Can you balance transfer store cards

In some cases, one of the only ways to earn consistent cash back bonuses or points at a given store is to use a store credit card. Hypermarkets like Walmart, Target and Costco, though popular, are hard to classify.

Are they grocery stores? Department stores? You may want to avoid the temptation of a new card altogether and instead focus on paying off your existing balance via a DIY payment plan or some other form of debt consolidation. Transferring your store card balance should be a fairly straightforward process and is likely to save you money in both the short and long term, but there are a few caveats to keep in mind before you apply:. While store credit cards can offer unique perks, rewards and discounts at your favorite store, their sky-high APRs make it hard to justify carrying a balance long-term.

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners. Nouri Zarrugh is a staff editor at CreditCards.

Essential reads, delivered straight to your inbox. By providing my email address, I agree to CreditCards. Your credit cards journey is officially underway. It is possible to transfer loan debt to a balance transfer credit card. The offers that appear on this site are from companies from which CreditCards.

This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Greener mortgages Rewarding you for choosing an eco friendly new build home.

Portfolio buy-to-let mortgages We're now accepting mortgage applications from portfolio landlords. Pensions home Personal pensions Children's pensions Workplace pensions Pensions and retirement. Virgin Money Pensions Our pensions are simple to set up and easy to understand. Currency home Virgin Money travel money. Virgin Money travel money Commission-free currency with great exchange rates. Private banking home Existing customers Benefits and services Questions and answers.

Business home. Our app is just the business It's packed full of clever tools to help you budget, save time and manage your money on the go. Discover Business Internet Banking See money in a whole new light with smart digital tools at your finger tips. Brighter Money home. Keeping promotional rates - to stay eligible for any promotional rates that go with your balance transfer, you must always stay within your credit limit, and make your payments on time each month.

Payment allocation - any payments you make will be used to pay off amounts on which we charge the highest rate of interest first, then the next highest rate, and so on down to the lowest rate of interest. Please check your terms and conditions for more info on how we apply your payments. Other borrowing options - before asking for a balance transfer it's worth considering other ways to borrow, as well as any savings you may have, as these could be better options for you.

Follow these tips to make sure your credit score is as healthy as it can be:. For more information on improving your credit score, take a look at our guide.

A balance transfer can be a great way to help you stay on top of your repayments, but before applying think carefully about what you can afford to pay back. What is a balance transfer? Understanding balance transfers. That way you can save money on interest, pay off debt faster and utilize a balance transfer to your advantage. By getting a balance transfer card, you can start fresh with a lower APR and get ahead on paying off your debt. Remember to read all the fine print, and choose a card with terms that will set you up for success.

Closing a credit card can sometimes negatively impact your credit. Read this post in Spanish. Image: Man and woman running up a hill and talking about how to do a balance transfer in 6 steps. In a Nutshell A balance transfer can be a great way to save money on interest and pay off debt faster. Advertiser Disclosure We think it's important for you to understand how we make money. Apply Now. About the author: Melanie Lockert is a freelance writer and editor currently living in Portland, Oregon.