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Balance transfer is a scheme that saves you from paying extra interest on your outstanding balance. It helps you to clear your debts in a much faster and efficient way, when you have your interest rates holding you from clearing your credit card balances. It is a process that takes place between two banks or credit card agencies and you. Your previous account with a bank or a credit card company will be transferred to a new credit card company or a bank... Continue reading
Transferring your balance from a card with a high APR card to one with a lower interest rate or even 0% APR, is usually a smart move and will not hurt your credit score. In fact, having another line of credit open will add to your total available credit and may improve your credit score. However, applying for new credit can have a short-term negative effect on credit, so try not to open too many new accounts within the same time frame. Continue reading
Balance transfers must be between different financial institutions, and you must have enough available credit to make the transfer. As long as the amount you are requesting to transfer is under your credit limit and the balance is being transferred to a different bank, the transfer should be approved. Continue reading
That depends on your credit limit. You won’t be able to transfer more money than you have available on your line of credit. Keep in mind that most credit cards do charge a balance transfer fee, usually about 3%. For a transfer of $5,000 that comes to $150. It may be well worth the fee to transfer a balance to a lower-interest or 0% card, but make sure you take the fee into account before you make the transfer. Continue reading
Yes, in most cases you can transfer multiple balances to one credit card, providing you have enough room on your line of credit to accommodate the total amount of all transferred balances. Each transfer will have to be done separately, and each will incur its own balance transfer fee. Continue reading
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