Balance Transfers

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Balance Transfers


Updated: April 26, 2017

The content is accurate at the time of publication and is subject to change.
Balance Transfers
November
21

Balance transfers applications are widely used among cardholders who don't pay bills in full each month. Minimum monthly payments constitute only a portion of credit you owe to the bank, the rest piling up into a fat debt. When the interest rate is high and the balance is growing, you start thinking of moving it onto a better credit card. But it might be next to impossible if you do not have the credit rating required by the issuer. Some people cope with the debt by getting into a debt management plan or filing for bankruptcy even. That's because they do not know of a rarely used trick - transferring your balances onto another person's credit card. While promising relief from debt, this trick hides lots of traps and threatens to damage both, your and that person's good credit.

Smart cardholders are actively using the practice known as "debt snowball" but it is rather a complicated thing and requires great control. In a balance transfer trick we suggest you only need to find a person with good credit rating who'll agree to take responsibility of your card debt. This might be your spouse, your relative or close friend.

Ideally, that person should be able to apply and qualify for a low or 0% balance transfer card, with no transfer fee and high limit. Also, this credit card would no be supposed to be used for purchases to avoid accumulating unnecessary interest charges.

Actually, there are not many people ready to take on such risk. Some would advise you go and find a second job and start paying more than the minimum on your balances.

So, if there is a person willing to help you out, you're a lucky one. On our website you can find a wide spectrum of attractive 0% APR balance transfers offers and apply for a most appropriate card online. But you should realize such an application gives a signal to both the card companies that your credit is bad and finances are shaky.

You also put at risk your relationship with the other person which might be caused by defaulting on the agreement between you. Suppose you are late or even miss a payment. It will damage the cardholder's creditworthiness and bring down the credit scores.

As an alternative, you can ask a willing friend to make one or two cash advances to be used for paying off your balances. Do give the acknowledgment for the money received to prove your responsibility and intention to return it as soon as possible. Whether you transfer balances or use cash withdrawals on your friend's credit card, you get the opportunity to eliminate debt and restore good credit.

Back to the "debt snowball" practice, it would play well for people, preferably spouses, who'd like to lower interest rates and increase the scores through a balance transfer. This is done through moving balances from a better credit card onto a worse one and then back, which in the long run improves both the cardholders' credit rating and reduces debts.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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