How to transfer a credit card balance
When it comes to understanding how to transfer a credit card balance, there are a few speed bumps that can trip up consumers.
This post comes from Jason Steele at partner site Credit.com.
Make sure you keep up with all of your payments.This will allow you to maintain excellent credit and find a balance transfer offer with the best possible terms. The right card may be one you already have with a lower interest rate than the one you are using, or it may be a new card with a 0% APR promotional balance transfer offer. In fact, you may be able to get a promotional financing offer from one of your existing accounts, possibly in the form of a convenience check.
Understand all of the terms and conditions of the balance transfer. Know what the card's credit limit is, its interest rate on balance transfers, and what the balance transfer fee will be. Balance transfer fees are typically 3% of the amount transferred, but not always. Chase Slate currently has the only 0% APR promotional balance transfer offer with no balance transfer fee, although others can have fees as high as 5%.
Make a plan.Come up with a sound financial plan for paying down your debt, otherwise your balance transfer is just another form of postponing your obligations.
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