CardHub Press Release
With consumer credit scores and debt levels both rising, it’s primetime for balance transfers. But while a balance transfer could save the average consumer more than $1,000 on fees and finance charges, a general lack of understanding prevents most people from achieving the best possible results.
In order to help consumers save money and free themselves from debt, CardHub today released its 2015 Balance Transfer Study, which compares the balance transfer policies of 15 major credit card issuers and identifies their best balance credit cards. A few highlights can be found below.
- Notable balance transfer credit cards:
- Chase’s Slate Card: 0% for 15 months, no balance transfer fee, no annual fee
- PNC Flex Card: 0% for 18 months, 3% balance transfer fee, no annual fee
- Citi Diamond Preferred & Discover it Card: 0% for 18 months, 3% balance transfer fee, no annual fee
- 60% of issuers allow you to transfer most common types of consumer debt – including mortgages, auto loans, small business loans, and student loans – to their credit cards. This includes Bank of America, Barclaycard US, Capital One, Citi, Pentagon Federal Credit Union, USAA, U.S. Bank, Sun Trust, and Wells Fargo.
- Balance transfer costs have gone down by 13% since 2013. It now costs an average of $326 to transfer a $5,000 balance that will be paid off over 24 months. The main driver of this is the fact that 0% intro terms are at their longest since 2008.