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.

Disclamer: 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. Although we promote products and services form our partners, our opinions are our own.

Proven Scale & Trust


in consumer applications for financial services


consumer profiles generated

3 Million+

applicants routed monthly


What Our Partners are saying

Building meaningful, long-lasting relationships

"(...) generating some of the highest approval rates and conversion rates among our online acquisition partners. The transparency and focus on data have allowed us to drive consistent growth and success each month. "

Bill Walsh, VP Personal Loans Marketing

partner logo

" (...) a streamlined consumer experience, helping millennials with no collateral, budget, or saved money. Even’s impressive matching algorithms simplify the process of finding the best personal loans to meet your needs."

Kyle Taylor, CEO

partner logo

"(...) a truly modern and easy to use platform for the financial services marketing world. They make it easy to develop consumer friendly, innovative products in a space dominated by legacy platforms."

Sam Yount, Founder (Former CMO, Lending Tree)

partner logo

"(...) Their wide-reaching network and tech integrations bring in qualified, high-converting leads, and their team has been a pleasure to work with."

Andrew Zoeller, Digital Program Director

partner logo


Read all about it

Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom

Even Financial has acquired LeapLife, a leading insurtech platform. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Business Insider wrote an article about it, interviewing our CEO and Founder Phill Rosen.

Even Financial Launches Insurance Offerings With Strategic Acquisition of LeapLife, a Leading Insurtech Platform

Pioneering B2B Fintech Expands its Industry-Leading Financial Services Monetization Platform to Help Insurance Carriers Find and Connect with Consumers New York, New York – April 22, 2020 – Even Financial (Even), the leading API for financial services search, acquisition, and monetization, announced today that it will be launching services for the insurance industry through the acquisition of LeapLife, an insurtech platform and digital life insurance agency.  The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Even and LeapLife now offer the only full end-to-end, multi-carrier digital life insurance marketplace experience. Over the coming weeks, Even will further integrate LeapLife’s technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners — when and where their consumers are most in need — while also enabling the company to expand to other insurance sectors, including homeowners, renters and auto insurance. This adds to Even’s peerless breadth of real-time, personalized financial product offers — an expansive suite that already includes loans, savings, credit cards, and more.  “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance,” said Phill Rosen, Even Founder and CEO. “Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.”  LeapLife is an established insurtech platform and digital life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes. LeapLife works with many best-in-class insurance carriers to offer consumers a seamless experience from beginning to end. This approach made Even and Leaplife a perfect match. As a digital insurance broker, LeapLife offers personalized life insurance recommendations based on a consumer’s unique needs. Paired with the Even API, which enables customer acquisition for insurance to be native and programmatic, consumers benefit from a more streamlined, transparent, and highly personalized experience when shopping for life insurance.  Just as Even’s 2018 acquisition of Birch (the award-winning credit card rewards app) allowed the company to accelerate its expansion into credit cards, the addition of LeapLife will similarly put Even at the forefront of consumer insurance offerings.  Charles Svirk of MassMutual Ventures, an investor in Even, said “The Even and LeapLife teams share a vision that the future of insurance acquisition will rely on the power of data-driven, programmatic distribution. We are thrilled to support them as their industry experience, impressive technology, and trusted relationships will help scale Even’s insurance offering and build partnerships to provide these critical innovations in insurance acquisition.” The Even API and platform solve significant, long-standing pain points in financial services acquisition by seamlessly connecting supply and demand. Even has continued its rapid growth trajectory in 2020, surpassing over $1.5 billion in credit issued through its API and expanding its platform to over 400 partners. Even has secured over $55 million in funding from major financial institutions, venture capital firms, and fintechs to back its goal to evolve the financial services acquisition ecosystem.   About Even Financial Founded in 2015, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. By seamlessly bridging financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as TransUnion and The Penny Hoarder) via its industry-leading API, Even turns any consumer touchpoint into an ROI-driven, fully customizable, programmatic acquisition source for financial product offers with full compliance, security, and scale across loans, savings, credit cards, insurance, and more. Even is backed by leading financial services firms and VCs including American Express Ventures, Canaan Partners, Citi Ventures, F-Prime Capital (Fidelity), Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Even is the leading search, comparison, and recommendation engine for financial services. Media Contact: media@evenfinancial.com

Even CEO/Founder Phill Rosen quoted in Protocol Braintrust Newsletter

Our CEO and Founder Phillip Rosen was included in the most recent Protocol Braintrust newsletter along with answers from some thought leaders from Plaid, Slack, and DuckDuckGo!