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hey credit Warriors a credit Schiffer here well with the financial hardship that we have been going through over the last few weeks this is a topic that I think is going to interest a lot of people how to get out of debt without paying credit card interest okay and what we're talking about here is balance transfer cards now I know some people watching this probably will be familiar with balance transfer cards but keep watching I'm going to give you later in the video a rundown of some of the best balance transfer options available on the market in 2020 that you might not know about so stick around but first of all we're going to tell you two factors that you need to know in order to assess whether a certain balance transfer card is correct for you now these are the two factors that really affect balance transfer cards so the first one is APR now if it's a genuine balance transfer card this should be zero percent APR K so no interest and that's going to be for a promotional period of time no credit card is going to give permanent 0% APR always you know how they make money but it's normally a promotional period from when you open the account now what you need to do though is you need to check that this zero percent promotional Apr period does apply to bounce transfers because some only apply to purchases okay when you swipe the card and buy things but some others will only apply to bounce transfers obviously what's better is if it applies to both purchases and balance transfers but then the main thing you need to pay attention to with the APR is the length of time that you get that 0% APR for okay and this could be normally for a minimum of a year up to even close to two years in some cases okay so that's the first factor the APR and how long you get the 0% rate for the second factor is going to be is there a balance transfer fee all right so some cards will not have a bounce transfer fee for you to transfer a balance over however some cards will charge you a fee and it'll normally be a percentage like 3% 5% and then maybe a minimum dollar amount like has to be a minimum of five dollars or a minimum of ten dollars that they'll charge you but these cars generally seem to have longer zero percent APR time frames okay and that would make sense because you're paying a fee up front you get what you pay for you get a longer period of interest free you know 0% APR so those are the two factors so now we know that information actually take a look at some balance transfer cards that are available on the market in 2020 and we're gonna start off with the No Fee balance transfer cards okay so this is one thing we talked about no balance transfer fee and first up we have the American Express everyday credit card now this card also gives you 0% APR for 15 months and balance transfers must be requested within the first 60 days of account opening to qualify for that 0% rate okay and this card has no bounce transfer fee at all okay so it's not just in the first 60 days and then after that there's a fee it's no bounce transfer fee at all now the one really great thing about the Amex everyday card is that it actually earns points okay it's kind of got a bit of future proofing in there so you can use it as a balance transfer option but then after that you actually might want to keep it for earning points for example it earns 2x annex points per dollar at US supermarkets on up to $6,000 in spending per year and it even has a sign up bonus of 10000 points which is you know pretty awesome so it is quite a good you know opportunity if you can get a proof for it to earn some points while and you're doing a bounce transfer and saving on interest let's have a look at the next one which is from Bank of America and this is the BankAmericard now let me tell you a little something about the name Bank America now the name BankAmericard is actually the name of the first ever general-purpose credit card okay not a charge card an actual credit card that was developed by Bank of America in California this card actually went on to become visa okay BankAmericard network later on became visa they changed the name and Bank of America actually brought the name back in the early 2000s for this one credit card which is now the only thing that's branded as Bank America we have a video on our channel that you guys can check out it gives you the whole history of how BankAmericard became visa is pretty interesting anyway back to talking about the card so this card offers you 15 months of 0% APR and purchases and bounce transfers made within the first 60 days of account opening there's also no bounce transfer fee for the first 60 days as well and then after that it's 3 percent of each transaction with a minimum of $10 and this card is a little bit better for people who are kind of you know maybe have lower credit schools or they have you know they're repairing their credit because it also has things like no penalty APR for missed payments access to credit education articles and stuff like that so it's a little bit geared towards people who probably on the lower end of the credit score or credit knowledge kind of range now let's look at the other factor associated with bounce transfers and that would be the length of time that you get the 0% APR for we're gonna give you two of the longest syrups and Apr cards okay and the first one is from city and it is the City Diamond preferred okay so this card gives you 21 months of 0% APR from the date of your first transfer which is awesome okay that's nearly double the you know average period of 0% API close to two years okay and the conditions for this transfers must be completed within the first four months and there's also a balance transfer fee of either five dollars or 5% whichever is greater then we have another card which is kind of a runner up in this category with a long a 0% APR period and that is the Wells Fargo platinum card so with this you get 18 months of 0% APR on purchases and qualifying balance transfers I will put the bounce transfer fees on the screen for you I don't have them off the top of my head but yeah this is a good runner up to the City Diamond preferred so as to whether you want to go for a no bounce transfer fee card and save on the fee or you want to emphasize the length of time and pay abouts transfer fee but then pay no interest for a longer period of time and you really need to look at your own situation for that do you think you can paired off reasonably quickly like within a year or so because if that's the case then it's probably better to go for the no fee bounce transfer or if you need to pay this back in much smaller installments and you want the maximum amount of time possible you want like a 21-month period 18-month period then you might want to pay a fee initially and go for that longer period of syrups and Apr so I hope that is helpful if I have links for any of these cards I will put them in the description below for you guys to check out as always you know please subscribe if you're new for more credit cards and personal finance tips and tricks' almost everyday and we'll see you next time [Music]