Balance Transfers
How I use my Bank of America Customized Cash Rewards card
The Customized Cash Rewards card offers great benefits and perks, including cash back on groceries, wholesale clubs and other categories.
Credit Card Interest Rates to Rise, Too
If youâre carrying a credit card balance, knowing your interest rate might seem like a no-brainer. Unfortunately, for many cardholders, itâs not. In a December Bankrate study, 41% of card-holders carrying a balance didnât know their interest rate. Currently, the average interest rate on cards is about 16%, but rates can go as high as 25% or more.Â
The Federal Reserve Board is expected to start raising short-term interest rates in March in an effort to keep inflation in check. As those rates increase, interest rates on credit cards, home equity lines of credit and other loan products will go up as well, which means it will cost you more to pay off your debt.Â
If youâre carrying a balance on a high-interest-rate card, plan to pay it off as soon as possible, without adding any new purchases. If you receive a tax refundâand most taxpayers doâuse that money to pay down your debt. Even if the refund doesnât pay off the balance in full, the reduced total will trim the amount of interest assessed.
Another option is to apply for a balance-transfer card. Recently, cards from Wells Fargo, Capital One, Bank of America and others allowed balance transfers with an introductory rate of 0% for five to 18 months. You can also check to see if any current cards in your wallet are offering balance-transfer promotions.Â
- SEE MORE How to Nix Checking Fees
Chase, for example, recently offered current Freedom cardholders a 0% promotional rate for transfers made by March 31 (new applicants are no longer being accepted). The 0% rate lasts through the April 2023 billing cycle, with a transfer fee of $5 or 4% of your balance, whichever is greater. And you canât transfer a balance from one Chase-issued credit card to another; the transfer must be from another financial institution or retail card.Â
Keep in mind that with any balance transfer, if you donât pay your balance by the time the promotion ends, any balance left over is generally subject to your cardâs normal interest rate. And read the fine printâyour balance could be subject to retroactive interest charges
Wells Fargo Reflect benefits guide
Want a credit card that offers up to 21 months of 0% intro APR on purchases and balance transfers? The Wells Fargo Reflect delivers â but cardholders shouldn’t expect many other benefits and perks.
[WA, ID, OR] Gesa Credit Union Cash Rewards Card With $300 Signup Bonus
Gesa Credit Union has their Cash Rewards credit card which has no annual fee and offers 1.5% cashback on all purchases. It also offers a signup bonus of $300 when spending $3,000 within 90 days. Direct Link to offer | Find application link here Also comes with a 0% intro APR offer for 15 months […]
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Guide to Discover it Cash Back rewards and benefits
If you want to maximize your Discover it Cash Back rewards, you need to know how to take advantage of your 5% bonus cash back categories. Weâll show you how â and explain how to get the most out of the other benefits and perks the Discover it Cash Back card offers.