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What is the limit for balance transfers? I have high interest rates on a few of my cards? |
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Date:
September 26, 2007, 10:51 am |
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What is the limit for balance transfers? I have high interest rates on a few of my cards? |
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Answer:
Balance transfer is a widespread way to consolidate the whole debt on the one card that generally offers better terms - lower APR, 0% intro APR for balance transfers, no extra fees, etc. Thus, balance transfer cards can be a good way to reduce debt, to save money and to increase the credit score. The amount you will be able to transfer is actually determined by the limit of the balance transfer card. This limit is mainly defined by your credit risk, your annual income and bank's decision. The better payer you are the higher limit you get. Balance transfer deals are designed mainly for people with good or excellent credit history, thus, if you are eligible for them you'll probably get a limit of no less than several hundred dollars. |
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