Even Staff


Balance Transfers: The Credit-Card Debt-Elimination Method You Can't Afford to Overlook

Credit-card debt is easy to rack up, but paying it off can be a much more formidable undertaking - in large part due to the amount of interest that accrues on credit-card balances, thanks to rates that can range upwards of 20 percent. On average, a $10,000 balance with a monthly payment of $200 will only decrease the principal, or amount you originally borrowed, by about $50 every month. A full three-quarters of your payment goes to interest charges, which means you give away roughly $150 with every remittance. After about a year and half of $200 payments (a total of $3,600), you're still left with a balance of $9,150. With such skewed figures, it's no wonder so many consumers feel trapped by debt. However, there is a way to put an end to interest and to start making real progress toward your financial freedom.


Eliminate Interest


Stopping interest charges is key to making your payments work to your benefit instead of the company to which you send your monthly check - and you can leverage the company's own tactics to make it happen. Many card issuers offer zero-percent introductory rates for a certain length of time on balance transfers. This temporarily eliminates the interest you owe and stops more from accumulating, allowing you to pay off your debt faster. It also gives you a painless way to boost your payments, as the entire $200 payment will then go towards your balance. After a year and a half, that $10,000 debt would be cut to $7,000, a difference of $2,150 compared to paying your regular interest rate.


Different Cards, Different Terms


Transferring your balances can be an effective way of reducing what you owe and the amount of time it will take you to pay it off. However, not all balance transfers are created equal. For instance, the length of time you're given for interest-free payments can vary anywhere from three to 18 months. This can cut into your savings considerably, so make sure you know exactly how long you have before interest starts accruing again. You should also pay attention to any extra expenses. For example, your transferred balance could incur a fee as low as $5 or as much as 5 percent. Along with annual fees, this additional cost can reduce the overall benefits of balance transfers. Do the math to ensure you're still getting a good deal. The ideal card for this debt-elimination method has an 18-month interest-free period with no balance transfer or annual fees. This essentially means that for almost two years, every cent of every payment you make is applied directly to your principal balance. Once the grace period is over, you can transfer any remaining balance to another credit card, repeating the process until your debt is paid in full. However, it is not recommended to constantly open lines of credit as this will negatively affect your credit score.


Maximizing Your Money


Some balance-transfer credit cards offer additional incentives that can amplify your positive financial efforts. The free credit score and monitoring services provided by some issuers can help you keep track of your card balances and view the progress you make on debt elimination over time. In addition, promotions such as cash back on new purchases can put 1-5 percent of what you spend back in your pocket. However, be sure to pay off these balances in full every month so you can avoid paying interest on any new debt.


The Bottom Line


Paying off your credit-card debt is one of the most effective ways to build financial stability. By taking advantage of interest-free balance transfers and cash back on new purchases, you can put yourself ahead of the game and create a cost-effective avenue to debt-free living.

Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content

Proven Scale & Trust


in consumer applications for financial services


consumer profiles generated

6.5 Million+

applicants routed monthly

What our partners are saying

"By implementing Even’s technology, we have been able to build a multi-vertical financial marketplace and more than double revenue and engagement."

Michael Bourgeois
Michael Bourgeois
Business Lead



Read all about it!

Haven Life’s All-Digital Life Insurance Application Experience Launches on Even Financial’s Leading Life Insurance Search Engine
Even features the industry’s largest multi-carrier, all-digital life insurance marketplace New York, New York – August 16, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   With the addition of Haven Term and Haven Simple, Even has further expanded its extensive network of premium life insurance offerings, strengthening its position as the industry’s largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its commitment to making life insurance more affordable and accessible. Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.   “In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance, but are often dissuaded by the complex application process and need to complete an in-person medical exam,” said Phill Rosen, Founder and CEO of Even Financial. “Haven Life’s groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. We’re thrilled to welcome them to the Even platform.”   The launch of Haven Term and Haven Simple on the Even platform enables consumers to get matched with medically underwritten term life insurance policies that they can apply for and, if approved, purchase instantly online. While most Haven Term applicants will need to take a medical exam, Haven Simple applicants do not. Haven Life’s offerings expand the variety of life insurance options already available to consumers through Even’s API.   “Haven Life is committed to meeting life insurance customers wherever they are — and often, it's where they are managing the rest of their financial life," said Wade Seward, Head of Distribution Strategy at Haven Life. "On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency.”    Even entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance agency. Since that acquisition, Even has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group, Pacific Life, and Mutual of Omaha are available through LeapLife, Even’s life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even’s embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support.   Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.   About Even Financial   Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (such as SoFi) and channel partners (such as TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.   About Haven Life Insurance Agency   Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer. Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.    Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual.   Please note that issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.   MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies.   Media Contact media@evenfinancial.com    
Yahoo! Finance: Even Financial Reaches $3 Billion In Credit Issued Milestone
Even has surpassed a significant threshold in credit issued, having now facilitated over $3 billion in consumer credit as of July 2021. The milestone is significant in the financial services industry, as Even has also expanded its platform to over 800 partners.    Click below to read more at Yahoo! Finance.
PYMNTS: Even Launches Embedded Finance App on Salesforce
Now, financial advisors and other businesses will have a way to leverage Even’s platform for their clients. ‘Financial Products for Salesforce’ - Powered by Even, a plug-and-play app available on the Salesforce AppExchange, matches consumers with real-time, personalized financial product offers.   Click below to read more at PYMNTS.com.