Is a Balance Transfer Worth It if You Can't Pay It Off in Time? This CFP's Take May Surprise You [CNET News]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: CNET News
Key takeaways If you're using a balance transfer, you should prioritize paying off the balance before the introductory APR period ends. If you're unable to pay off the entire balance, you can still save on interest by paying as much as you're able to during the introductory period when interest isn't accruing. It's important to make a plan for how to pay off the remaining balance when a balance transfer's introductory period ends. When I transferred a $5,000 balance on a Capital One account to a Bank of America card with a temporary 0% annual percentage rate in mid-2019, I swore to myself I'd pay off that balance before my zero-interest period ended. And at first, I diligently paid several hundred dollars more than the minimum monthly payment during the 15-month interest-free window. Then 2020 hit. Like the rest of the world, I panicked. I had no way of knowing whether I would find myself without a job. So I started making minimum monthly payments and hoarding money in sa
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BAC
Earnings
- 4/16/24 - Beat
BAC
Sec Filings
- 5/16/24 - Form FWP
- 5/16/24 - Form 424B2
- 5/16/24 - Form 424B2
- BAC's page on the SEC website