Some Facts about Doing Balance 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 » Some Facts about Doing Balance Transfers

Some Facts about Doing Balance Transfers

Add to Favorites:
Every single person will have come across marketing emails from credit card companies. There will be a lot of emails claiming you are getting the best deal in balance transfers there is in the market. When you go for these balance transfers you are looking at one main thing and that is a lower interest rate. When you are looking for a way to close the outstanding balance then it's a good idea but if you are looking at making purchases then check that the promotional 0 interest is valid for the new purchases you make. Else you could end up with a lot more to pay off on your credit card than you began with. What you need to do when looking at finding a balance transfer is to see if the fee on the card is reasonable. There will be varying percentages of interest on a balance transfer. If you are going to do the balance transfer at a fee more than is affordable then you will lose out on the credit limit that is available at hand. When you are working out your monthly payments you will also need to add the balance transfer fee on your card. If you feel it is too much then do not go for it. When you accumulate a large outstanding balance on the card you need to take care that you will be eligible for a balance transfer that is reasonable. The maximum amount you can transfer will need to be about 80% of the credit limit on your card. If you play your cards right and get a card where you get low interest rate for enough time you can close the amount soon. When you are deciding to go for a balance transfer you should be sure that you know what the process is all about. When you decide to go in for a balance transfer you need to fill in all the pertinent details about the old credit card. You also need to attach important documents like a most recent bill statement. Once the procedures are done then the balance transfer will occur. There are several important things that should not be missed out on. If you are doing the procedure, it usually takes 7 to 10 working days for the procedure to be completed. In case the procedure does not complete before you have closed your existing card you will miss out on payments on the old one and it will affect your credit score negatively. When doing your balance transfer make sure that your dues get settled as the main aim is to be able to close your outstanding balance. When you are trying to close the balance also take care that you close down the old credit card. Any new purchases may incur higher interest rates, and the promotional interest may get waived if you miss a payment, so make sure you are able to meet with your deadlines. credit cards can be beneficial if used with care.

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