Balance Transfer Cards 101: Everything You Need to Know

[@investinstyle-financeinves1181]

Balance transfers can help lower your interest rate, but don't delude yourself into thinking it makes your debt okay. Pay it off as fast as possible.

[@B_Bodziak]

Pay your highest interest rate cards first. The thing is that if you have multiple cards with outstanding balances that you can't pay off monthly, transferring some or all of those to another card is not really the answer to your problems -+ you need to manage your budget better -- literally write down every penny you spend for 90 days, even things like the $1 bottle of water you bought after filling your tan so you can see EXACTLY where you spend your money. Keep each dollar in a category and multiply each column/category by 4 to see how much you spend each year for different things.. People are often surprised to find out they're spending $500-600 a year at Starbucks and $300-400 on individual bottles of water. See where you can save, ie buy a 24 bottle case of water for $4 on your next grocery trip and pay just 15 cents for each bottle. If you want cold water, freeze a few and toss one in your bag or car in the morning to be ready for lunch. I know we all already know these things. We just need to start doing it. IF you decide to transfer your balances, please CUT up all of your other cards. It's just too easy to put a dinner here a pair of shoes there on a card that has a zero balance. These purchases will add up!

[@makecodgreatagain6049]

@@B_Bodziak huh? The money from this just clears the outstanding debt from the other institutions they used. Like he said. 12-18 months with this method. You’re on something else dude

[@Phillip_01]

I’m transferring all my debt into a discover it card and I’ll pay it off when I get my tax return.

[@emmanueldavis2010]

​@@Phillip_01same

[@foolwatch9008]

😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅

[@VultureXV]

You forgot to calculate the fact that even if someone can't pay the full sum within the 18 month period, they can still absolutely eat away a sizeable chunk of the debt, leaving a much smaller amount leftover that can actually accrue interest, and also accrues interest at a slower rate. The average APR still hovers around 24%, with a debt total of $5000 it would take 3 years to pay it off with a payment of $200 a month. This would mean you would also pay approx $5000 of interest. With an APR of 0% for 18 months, we can use a simple calculation with the same payment period of $200x18 = $3600. Now the new total we have is $5000 - $3600 = $1400. Calculating the same average interest means you are paying the $1400 balance off with your regular $200 monthly payment for only EIGHT MONTHS with a total interest of only approximately $124. The math is quite solid, SO LONG AS YOU STICK WITH YOUR PLAN LIKE GLUE.

[@altonmassson]

"Cut up the card, put on autopay and ignore the marketing" Great advice!

[@SreySongz]

I never thought I’d needed to do balance transfers when I first got into the credit card game. But when I couldn’t find work for six months I suddenly found myself relying on my credit cards to make ends meet. Grateful to have learned about balance transfers even though I didn’t feel the need to learn because it ended up saving me ~25% in interest which I thankfully have not had to pay. Now I just have to pay those balances off so I can finally breathe again because even though it’s 0% interest until next year I don’t want to get into the habit of carrying those balances because it’ll come back to bite me in my bottom.

[@sophiasmith1618]

𝑰𝒏𝒗𝒆𝒔𝒕 𝒊𝒏 ¢𝒓𝒚𝒑𝒕𝒐 𝒕𝒓𝒂𝒅𝒊𝒏𝒈 𝒘𝒊𝒕𝒉 𝒎𝒚 𝒂𝒅𝒎𝒊𝒏𝒊𝒔𝒕𝒓𝒂𝒕𝒊𝒗𝒆

[@sophiasmith1618]

𝑯𝒊𝒔 𝒂𝒗𝒂𝒊𝒍𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒊𝒔 𝒐𝒏 ω𝒉𝒂𝒕𝒔𝒂𝒑𝒑

[@sophiasmith1618]

+==1==6==2==0==2==9==3==8==2==5==1

[@Nehemiah_ezra93]

exactly what happened to me and why I'm looking for a balance transfer card

[@MarvinC18]

Literally me rn lol

[@alexle8917]

I like how this guy provides true value and gets straight to the point! Good stuff bro!

[@dogbone1065]

Strait to the point? He spent half the video repeating himself. Most of the information was useless. He made it confusing.

[@mrrobinson10]

I swear man.... EVERYTIME I look up something money related, u have already made a video answering my question. Or it's you reviewing a book I'm interested in reading... Thank you... Keep up the good work, I really appreciate it

[@priscajuliet108]

I don't know who needs to hear this "save to invest! You are saving a day off work"

[@michaelwang3091]

Best quote of the year!

[@gomezsandra5998]

Yes well said I've been saving and making plans to start growing extra income stream..any guides on how to invest yet??

[@priscajuliet108]

@@gomezsandra5998 It's a great idea investing I make $3k weekly from my investment that has been a boost to my general income

[@gomezsandra5998]

@@priscajuliet108 Wow that's awesome!

[@gomezsandra5998]

How do you make such.profits any tips ??

[@mkfmgaming3019]

I got 21 months zero apr. I’m so happy. It’s definitely a blessing for me. I have about $5k and I’m very actively paying it off

[@TommyBryson]

Use that time to payoff your debt and stay out of debt

[@kittensmitten3287]

Nice. What card is that?

[@SimplySelahB]

Thank you for this video. It helped me understand balance transfers.

[@ThaísKnight-k6o]

Great to hear that we can bring in other debts into it, like a car loan. That’s awesome!! Thanks for sharing that.

[@darkshogun5887]

I have a Discover It card with a 17.49% interest rate. I have two other cards with 23.xx% and 27.xx%. Since the Discover card is new I get 15 months 0% interest for purchases and balance transfers. I plan on moving the debt from those higher interest cards to the Discover card. By the time my 15 months is up I will have paid off more than half of what I moved over. The rest will be under a much better interest rate. It's also possible that in 15 months I can get another card that has 0% interest for balance transfers and finish paying off the rest without adding interest.

[@jenniferleigh1674]

I just got approved for a Discover balance transfer. I only have $2,000 on my capital one card BUT its 22% so that's why I wanted to transfer it. My plan is to pay it within 7 months. Hopefully it will help my utilization and score because I have only one card my utilization looks bad.

[@RedSkywalker17]

What was your starting credit limit on the Discover BT card?

[@dolledbytan3952]

Thank you, because of your video I legit applied for a discover it card and now I am doing a balance transfer. Setting it on autopay and forgetting I got it!

[@swiss954]

What u do is sign up for one balance transfer card. Do ya min payments, if it’s 18 months, around month 16 get a new balance transfer card and transfer what you owe over to the new card. Rinse n repeat

[@callmetee__]

Lol smart, can you actually do that though ?

[@mrbriceno3949]

Your channel just saved me 25%! Thanks fam!

[@Jayyy_Wav]

This was super informative and simple to understand. Thanks!

[@TommyBryson]

😎

[@jsandiego2394]

​@@TommyBrysonHello!! I have 5 cc, with a total of $3.200 balances.. I JUST GOT APPROVED for the chase Freedom unlimited!! O% everything for 18 months!! I make $5k a month, In California, Do all my old cards remain open?? After I transfer debt to this chase one? I haven't even gotten it in the mail yet!! Thank you

[@biancasymm777]

Question: can I transfer my balance from one balance transfer card to another balance transfer card?

[@starrjanai2623]

This video was amazing, easily explained. Thank you for your knowledge!

[@Up2You-t7x]

Transfer the money, make the monthly payment the same as when you were paying interest on it. Pay as much extra as you can afford. Don't buy anything on credit untill everything is paid off. Put everything on auto pay. Keep track of you normal monthly expenses . Soon you will be out of debt.

[@pmf_dc5958]

Can I transfer two separate debts to one CC? Or do I have to do one at a time? One of my debts is about $1600 on Applecard, the other is a $1700 cash loan thru a credit union I already got my balance transfer card, got approved for $7k. just haven’t taken the step yet.

[@KelechIwuaba]

I love that the way I go through credit card things is the way you go through them as well. Ignore all the bonus BS and just look at the fees that may be connected

[@sophiasmith1618]

+==1==6==2==0==2==9==3==8==2==5==1

[@TP3TAY]

Say you have debt and transfer the money to another card. After that 0% interest period and your balance transfer card becomes a regular credit card, can you now transfer that debt to yet another balance transfer card at 0% with another bank?

[@Spencerwalker21]

Imo chase is a great balance transfer option. I referred my mom to chase with my referral link. I got 100 dollars she got the freedom flex so she gets 0% 15 months plus 5% back on groceries and the 200 back on 500 spent which shell use to pay down the balance transfer faster. She was weary of rotating caterogy but since I have that card I'll remind her to opt in. She was bummed you can't get 5% at Costco gas but overall is happy with chase.

[@blessedbeyond5628]

My credit card statement is saying Transfer Balance of $1,008.00. I never initiated it? It helped by account and when I looked up details about this Balance Transfer.. it is saying I don't have a Balance Transfer? Is this free miracle money? I'm scared to call because I don't want them to say they made a mistake and that I owe them 1k. I'm confused. 🤔

[@MsOlympia]

Great information. Thanks so much for taking the time to create this video. Cutting the cards for sure. You did help a great deal.

[@jsandiego2394]

Help!!! What happens to the old card After you send over the debt to the New No Int rate/apr One????does that remain open???

[@tinymission7821]

Yes, leave it open. Just put the card away and don’t use it anymore unless it offers a good opportunity down the road. Basically just leave it alone.

[@zackmonson4167]

Can you do a balance transfer on more than 1 card? How does that work? For instance consolidate 3 cards onto the 1 balance transfer card.

[@Tumkatt]

Exactly what I was looking for, thanks for the info!

[@armandodeking]

I just applied and got approved for the discover one, how does it actually transfer though? Does it automatically or do I have to manually put them on there

[@dasanix120362]

Thank you for this video! very informative! Appreciated it!

[@TommyBryson]

Thanks 🙏

[@bryan8734]

can i balance transfer multiple cards to the new 0% card?

[@planittilyoumakeit]

Clear,and to the point. Thank you! 🙏🏾

[@jdlam569]

This was helpful thanks! Crazy how cc interest is 30% now

[@mrbazzzinga4878]

Watch out for hidden fees on balance transfer usually 3% of total balance transfer or $10 whichever is greater. So Let's say if you have $4000 to transfer the balance from one cc to another now you could be paying 3% of 4000 = $120 but you will save on the total Balance transfer APR which is zero.

[@whistlezzz3457]

was literally just looking at this u just saved me there

[@SkyyWalk21]

He explained that in the video

[@elisabethjones4917]

And don't forget interest compounds on top of itself!!!

[@angelicatufino880]

Thank you for explaining and for using an example 👏🏼👏🏼👏🏼👏🏼

[@kevin11433able]

Keep up the good work brother. Good info

[@julianahammond9139]

I have a question, what if you owe $7000 open up a new card and only get approved for ex. $3000 can you at least transfer the $3000?

[@TommyBryson]

Yes, you can do a partial transfer

[@swanradha]

The first rule is to not get into debt period. But balance transfers are a great way to pay off debt. But one has to be extremely disciplined to pay the balance off before the promotional period ends. Hit that card quickly. Otherwise back to high interest, and just ruined the point of the "balance transfer". Put this card away till you pay off the balance. They are hoping one will default.

[@xjcx6187]

After 3 years? Still not able to pay it? Damn

[@ericg.5922]

Do I just pay my card that I have my debt on off by just using the card or do I call my balance card company and have them set it up??

[@DrivenByLuckGaming]

This is one of those videos where I wish the comments said “video actually starts at 9:03 “ lmao

[@BlackAndBrilliant]

If you do a balance transfer but you’re also trying to reach a spend limit does that count as part of your spend limit to pay it off on the other card? example I have a Chase card with $1000 I apply for AMX balance transfer to AMX payoff AMX Then I get the bonus from the AMX as well as my Chase points too?

[@Trusty335is]

I have $30k in credit card debt distributed into several cards. My question is, can I balance transfer to one card then say the 18 months are coming up and I haven’t payed off everything, can I do another balance transfer to continue my 0% interests payments and just keep chaining cards until I pay off my $30k debt?

[@mcnewlane]

My question is. If you dont pay the 5500 off in 18 months, do theh then charge interest for the full $5500 you transferred? Or just the remaining balance?

[@pmf_dc5958]

Whatever balance you still owe after 18 months is up

[@SkyyWalk21]

Remaining balance

[@rjdodgerz2776]

If i owe a Bank of America credit card $30k and my Chase credit card has a $15k limit, can I only balance transfer the $15k or can I do the $30k balance transfer?

[@TheMcspeedy1]

Can you transfer 2 balances onto one 1 credit card? And after transferring the balances do the credit cards close or you can keep them?

[@mrlude490]

Does the balance transfer fee get added to the balance or do you have to pay it up front ?

[@jenniferosea]

If I have a Discover card already and want to do a balance transfer, can I do it with Discover on their Discover it card or do I have to pick a new credit card company?

[@TatianaMartinez-dt7mn]

New credit card company

[@justinelall292]

Great video. I am deciding to a transfer myself. thanks!

[@DianaJimenezMUA]

I have a question if anyone can help me out. I’m in about 20th of debt. I was able to open a Citi credit card with 0 APR for 12 months and bank transfer up to 21 months. I have two cards I own on and my initial credit limit is 8700 for a bank transfer. The two cards I have are more than that so not sure how to make it work without getting denied the bank transfer.

[@peartfaldo]

Kemba Financial has a 0% card with balance transfer NO transfer fee. 12 months 0%

[@TheJoan48]

Thank you so much. I really appreciate your knowledge.

[@simone2125]

Does an balance transfer negatively impact a person’s credit score?

[@starelise1387]

No it doesn’t harm your credit

[@mir2slo]

My issue is more so my revolving utilization so doing a balance transfer doesn’t help with that correct ?

[@msrednosepit8434]

Yes it does hurt bc your utilization will increase for the card you transfer to depending on what the new card approved you for

[@datnohi8612]

I'm using balance transfer to pay off my home...this will eliminate the biggest bill I have....and allow me to push my debt snow ball amt up to 1000 then I'm going go after those credit cards which is the only debt I will have after the mortgage, I'm hoping sense my home is paid off I want need to use those credit cards again

[@yaddayadda6999]

You explained this very well. Thank you.

[@sunnykhb746]

So I have 2 discover cards and one capital one. Can I balance transfer from discover 1 to capital one and do another balance transfer from capital one to discover 2? You know we can't transfer from the same bank

[@michaelmartin2578]

What if you already have a credit card you want to transfer too not open a new one can u still do that?

[@cdf8821]

Yes you can do that. Hope this helps.

[@Spencerwalker21]

If you're responsible the best balance transfer card imo is one that offers a intro bonus use that intro bonus to help pay down the balance transfer

[@TommyBryson]

Possibly, the goal should be to just get out of debt. The risk is that some people just go in double the debt

[@ypcomchic]

Intro bonus is usually for new purchases not transfers.

[@Spencerwalker21]

@@TommyBryson I get ya my mom last year needed a balance transfer card I brought up getting a chase freedom flex the 5% rotating category sold here she used all herr cash back and intro bonuses to pay down the balance faster. She only listened to me because I'm king off credit cards with jo debts and I got a 100$ bonus so I treated her to panda express weirdly her favorite restaurant edit it also had the 5x grocery order as well and offered to help her out in getting 13% off grocery for one quarter and 2 quarters 9%. I did get lucky and told her the 13% was a fluke but generally you get 5% off grocery half the year. She basically treats it like a debit card. But for average Americans yeah just get out of debt.

[@luis-zc4os]

If I have $5500 in debt across multiple cards can I still do a balance transfer

[@cierrafarmer3246]

Ok. These balance transfer cards are confusing. So if I transfer credit card balances over to another card is that closing those accounts or will those cards be in good standing still. What happens to them?

[@AndreaandMom]

They pay the card for you same as if you paid it cash

[@cdf8821]

No it will not close your account. This is what makes this dangerous without disipline. Because now you have your balance on a card with zero percent interest and you have the ability to begin charging on the card you just transferred the balance from. This starts the cycle over if you are not careful. Hope this helps!!

[@Usmc7ton85]

Great video. Thanks for the help

[@leeeeeelz]

Thanks for the help! If I have 2 balances I wanted to transfer to the one credit card, is that possible? Or I can only transfer 1 balance? Thank you!

[@sanchez1622]

Did you get your question answered.

[@Scottie5401]

How many times can you transfer the same balance?

[@relaxingsoundsofnature3390]

How do I transfer funds from my discovery credit card to my bank account?

[@davismvilla]

Great video! When transferring a balance from a card does it have to be the full balance or can it be partial?

[@financenoob_]

Either or

[@jsac3939]

How do you actually transfer the balance from one card to another?

[@VultureXV]

I decided to do a balance transfer in order to quickly close out an account with bad APR and clear out another line so I could essentially use it as a food card. They said I was approved for a pretty high limit (I have good credit) but for some reason it looks like I'm just getting a new card, even though I mentioned it was a balance transfer (and even entered balances to transfer from different accounts) yet it just looks like I got a new card. Do I initiate a transfer onto a 0% interest card AFTER I get the card, or does the transfer start before I get it?

[@Dhayes95]

Awesome video. Thank you 💪🏾💪🏾

[@jy2569]

When I get the balance transfer credit card-I have to have make sure that I get an available balance to cover the debt from the other credit card. Frustrating that there’s no way to tell how much they’ll approve me for.

[@marii78245]

Yes i have a $6000 balance i want to transfer and they approved me for a chase balance transfer card but only gave me $1200 credit limit so im wondering how that would work out, since in the application they asked me how much i want to transfer

[@organicintelligence6431]

Great video!

[@reinnamatthews5825]

Once Il you get a balance transfer card how do you actually do the balance transfer

[@TommyBryson]

Call in

[@Ridewithjeff954]

I just got a new balance transfer offer yesterday 🤔

[@Ridewithjeff954]

@Tommy Bryson thank you brother for responding for some reason KZbin just showed me this keep up with excellent and informative content it really helps with personal evaluation.thank you fam

[@Vikshay]

This was extremely helpful out of 3 videos lol

[@justuskeaton9532]

Does your debt to income ratio affect if you can get approved for a balance transfer card

[@Andre.Malik11]

@TommyBryson Once the transfer is made, what happens to the credit card that the balance came from: does it automatically close or is it still open, but 100% available credit?

[@jayp2168]

Stays open with 100% available again but suggest to cut it and not use it until your transfer is paid off. Otherwise your racking up double the debt

[@martinavalos8453]

I had a rough past few months and had to run up my credit cards. I’m now getting back on track and am able to pay them down monthly. Here’s my question. I owe 1200 in credit cards and my credit limit is 1500. If I get that balance transferred and then pay that balance down during the 0% apr time frame, would that double my credit limit and help my credit score overall?

[@samfaust8116]

That's a great question I'm waiting to find out myself lol

[@TheGoldenLife170]

As long as you stay on top of the monthly payment. Try to pay a couple dollars extra to try to improve your credit score.

[@wonnone6010]

You credit utilization will still be too high when you transfer it and that will drop your credit score

[@KeithJones31]

Balance transfers can save you lots of money

[@rachelwentz6674]

Question, if we have multiple balances how do we put that all on one at once. I understand each account balance will have that fee.

[@CullyCulls]

question. say you racked up 5500 on a card and you got the rewards, you then decide to transfer that debt to a 0% card. If you go points on either card, would all those points be forfeit because I'm seeing on every card, they restrict rewards for balance transfers. but idk if the restriction is on the card you made the purchase with or the card you transferred to.

[@shavezwilliams]

I had a question. Suppose I take a loan of $2500 on the new balance credit card and pay the whole amount in one year rather than wait 18 months to pay..... Does that mean that since I've cleared out the whole amount I can start a fresh new credit balance again with a 0 interest with 18 months again?

[@cdf8821]

Hi, No you cannot. However, sometimes (depending on the card) they will give you a new balance transfer option. It's not automatic though just because you paid off the loan. Hope this helps!!

[@TheFreedomStudioChannel]

Why would you transfer a balance to another card when your account is prepaid from the credit of the trust?

[@ConleyClips]

Whoa whoa whoa. You can do this with car loans too?? How???

[@ANGELSanchez-xv1cf]

😂🤣😂 this was the sign I needed I was telling my self this same shit and now I’m convinced 😂

[@reachaminah3022]

Helpful… subscribed.

[@wandarichardson8762]

GREAT.......Thank you❗️

[@joseRodriguez-pk9ld]

I have a discover card I want to transfer balance from another credit card how can I do that !?

[@robertwalker1818]

Did you figure this out? I need to transfer 2k from capital one to discover.

[@joseRodriguez-pk9ld]

@@robertwalker1818 go to your discover account and go on balance transfers and put your capital one account number witch is your card number and they'll send them a check

[@rebeccaemmanuel8074]

thank you

[@TommyBryson]

Got you

[@Itsjrob_]

If you do the transfer and say u has a balance of 1000 dollars now when the interest grace period is over say u only Owe 200 left are they going to charge you interest on the balance that’s left , or from the original Balance?

[@msrednosepit8434]

What's left

[@cynthiamcclendon7380]

What if you have more than 20,000 in credit card debt? Will they let you put the whole amount on the card?

[@jmar385]

Damn that’s crazy. You need to transfer that card in the trash

[@bhangminh4330]

Thanks for the video!

[@E_Pany]

ty sir needed this lesson

[@WolfManDon93]

thanks brother

[@naturalMLO]

I literally just applied for a HELOC. I really didn't want to do that but it's 20k of debt. I think I want to do the balance transfer for the largest debt. This gives me less anxiety than having a heloc.

[@adammrmcchickenman]

I’m struggling on getting approved for credit cards sadly. Was ur credit score relatively high even w your amount of debt?

[@yvonnieholness9895]

@@adammrmcchickenmanUse your credit card like a debit card whatever the cc can be used to pay or buy use it. Stop 🛑 sing the debit card from your bank put the money when you get paid on the cc and then use it every time you get paid.

[@yvonnieholness9895]

@@adammrmcchickenmanHope this helps

[@OlleyThorpe]

We quick to the party today.

[@jamesmoore8873]

The only thing is is the credit score required for these cards are pretty high so if you had said to Card that you wanted to transfer over to this one you wouldn’t be able to if you didn’t qualify for it

[@yaaadilaw]

so after the balance is transferred. What's the card limit?

[@TommyBryson]

The card limit gets filled up to the balance you transferred and the old card has that balance lower because the money is no longer owed

[@Innovatetech-solution]

Is something stopping me from going to another balance transfer card once my time of 0% APR is finished?

[@TommyBryson]

Nope but remember usually their will be a 5% on the balance. Plus you’ll never be done paying.

[@Innovatetech-solution]

Sorry, what I meant to say was, I continue to make payments in order to get out of debt. I run out of time and start to accrue the deadly 24% interest rate, I can transfer that card balance to another card that offers 18 months 0% APR to continue to pay off the debt?

[@TommyBryson]

Yeah you can, just make sure the math makes sense 😎

[@olgacasillas7110]

By doing the balance transfer from one credit card to another would you lose your credit card from where you had the debt or will it go back to zero owed and you can use again?

[@77Joseph777]

Once you Balance Transfer from the old card then it’s payed off and you can go back to using it once the debt is registered on the new card with the balance transfer

[@olgacasillas7110]

@@77Joseph777 Thank you

[@williambauers1039]

I just got Discover $8000 with a 690 cs

[@zoobafornow]

Can you pay heloc with balance transfer card?

[@TommyBryson]

Probably can, verify with the card you want to apply for