A balance transfer moves debt from a high-interest card to one with a lower or 0% intro rate, so more of each payment goes toward the balance instead of interest.

Imagine you’ve been making payments for months, but your balance doesn’t seem to shrink. That’s where a balance transfer can help.

The amount you save depends on your current interest rate, your balance and how much you pay off before the introductory rate ends.  

Say you’re carrying $5,000 on a card at 24.99% APR and you’re not able to pay it down anytime soon. Left alone for a year, the interest could add over $1,000 to what you owe, even while making payments. 

Move that same $5,000 to a card with 0% intro APR for 12 months and every payment within that window goes straight to the balance. No interest charges chipping away at your progress. Most credit cards, including Truliant’s, do charge a balance transfer fee of 4% - 5% of the total amount transferred.

The real savings depend on two things: how much interest you’d have paid otherwise, and how much of the balance you pay off before the promotional rate ends. Think of a balance transfer as buying yourself time to make real progress. 

A balance transfer is worth considering if you have a specific high-interest balance and a plan to pay most or all of it off before the promotional rate ends.

If you can commit to a monthly payment that would clear most or all of the balance before the intro rate expires, a balance transfer can meaningfully cut what you pay in interest. If you’re only able to make minimum payments, or you expect to keep adding new charges to the balance, the intro rate matters less. Whatever’s left when the promotional period ends moves to the card’s standard rate, and the savings shrink accordingly.

It’s not a magic solution. It’s a tool that can help you make faster progress when you pair it with a payoff plan.

To do a balance transfer, check your current balances and rates, apply for or use a card with a balance transfer offer, request the transfer, keep paying your old card until the transfer posts then follow your payoff plan.

Getting started is simpler than most people expect. 

First, check your current balances and rates. Take a few minutes to look at your balances and interest rates. That helps you decide which balance could save you the most money. 

Next, apply for a Truliant credit card or use an offer on your existing one. If you’re a new cardholder, your balance transfer needs to post within the first three months of opening the account to qualify for the intro rate. 

Then, request the transfer. You can do this through online banking or the Truliant app once your card is open.

Keep paying your old card until the transfer posts. Balances don’t move instantly, and a missed payment on the original card can cost you in fees and credit score impact while you wait. 

Finally, work your payoff plan. Once the transfer is complete, stick with the payoff plan you created. That’s where the biggest savings happen. 

A balance transfer typically takes five to seven business days to complete, though timing can vary by institution.

While you’re waiting, keep making at least the minimum payment on your original card. If a payment comes due before the transfer posts, you’re still responsible for it. Missing a payment during the transfer window can trigger late fees and hurt your credit, even though the balance is already on its way out.

The most common balance transfer mistakes are continuing to use the old card, missing payments during the transfer, losing track of when the promotional rate ends, making only minimum payments and assuming purchases get the same promotional rate.

A few common mistakes can eat into the savings you’re trying to create. The good news? They’re easy to avoid. 

Continuing to use the old card. If you keep charging the card you just paid down, you end up carrying two balances instead of one.

Missing a payment during the transfer. The balance isn’t fully moved until it posts, so payments on the original card still matter. 

Losing track of when the promotional rate ends. Whatever’s left of the balance when the intro period expires starts accruing interest at the card’s standard rate.

Making only the minimum payment. The intro rate gives you a window with no interest. Paying the minimum wastes most of that advantage.

Assuming new purchases get the same promotional rate as the transfer. Depending on the card, purchases and balance transfers can be treated differently. Know which rate applies to what.

Truliant offers two credit cards with 0% intro APR on qualifying balance transfers: MaxBack Cash Rewards for 12 months and Radiant for 15 months.

MaxBack Cash Rewards offers 0% APR on purchases and qualifying balance transfers for 12 months. After that, the non-variable APR will be 17.99%. The Radiant Card offers 0% APR on purchases and qualifying balance transfers for 15 months. After that, the variable APR between 11.74% and 17.99%

For both cards, balance transfers must post within the first three months of opening the account and come from a non-Truliant account to qualify for the intro rate.