How To Do A Balance Transfer With Us Bank
Whether you already have a U.S. Bank credit card or are applying for the first time, starting a balance transfer with U.S. Bank is a simple process.
If you already have a U.S. Bank credit card:
- Log in to your account and click on the My Accounts tab at the top of the screen.
- in the Take Action drop-down menu on the left of the screen.
- Select your offer from the choices available to you.
- Provide information about the credit card from which you are transferring a balance. This should include the card issuer, card number and the amount you want to transfer.
- to initiate the balance transfer.
If you are applying for a new U.S. Bank card:
- Start an online credit card application for your new U.S. Bank credit card. You will be asked if youd like to transfer a balance from one of your other credit cards. Select this option.
- Provide the account number and issuer of your existing card. Then list how much of that cards debt youd like to transfer to your new U.S. Bank credit card.
Get Ready For The Application Process
You can apply for a balance transfer card online in a matter of minutes. To apply, youll need to provide some basic personal and financial data such as your name, address, Social Security number and income.
In some cases, you can begin the process of transferring balances as part of your application. The balance transfer credit card application may ask you which balances you are planning to transfer to the new card, so make sure you have that information ready.
After you apply for your new balance transfer card, you can discover if youve been approved within minutes. If you arent notified of your approval right away, you may have to wait for an email from the credit card company. Learning that your credit card application is pending or under review can be nerve-wracking, but be patientin most cases, youll hear back from your credit issuer within a few days.
Us Bank Visa Platinum Card
- Balance transfer fee: 3% of the amount you are transferring or $5, whichever amount is greater.
- 0% introductory period: 20 billing cycles on purchases and balance transfers.
- Regular APR: 15.99% to 25.99% variable APR. See our review of the U.S. Bank Visa® Platinum Card for more information.
- Worth noting: This is a basic card without many frills. That long zero-interest offer, though, is enticing.
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Can I Transfer Money From My Credit Card Without Paying Interest
Many credit card providers offer money transfer cards with a 0% interest-free period. This means youll be given a set period when you wont be charged interest on your repayments. But you will be charged a transfer fee.
Generally, the longer the interest-free period, the higher the transfer fee is likely to be. For example, if you have a 0% deal for 12 months, you may be charged a 3% transfer fee. If the interest-free deal is for 18 months, the fee could be around 4%.
Just remember that once the interest-free period ends, youll be charged interest on the remaining balance you owe. This could be as much as 20%, so its always advisable to pay off the balance in full before the 0% deal finishes.
Why Should You Not Transfer Money From Credit Card To Bank Account
While transferring funds from your credit card to your bank account, you must be cautious of the following things-
- First of all, it is important that you avoid making transfers from your credit card to your bank account. This is because the main intent of a credit card is not to generate cash to your bank account, but to make direct payments
- Even though a credit card can be used to avoid the payment of additional charges on cash withdrawals from credit cards, banks report the customers who spend more than Rs. 2 lakh per year on their credit card to the Income tax department. Making frequent transfers from credit card to your bank account might bring you in the limelight and the Income tax department might want to keep an eye on you
- Along with this, failing to pay the credit card dues after receiving the generated credit card statement will cost you a fine of 3-4% on the outstanding amount, every month. This will eventually cost you much more than the amount that you would transfer from your credit card to your bank account
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Apply For A Balance Transfer Card
Once youve chosen the right balance transfer card for you, you can apply for the card.
You can typically apply for credit cards online. If you have a Credit Karma account, you can check your Approval Odds for the card youre interested in.
Once youve filled out your pertinent information, submit the application and wait. If you receive a confirmation that youve been approved for the balance transfer card, then you can take the next steps to transfer the balance.
Applying for a balance transfer card may result in a hard inquiry on your credit reports, which could lead to a small and temporary decline in your credit scores. However, it could also increase your available credit and lower your , which could have a positive impact on your credit scores. Overall, a balance transfer could have little effect on your credit.
What Should I Look Out For When Transferring Money From A Credit Card To My Bank Account
If youre using a money transfer card to transfer money to a bank account, theres a few things to consider. Youll want to check the:
- Transfer fee its usually a percentage of the transfer amount, so the more your transfer the higher your fee will be.
- Interest rate if youre choosing a 0% interest deal, check how long it lasts for and how much the interest rate will be once the interest-free period ends.
- First transfer time some 0% cards require you to complete your first transfer within 60 days. If you dont, you could lose the 0% deal.
- Transfer amounts youll need to be sure you can afford to pay back the amount you transfer.
- Alternatives before you take the plunge, do the sums and compare the cost to using other options, such as a loan or an overdraft.
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Before Doing A Balance Transfer Examine Your Current Financial Situation
Credit cards with promotional balance transfer offers can make sense for some credit card users. These offers may allow you to move your existing balances to a new credit card with a low balance transfer annual percentage rate for a limited amount of time, although most credit cards will impose a balance transfer fee on the transferred balance. Typical fees can range from 3%-5% of the balance transfer amount. Cardholders should weigh the cost of any balance transfer fees against continuing to pay off their balances at the existing interest rate.
To determine whether a balance transfer is right for your circumstances, you should also consider the length of the promotional period and the APR that will apply to the balance transfer amount if it is not paid off within the promotional period. You should understand what happens if you dont pay off the balance during the promotional period and what your minimum payment will be.
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Alternatives To Credit Card Cash Withdrawals
Instead of withdrawing money from your credit card, you could also access cash via the following means:
Personal loans: You can apply for a personal loan at potentially lower rates than a cash advance will cost you.
Visit your bank or try alternative online lenders if you are not having much luck with your bank.
Use Overdraft: Apply for overdraft protection so you can withdraw more money than you have in your chequing account for a fee .
This strategy will cost you overdraft fees and interest but could be much cheaper than taking a cash advance.
Dip into Emergency Funds: If you have emergency funds or a savings account, you can use this cash instead.
Borrow from Friends or Family: See whether a friend or family member is willing or able to help you out.
Carry a balance on your Credit Card: If you can use your credit card to make a direct payment instead of withdrawing cash, you could save on fees by carrying a balance until you can pay it off.
Some cards offer lower interest rates on purchases, such as:
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What You Need To Know
- A balance transfer is essentially a way to pay one credit card with another, or transfer debt from one card to another
- Getting a card with a zero-interest introductory rate, especially if that teaser rate is good for 21 months, can save hundreds of dollars in interest and help you pay off your balance much sooner
- Having a new credit card will increase your total credit limit, which can lower your credit utilization. This can be good for your credit scores
To Advance Or Not To Advance
Cash advances have their uses, especially if youre in a pinch for cash and dont have any other options available to you. Although, the convenience of a cash advance comes with a fee that should be avoided if possible. To make the best decision, consider your banks fees and the cost of other alternatives.
Rating of 4/5 based on 18 votes.
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Are There Exceptions For Business Credit Cards
The rule, which is one you may or may not see spelled out in your cards terms and conditions, applies to transfers involving both personal and business credit cards.
So, for example, if you have a balance on a Chase Ink Business Unlimited® Credit Card, you wouldnt be able to transfer that amount to another Chase card. But you could still transfer a business credit card balance to another business card at a different bank. You could also opt to transfer the balance to a personal card at another bank.
The caveat with transferring business debt to personal cards is that carrying a balance can affect your personal credit score since it changes your , which is the amount of credit youre using divided by the total amount of your .
You could try working around the rules by transferring a balance to a card at a different bank, then transferring it back to your current bank. But the downside there is twofold: Your with each new inquiry and you pay double the balance transfer fees.
Follow Up On Your Balance Transfer Request
Once you have requested a balance transfer, youll want to double-check that everything went according to plan. In addition to confirming that the proper amounts were transferred successfully, youll want to keep an eye on your old accounts for the next 30 days so you can pay off any interest that may have accrued between the date you requested your balance transfer and when the transaction was completed.
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How Much Does It Cost To Transfer Money Using My Credit Card
If you want to withdraw money from your credit card to put into your bank account, this is a relatively low cost and straightforward option compared to setting up a personal loan or borrowing against the value of your house.
However, it does come with some costs. You will most likely be charged a balance transfer fee -typically of about 4% of the total balance. So for a £5,000 transfer, thats £200.
How much you can transfer from the card depends on your credit limit on your card, and any other terms and conditions. You may want to check first with your credit card provider to see what the extra costs might be. That way, you can compare the cost of a money transfer into your bank account versus the cost of setting up a personal loan.
You will also need to pay the minimum amount off each month, otherwise you could lose out on the interest free deal. When you get to the end of the interest free term you will need to shop around for a new card unless you have paid off the full amount you have borrowed. After the 0% interest period ends the cost of borrowing could increase significantly because the interest rate will go up.
After you have made the transfer you will owe the amount you borrowed plus the money transfer fee on the credit card. For example, if you transferred £5,000 with a 4% fee, you will owe £5,200 and will need to meet the minimum monthly repayment until this debt is cleared.
Is The Debt You Want To Transfer Less Than $10000
A balance transfer is best for less than $10,000 of debt, whether on a single credit card, multiple cards or different types of credit accounts. You typically cant transfer a balance higher than your credit limit, and $10,000 is at the high end for most consumers.
If your debt exceeds $10,000, you can still make progress with a balance transfer. If you have multiple debts, you can prioritize the largest debt with the highest interest rate or you can simply transfer as much debt as you can to the new card. In either case, diligently paying down whatever balance you transfer could still help you save money on interest charges and make it easier to manage your debt.
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Can I Withdraw Cash From A Credit Card
Another way to transfer money from a credit card to a bank account is to use your card to withdraw cash from an ATM, then deposit it in your bank.
This is called a cash advance. However, its an expensive way of getting money and is best avoided, if possible. Withdrawing money using a credit card usually incurs a high fee. Youll also be charged daily interest from the moment you take out the money until you pay off the balance even if you have a 0% interest deal.
What Is The Best Way To Repay The Money I Have Transferred From My Credit Card
You can repay more than the minimum monthly repayment each month if you want to clear the balance more quickly.
It is worth aiming to pay off the total debt within the 0% interest period, as money transfer credit cards usually revert to relatively high-interest rates after the introductory 0% period ends.
For example, you might be paying an interest rate of 23% on the outstanding credit balance on your credit card once the 0% period has ended.
For this reason it is important to have a plan to ensure you have paid off the money before the end of the interest free term.
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View Terms And Conditions
On approved credit, conditions apply. Offer available on new ATB Financial MasterCard accounts only where the cardholder had no previous MasterCard with ATB Financial, Promotional rate applies only to the transferred balance for the number of months indicated. Other charges will be charged the prevailing rate for your card type as set out in your Rate and Fee Schedule
How Can I Use My Credit Card To Raise Some Cash Quickly
This is how a money transfer credit card works:
* You have a set amount of money which you can borrow on your credit card. That is called your available credit.
* If you need some money you can transfer some of your available credit to your bank account from your money transfer credit card.
* You will be charged a one-off fee for the money transfer which is usually around 4% of the total amount you are transferring.
* When you have made the transfer the debt will show up on your credit card balance. You will be sent a statement each month and you need to pay off the minimum monthly amount as you would with a normal credit card. Pay off more if you can.
* Using a money transfer from your credit card this way will reduce your overall credit allowance until you clear the borrowing.
* It is best to use a money transfer credit card to do this rather than an ordinary credit card, because the charges will be lower.
* There are other, cheaper ways to borrow long-term so only use a money transfer credit card in an emergency and think about how you will pay it back.
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