Transferring your credit card balance from one card to another is an easy task – if you can find a credit card company that’s willing to do it in these tumultuous economic times. Not too long ago, credit card companies were tempting new customers with all kinds of great deals, usually involving introductory grace periods with either no or very low interest rates. For most people, transferring their credit card balances from cards charging 22% interest to new ones charging literally nothing was a no-brainer. The credit climate has changed with the economic crisis and nowadays people with perfect credit histories are seeing their credit lines reduced from $5,000 to $500, because there’s simply not enough credit to go around. If you should find a card that’s offering a balance transfer, however, the actual steps involved are very easy.
It’s easy to transfer a credit card balance from one card to another. All you have to do is apply to the card offering the introductory deal that you like, and await their response. Applications are made either online, by phone, or by filling out a hard-copy document and mailing it in. Once that’s done, and you’re approved to transfer your credit card balance from your old card to your new card, your new card will simply pay off your debt to your old credit card company. You’ll still owe the same amount of money, but for six months or a year or whatever the introductory time period consists of, you’ll be paying either very low interest on your debt or no interest at all. With reduced interest rates it’s easier to pay off your debts.
It’s important to be aware of the fine print when you’re dealing with credit cards. There could be hidden surprises in the paperwork and you may have overlooked. Check to see if there fees on transfer your balance, based on a percentage of your debt. If you’ve got thousands of dollars in credit card debt the fee could be rather high – so be careful.
Before you transfer your credit card balance from one card to another, make sure you do all of your homework.