Balance Transfers – Effective Planning to Successful Transfers
Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » Research » Guides » Balance Transfer Cards » Balance Transfers – Effective Planning to Successful Transfers

Balance Transfers – Effective Planning to Successful Transfers

Add to Favorites:

Balance transfer is yet another scheme worked out for those who are struggling to make their credit card payments. If you have landed yourself in a struggle owing to your exorbitant spending with your credit card, then balance transfer is one option you can consider to get out of situation at the earliest.

Again, there are some points to be kept in mind if you condition should improve after a balance transfer.

Point 1: Choose the Best

Almost all credit card companies are now encouraging the use of balance transfers. They are hunting for customers as eagerly as you are trying to find the right company for the transfer. As a result, there is competition among the credit card companies and hence there are many offers to the prospective customers. Take time to find out about the best offers before you decide on requesting for a balance transfer. Think in terms of convenience for both transfer and repayment of the amount while making your decision.

Point 2: Introductory Offers are not Permanent

You can avoid the high interest rates for a month or two depending on the introductory offers you get for the balance transfers, but remember that this is valid only for a limited period and sooner or later, you have to make arrangements for repayment of the amount to the credit card company. Do not decide only based on the introductory offer, also consider the rate of interest that has to be borne by you after that period which is much more important.

Point 3: Check the Impact on Your Credit Scores

The whole reason you are thinking about balance transfers is to ease your financial situation, but if you are transferring too huge an amount, it may reflect adversely on your credit scores. This may wipe off the whole purpose of the transfer, so take time to work out the best way out of the situation.

Point 4: Handle the Old Credit Card Wisely

Yes, you have applied for the balance transfer but ensure that the process has gone through successfully and the same is reflected with the credit reports of your old credit card. Any negligence in this front can add to the financial burden and cause a lot of stress for you. Best thing would be to browse through the credit report of the old credit card and ensure that all changes are reflected clearly and there is no further scope for confusion.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How to Get Free Wi-Fi in the Air

By Herbert Moore, Posted: September 28, 2016

Sometimes in-flight Wi-Fi is the bare necessity when you travel abroad or within the country. However not all airlines offer free in-flight Wi-Fi. There is only a couple of airlines that will allow you to use Wi-Fi ... Continue reading

Amazon Credit Cards Review

By Allison Martin, Posted: May 30, 2016

When was launched 20 years ago, few could have envisioned how far the company would come. What was once an online specialty bookstore is now an Internet juggernaut that sells nearly anything and has made major inroads into ... Continue reading

How Much Do Shell Cards Really Save on Gas?

By Allison Martin, Posted: April 20, 2016

There is an endless amount of gas cards on the market, and practically every major gas station, including Shell, has options to choose from. In fact, Shell offers two options for gas cards for consumers. Continue reading