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Credit Card Applications » Questions » User Questions » Balance Transfers » Hi, I am trying to find a credit card with a high credit limit only to transfer two balances ...

Hi, I am trying to find a credit card with a high credit limit only to transfer two balances from other cards that I have that have high interest rates. I don’t really want to apply for another card with the risk of not being able to transfer my complete two balances I have. I’m just not sure what the best thing for me to do would be.

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Leo Zhu

It seems that you want to transfer all your existing balances onto one credit card and close your old credit cards…  Well it is good that you want to get rid of your debt but closing your old accounts may hurt your credit score. So think properly before doing it.

Anyway, the best way to get rid of your debt is to apply for a balance transfer credit card (and it will be better if it has a long 0% intro period). You can do this if you have good-to-excellent credit history.

If you meet this requirement you can be approved for a balance transfer credit card. However you can’t know about your credit limit beforehand. Usually credit limit is determined by income, employment, and credit score, and for those who have a good-to-excellent credit starts somewhere from $3,000.

You shouldn’t worry if you are not able to transfer your entire debt to a new card you will save money anyway. In most cases nominal balance transfer fee is nothing in comparison with current high interest rate. Even transferring a part of your debt and paying it off will save you a significant sum of money rather than not transferring at all. So think on it and do some calculations.

To know how much you can save on balance transfer use our tool – a balance transfer calculator. It will show you the optimal monthly payments and the amount of your savings.

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