Credit Card Balance Transfers

Do you have a credit card debt? Don’t worry, there are cards with generous balance transfers and these could be just what you need to help you save your money!

These credit cards are available for those who are looking to pay off current credit card(s) with another. This may sound like a silly thing to some people. However, if you are currently paying high rates of interest with other cards, but a new card offers you a balance transfer at a great rate, why wouldn’t you want to take advantage of the lower rate and possibly paying off your debt faster?

Available in Most Any Type

The great thing about this type of credit card is that it is generally available in most any type (e.g rewards cards, cash back cards, zero interest cards and more). There are also credit cards that are designed specifically for this area. It is really easy to get started with this type of card. Just determine which type of card you want and then apply.

Generally, when you apply, the companies will ask you to list the balances, account number, and other information regarding the credit cards you are wishing to transfer. Once you have been approved, the debt is then transferred over to the new card and becomes a part of your new account.

Essentially, your credit card company will pay off the existing creditor and take on the credit themselves and you will begin to pay the new creditor instead. It is something like refinancing a loan to get a better rate of interest. Keep in mind that after you are approved, it can take a couple weeks before the balance from your old accounts are complete.

Check The Terms and Fees

This type of credit card can be great for getting a lower rate of interest. They can also take some of the pressure off of you by consolidating your debt and possibly lowering your monthly payment. However, it is important to be very careful about the credit card you choose. In some cases, there are additional fees involved. It would be very difficult to find this type of card that didn’t charge some type of fee.

Most often, creditors charge 3% to complete the transfer. But if you are transferring from a higher interest rate, you will most likely still be saving money. As always, be sure to read the terms and conditions for the credit card.

This will give you a rundown of all fees involved, as well as interest rates to expect and how long the low rate will be in effect. Carefully comparing different credit cards can enable you to make the right decision for you!

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