Credit Card Balance Transfers

Transferring a credit card balance from one card to another is easy – if you can find the right offer. In the past, transferring a credit card balance was practically guaranteed as an option because all the credit card companies were fighting for people’s business, and so offers were everywhere. Now that the economy has entered a downward slide, and credit is drying up everywhere you look, the offers to transfer your credit card balance have dried up with it. Nonetheless, there will still be offers out there, you just have to look a little harder for them. Once you find one that meets your needs, transferring your credit card balance is a fairly easy transaction to perform.

If you find a credit card that wants your business by transferring your balance to it, congratulations. Credit cards are really scaling back their credit and offers of credit, and the once ubiquitous fliers, emails, and pop-up windows are vanishing. When you transfer your balance to another credit card, you’re doing so because the offer includes a grace period of zero or very low interest rates. Most credit cards offer this grace period for periods up to one year. To transfer your balance, simply apply for the new card either online, by phone, or in written form. If your request is accepted, the new card will pay off the debt on your old one, and move the balance to it. It’s that simple. However, be sure to read the fine print at the bottom of your balance transfer contract. You never know what kind of unpleasant fees your new card may inflict on you.

To learn more about transferring your credit card balance, interest rates, grace periods, or any other aspect of credit cards – be sure to ask lots of questions prior to signing up so you are aware of what you’re getting yourself into. Also, don’t forget to get a free credit report so you know what your credit score is – because chances are, the higher your credit score the more likely the credit card company will give you a good balance transfer rate.