Balance transfers: How to deal with your bad credit situation

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Balance Transfer Cards » Balance transfers: How to deal with your bad credit situation

Balance transfers: How to deal with your bad credit situation

The content is accurate at the time of publication and is subject to change.
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.

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.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Posted: February 12, 2018

The sun shines more and more each day, flowers are in bloom and you already feel how hot it is getting - summer is here. Summer holidays are almost here, and you are in need of dire preparation. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!