To save as much money as possible on interest charges, pay off as much of your new balance as you can before the promotional rate expires. Pay as much as you can toward your balance In addition to confirming that the proper amounts were transferred successfully, you’ll want to keep an eye on your old accounts so you can pay off any interest that may have accrued between the date you requested your balance transfer and when the transaction was completed. Once you have requested a balance transfer, you’ll want to double-check that everything went according to plan. Follow up on your balance transfer request In general, it’s best to prioritize transferring the balances with the highest interest rates. You’ll need the account information for the cards you want to transfer the balance from, and you’ll need to specify the amount you wish to transfer. You should continue to make all payments to your other creditor(s) until you confirm that the balance transfer was completed. After that, most transfers are processed within four days. For example, with a Discover balance transfer, a new account must be open for 14 days before your balance transfer request can be processed. Request a balance transferįollow any directions from your new credit card issuer and monitor your accounts while your balance transfer is processed and payment is made to your old creditor(s). Once approved, you can request your balance transfer. ![]() Once you’ve chosen a card that has a balance transfer offer, apply with the credit card company to see if you get approved. ![]() How do I transfer a balance from one card to another? You should understand what happens if you don’t pay off the balance during the promotional period and what your minimum payment will be. To determine whether a balance transfer credit card is right for your circumstances, you should also consider the length of the promotional period, and the APR that will apply to the balance transfer amount if it’s not paid off within the promotional period. Cardholders should weigh the cost of any balance transfer fees against continuing to pay off their credit card debt at the existing interest rate. Typical fees can range from 3%-5% of the balance transfer amount. These offers may allow you to move your existing balances to a new credit card with a low balance transfer annual percentage rate (APR) for a limited amount of time, although most credit cards will impose a balance transfer fee on the transferred balance. ![]() How to determine if a balance transfer is right for youĬredit cards with a promotional balance transfer offer can make sense for some credit card users. Consider these steps for how to do a balance transfer to determine whether it’s right for you, and how to maximize the benefits of a credit card balance transfer. But, how do you do balance transfers?Ĭompleting a balance transfer might be easier than you think. Completing a balance transfer may help you save money on high interest rate debt by providing you a low promotional interest rate.īe sure to check your old account during the transfer period until the account is fully paid off.Ĭontact your bank to see if you qualify for a balance transfer.īalance transfers can save you money on interest charges by moving your existing balance on one credit card to another card with a lower interest rate.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |