Chase Freedom Unlimited, Freedom Flex Introduces 0% APR Balance Transfer

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Chase Freedom Unlimited and Freedom Flex 0% intro APR on balance transfers offer

Each of the Chase credit cards listed below gives cardholders the opportunity to earn valuable cash, but can now help you consolidate credit card debt accumulated on other cards – without accruing interest. .

For example, suppose you have a balance of $3,000 on another credit card. You can transfer this balance to one of the cards below and you’ll have 15 months to pay it off before interest starts running again.

The introductory balance transfer feature is in addition to already having an introductory 0% APR offer on purchases made on the card.

However, once the 15 month period is over on purchases or balance transfers, the interest rate will increase to a variable APR of 14.99% to 23.74%. There is an introductory balance transfer fee of $5 or 3% of each transfer amount, whichever is greater, on transfers made within 60 days of account opening. After that, it’s $5 or 5% of each transfer amount, whichever is greater.

It’s never wise to carry a balance or spend more than you can afford on a credit card, but in that case the introductory 15 month 0% APR period may come in handy for the flexibility of expenses and purchases.

Hunt Unlimited Freedom®

  • Awards

    Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and restaurant meals, including eligible takeout and delivery services, and 1.5% on all other purchases

  • welcome bonus

    Earn an extra 1.5% on everything you buy (up to $20,000 spent in the first year) – worth up to $300 in cash back. That’s 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on restaurants and drugstores, and 3% on all other purchases.

  • Annual subscription

  • Introduction AVR

    0% for the first 15 months from account opening on purchases and balance transfers

  • Regular APR

    14.99% to 23.74% variable

  • Balance Transfer Fee

    Introductory fee of $5 or 3% of each transfer amount, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of each transfer amount, whichever is greater.

  • Foreign transaction fees

    3% of each transaction in US dollars

  • Credit needed

Advantages

  • No annual fee
  • Rewards can be transferred to a Chase Ultimate Rewards card
  • Generous welcome bonus

The inconvenients

  • 3% fees levied on foreign transactions

Chase Freedom Flex℠

  • Awards

    5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%), 5% cash back on travel booked through Chase Ultimate Rewards®, 3% on pharmacy purchases and meals (including eligible takeout and delivery services), 1% cash back on all other purchases

  • welcome bonus

    $200 cash back after spending $500 on purchases within the first three months of account opening

  • Annual subscription

  • Introduction AVR

    0% for the first 15 months from account opening on purchases and balance transfers

  • Regular APR

    14.99% to 23.74% variable

  • Balance Transfer Fee

    Introductory fee of $5 or 3% of each transfer amount, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of each transfer amount, whichever is greater.

  • Foreign transaction fees

  • Credit needed

Advantages

  • No annual fee
  • Generous welcome bonus
  • Opportunity to earn up to 5% cash back in select categories upon activation
  • Rewards can be transferred to a Chase Ultimate Rewards card

The inconvenients

  • Bonus categories must be activated quarterly
  • 3% fees levied on foreign transactions
  • Estimated rewards earned after 1 year: $852
  • Estimated awards earned after 5 years: $2,844

Total rewards include cashback earned from welcome bonus

Why consider a balance transfer to a 0% APR card

Credit cards charge some of the highest interest rates for loan products, making them a poor choice for someone who needs to carry over a balance or borrow money. However, there are several reasons to consider a balance transfer credit card that offers a 0% upfront APR – the most compelling being that you avoid paying credit card interest. Americans have massive credit card debt, and it’s never a good idea to pay interest on top of your discretionary spending.

Other reasons to consider a new balance transfer credit card are:

  • Organization: If you have multiple credit cards with rolling balances, it can be a nightmare trying to stay organized. By consolidating your debt onto one card, it is easier to manage debt repayment.
  • Earn more credit: By applying for a new credit card, you’ll earn more credit, which will increase your overall line of credit and decrease your overall credit utilization. Credit usage, which is the amount you owe compared to the amount of credit you have, is 30% of your credit score. By getting more credit from issuers and managing it responsibly, you will improve your credit score over time. However, keep in mind that a large balance on your credit card can also hurt your credit score. So if your card has a limit of $10,000 and you’re transferring $8,000 debt, it can be detrimental.

Fees to know

A balance transfer can be worth it because you can save big on credit card interest charges. The process is also quite simple and, in some cases, completely online. However, there are balance transfer fees to consider.

With the Chase Freedom Unlimited® and Chase Freedom Flex℠, you’ll pay either:

  • Within 60 days of account opening: $5 or 3% of each transfer amount, whichever is greater.
  • 60 days past account opening: $5 or 5% of the amount of each transfer, whichever is greater.

Let’s say your credit card balance you need to transfer is $3,000 and you complete it within 60 days. Once processed, a $90 balance transfer fee will be added to the new card. That sounds steep, but if you stretch that out over 15 months, that comes out to an average monthly fee of $6, which is probably much, much less than what you were paying in interest charges.

At the end of the line

If you’re paying exorbitant credit card interest charges, it’s probably best to consolidate your debt using a balance transfer credit card. However, it should not be used to spend beyond your means or to finance purchases that you do not need.

Before using your credit or debit card for your next purchase, it may be best to create a budget first to avoid overspending.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.

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