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When you are carrying a big balance with a high APR, you want to transfer as much as you can to a lower rate card or a 0% APR balance transfer card. How much can transfer though will depend on your credit limit. You won’t be able to transfer more money than you have available on your new line of credit.
When you apply for the balance transfer card, you can list all the balances you would like to transfer. If you are given a card with a lower limit than the sum of your requested transfers, some of them may go through, or none of them might– it depends on the issuer. When you apply for the card be sure to ask what will happen if the credit limit you are granted is less than the amount you requested to transfer. Each issuer has a different policy about this.
Keep in mind that most credit cards charge a balance transfer fee, usually about 3% of the balance. Here is a table that show what that 3% would be for different transfer amounts:
- $10,000 = $300 fee
- $7,500 = $225 fee
- $5,000 = $150 fee
- $3,000 = $90 fee
- $1,500 = $45 fee
- $1,000 = $30 fee
- $500 = $15 fee
It may be well worth the fee to transfer a balance to a 0% APR card, but make sure you take the fee into account before you make the transfer.