Variable APR
$0
5% cash back at different places each quarter up to the quarterly
  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
  • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
  • Plus, earn unlimited 1% cash back on all other purchases - automatically.
  • Redeem cash back in any amount, any time. Rewards never expire.
  • Use your rewards at Amazon.com checkout.
  • No annual fee.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • Click "APPLY NOW" to see rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
680 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Intro balance transfer APR: 0% Intro APR for 14 months. After, a 11.99% - 22.99% Variable APR applies.

Balance transfer fee: 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.

Check out our review of the Discover it® Cash Back

U.S. Bank Visa® Platinum Card

Disclosures |
U.S. Bank Visa® Platinum Card
U.S. Bank Visa® Platinum Card
on U.S. Bank's secure site
0% intro APR for 20 billing cycles on Purchases*
14.49% - 24.49%* (Variable)
$0*
None
  • 0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 14.49% - 24.49%.
  • Great offer from U.S. Bank, a 2020 World's Most Ethical Company® - Ethisphere Institute, February 2021.
  • No Annual Fee*
  • Flexibility to choose a payment due date that fits your schedule.
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S.Bank Visa® Platinum Credit Card. Certain terms, conditions, and exclusions apply.
680 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Intro balance transfer APR: 0% intro APR for 20 billing cycles on Balance Transfers*. After, a 14.49% - 24.49%* (variable) APR applies.

Balance transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater.

Check out our review of the U.S. Bank Visa® Platinum Card