Skip to main content

Is there any limit on the amount I can transfer?

Submitted by Kessil on Sun, 07/26/2020 - 18:02

Can't handle my credit cards any more. Thinking of using a balance transfer card. How much can I transfer to a balance transfer card? Is there any set limit? How much do I have to pay if I can't pay the transferred amount within the intro period? Can you also please suggest me some good balance transfer cards I can try for.

Yes. There is a limit. The amount you can transfer will depend on the credit limit of the balance transfer credit card. If the credit limit of the new card is $8000, then you can transfer up to that amount. You have to also pay a balance transfer fee between 3 percent and 5 percent. If you can't pay off the amount within the introductory period, then you have to pay double interest rate. Wells Fargo Cash Wise Visa® card is good.

Submitted by David Martin on Wed, 07/29/2020 - 20:58

David Martin

( Posts: 394 | Credits: 3933 )

Before opting for a balancardce transfer card, know about it in details. Be sure about the introductory rate period so that you can repay balance within that.
Also know whether there'll be extra interest rate if you use the card for a purchase if there's limit. But, it's always better not to use that card for any purchase.

Submitted by Good Nelly on Fri, 07/31/2020 - 07:55

Good Nelly

( Posts: 2846 | Credits: )

Hello Kessil!

I have favoritism for Citigroup. So, I would recommend you to use the Citi Diamond Preferred Card and Citi Double Cash Card.

The average rule says you can transfer 70% to 100% of your due outstanding balance. It usually depends on the Card to Card basis.

The interest rate of the post-introductory period will depend on the clause of the credit card company with whom you have applied for the deal.

Submitted by Ryan Miller on Sat, 08/01/2020 - 22:17

Ryan Miller

( Posts: 249 | Credits: 2769 )

Well, it depends on the company of the balance transfer card you are opting for. Usually, you can transfer your debts to a new card up to 70% to 100% of your credit limit.
Many creditors offer 0% interest rate for an introductory period. And after that introductory period ends, you have to make interest payments. So, try to pay off the balance transfer card within the introductory period so that you can save more money. Here are some of the best balance transfer cards now:
Citi® Diamond Preferred® Card – Balance transfers
Citi® Double Cash Card – Cash rewards
Wells Fargo Platinum card – 0% intro APR
Wells Fargo Cash Wise Visa® card – Signup bonus
Citi Simplicity® Card – No late fees
U.S. Bank Visa Platinum Card – Good credit
PenFed Gold Visa Card – Low interest

Submitted by Craigh.terry on Sun, 08/02/2020 - 21:10


( Posts: 273 | Credits: )