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Whatever your problems with a credit card, it can be solved. credit card debt is a common problem and if you wish to come out of it, you can. You need to focus on various ways by which you can work out the payments and make sure that no more bad credit is accumulated. When working out your credit card debts, the primary points of concern are a high annual fee or a high APR percentage. In both these cases you need to find a better credit card. Once you have found a card that offers you a free balance transfer at low interest, you need to find out if there are additional fees to having the transfer done. If the fee is high and the period of low interest or no interest is less than required to deal with the debt do not opt for it.
Find a good credit card that offers you a fair fee for transfer. There are also cards with 0 ob balance transfer as well as promotional offers or reward programs attached to it. But with the reward programs there would also be a high interest rate. It is also important to clarify if the interest rates are applicable only to new purchases made or to the balance transfer amount alone. The more you can save on the new card, the better it is to choose it over the old one.
When applying for balance transfer to a new card, you may be targeting the new one with a 0-2% interest charged on it. It is not necessary that you will be given that card. It will depend on how prompt you have been in monthly payments and your credit scores. In case you are not eligible, you will end up with a new line of credit with a higher interest rate which will be more harmful. Also if you appear to be trying to get credit from multiple sources, it will reflect badly on your credit report.
When applying for a balance transfer following thorough evaluation of the pros and cons, be sure that you do it immediately within the stipulated period. If you need to be eligible for the offers and deals you will have to immediately open a new account and set up the procedures. When you have done the balance transfer, if there is any payment due on the old card before the process is complete make sure you do not miss that. It will jeopardize your chances of getting a better deal on the new card. Stop charging on both cards and focus on closing the outstanding balance. It is important to have clear goals for your balance transfer, which is to close off your debts.
When working with your new card, also be careful that you do not charge more purchases to it. You must save and do what is necessary to close off the amount due. If you are confused and need some help on what you can do to sort out your debts then attend debt counseling and follow a proper course of action.
