Summary of Reddit Comments on Balance Transfer Credit Cards

Introduction

• Some Redditors emphasize that there is no such thing as free money and caution about the terms and conditions of balance transfer credit cards.

Pros and Cons of Balance Transfer Credit Cards

Pros

• M&T Bank offers a 0% balance transfer option with a potential bonus for opening a checking account.
• Navy Federal Credit Union Platinum Credit Card is recommended by users as it may have no transfer fees and good terms.
• Wells Fargo Reflect Card offers a 0% APR for 21 months with a 5% transfer fee, which can be beneficial for paying off debt.

Cons

• Users warn about potentially high interest rates after promotional periods end on balance transfer cards.
• Citi Bank received criticism for allegedly fragmenting balance transfer terms and potentially charging high APRs.
• Users caution about incurring balance transfer fees which are typically 3-5% of the amount transferred.
• Some users suggest avoiding Capital One due to lower credit limits on balance transfer cards.

Tips and Recommendations

• Users recommend paying off credit card debt promptly to avoid high interest payments.
• Researching and comparing different balance transfer cards from banks like Wells Fargo and Citi Bank is advised.
• Citi Simplicity Card and Citi Diamond Preferred Card are recommended for their balance transfer options by Redditors.
• Considering personal loans or credit unions for balance transfers are other strategies suggested by users.

In conclusion, when considering a balance transfer credit card, it is crucial to understand the promotional terms, fees, and potential risks associated with balance transfers to effectively manage and pay off credit card debt.