0% Credit Card

The 0% balance transfer offers your are referring to in your question are available only on certain credit cards, and only well-qualified applicants will receive these offers based on their credit histories (they are called "Balance Transfers").

Also, on most cards offering a 0% rate for balance transfers, the 0% rate is for a limited amount of time; if you do not pay off debt you transferred onto the new card within the promotional period, the creditor will begin charging interest on the remaining balance. 0% balance transfers are not a universal feature of all credit cards. In fact, most credit cards do not offer a 0% transfer option — if are trying to transfer you current credit card balances to a card with a 0% rate for balance transfers, you must shop for cards offering that feature and carefully review the terms of each card to determine which card will save you the most money.

Search for credit cards offering 0% introductory rates for balance transfers by visiting the Bills.com Credit Card Center.

I do not know of any home equity loan programs that allow a borrower to pay off credit cards and charge you 0% on the debt incurred to pay the cards. In general, lenders do not consider using a home equity loan to consolidate credit card debts to be a balance transfer. If you pay off your credit cards with a home equity loan, you will pay whatever interest rate you agreed to pay at loan signing on the money used to pay off the credit cards. You always have the option to use a home equity loan to consolidate your debts, but you will not be able to consolidate the debts at 0% interest. Despite the fact that you will be required to pay interest on your new equity loan, many consumers find that this type of loan saves them a lot of money in interest overall, since they can consolidate may different debts into a single loan with a relatively low interest rate. If you are interested in a home equity loan, I encourage you to visit the Bills.com Home Equity Resources page.

If you are talking about transferring the balance of a home equity loan to a credit card at a 0% interest, again I must tell you that you are not in luck. From my experience, credit card companies will not allow cardholders to transfer the balances of secured debts, such as home equity loans, to a credit card under a 0% transfer program. No creditor wants to convert a secured debt to an unsecured debt, since the new creditor would be losing the security interest enjoyed by the previous creditor.

I hope this information helps you Find. Learn. Save.

Best,

Bill

Bills.com