With student loan debt at all-time highs (more than $1 trillion), any relief from this financial burden may prove to be extremely helpful in the long-term.
Enter the balance-transfer credit card offers, which have the potential to help borrowers reduce the amount of interest that they pay on their student loans, especially on private loans.
Occasionally, credit cards will have introductory offers such as zero-percent APR for 12 months. Even with the typical balance-transfer fee of 3 percent, you may still be saving on interest payments.
A borrower with a private loan that carries a 10% interest rate may transfer part of the loan balance to a Chase Slate card (0% APR on balance transfers for 15 months) and take the 3 percent fee. For the next 18 months, the transferred balance is not subject to interest charges.
This hack does have a few caveats. The balance transfer is limited by the credit card’s credit line, which may be significantly less than your loan balance. You’ll also have to make regular payments to both the loan and the credit card.
Check out our editor's review on Chase Slate.