Your credit balance doesn’t define you, but it could hold you back. A credit card refinancing loan could put you on a path to financial freedom.
Simplify your payments, and streamline your financial life
A credit card refinancing loan combines multiple credit card balances into one easy monthly payment. It may come with low, fixed interest rates that don’t change during the life of the loan, helping you pay off credit cards while saving thousands in interest.
Refinance credit card debt with access to up to $50,000
Pay off credit card debt faster with the Direct Pay feature
No impact to your credit score
Save money over time with fixed APRs
Get funding in as little as 24 hours*
Things to consider when refinancing credit card debt
1
Calculate your debt-to-income ratio to know where you stand.
2
Check your credit health to understand what makes up your score.
3
Review your budget and decide what monthly payment you could manage if you consolidate credit card debt.
Find out how much you could save
If you’re considering a credit card refinancing loan, try our personal loan calculator to see what your monthly payment and annual percentage rate might be before you apply.
Credit card refinancing is the process of transferring existing credit card balances to a new card with lower rates or more favorable repayment terms. Credit card refinancing loans can also be used to consolidate all your existing balances into one simple monthly payment, ideally at a lower rate.
In short, credit card refinancing can help borrowers save money on interest while continuing to pay off credit card debt.
It depends on the financial product you choose to refinance with. With a balance transfer credit card, once you’re approved, you can transfer existing balances to the new card with better terms. If you qualify for a lower rate, you could save money on interest.
With a Best Egg Credit Card Refinancing Loan, you can pay off your lenders with the funds, or we can pay off your existing credit card balances directly. Instead of making multiple credit card payments each month, you’ll only have to make a single, fixed loan payment.
Although credit card refinancing is a type of debt consolidation and they share some similarities, they have important differences. Credit card refinancing specifically focuses on credit card balances, while debt consolidation can involve various types of debt. To learn more about the differences, explore credit card refinancing options.
Refinancing credit card debt can help you save money on interest and consolidate your debt so it’s easier to manage. Better yet, as you pay off your credit card debt, your credit utilization ratio will improve. This, along with making on-time payments, could positively impact your credit score.
The biggest risk of refinancing credit card debt is that your potential savings don’t outweigh the costs involved. It’s essential to compare offers and carefully review the terms of any financial product you’re applying for to make sure refinancing is worthwhile.
To refinance credit card debt, you’ll have to apply for a loan or credit card for that purpose. This can temporarily lower your credit score due to the new credit inquiry. With that said, as you continue to pay down your debt, your credit score should improve over time.
While credit cards may come with balance transfer or annual fees, the only fee you’ll pay with a Best Egg Credit Card Refinancing Loan is the one-time origination fee that’s included in the principal loan amount. There’s also a $15 returned payment fee if your payment doesn’t process (usually due to returned checks or insufficient funds in the bank account).
Applying for a Best Egg Credit Card Refinancing Loan only takes a few minutes, and you’ll find out if you’re approved for an offer instantly. If you’re approved, money should be in your account within 1-3 business days*.