Guide on How to Transfer Your Credit Card Balance
Are you currently dealing with several credit card debt? Can’t get ahead because of multiple interest rates on your credit card? Worry not. Many credit card companies offer a benefit that enables card users to transfer their debt from one card to another. This card feature is called credit card balance transfer.
Whether you have an eastwest bank visa/mastercard classic or other rewards card, you can pay off your card debt faster by using this card benefit.
Don’t know how to utilize balance transfer? Here’s a simple guide on how to transfer balance from your credit card.
Check your credit card balance
Before opting for a balance transfer, check your current card debt. Analyze your financial situation. How much do you owe? When is the due date of these balances? Doing this will enable you to select the best balance transfer for it.
Apart from your card balance, check your interest rate as well. Typically, the interest rate is expressed as annual percentage rate (APR).
Select a type of balance transfer
The balance transfer may vary from card to card. Some have their limit when it comes to the amount being transferred. Some cards allow you to transfer you balance for a specific period only. Furthermore, to save money, opt for balance transfer that does not charge fees.
It is important to compare and shop around for credit card first and see which one has the best balance transfer feature that suit your needs.
Here are some of the factors that you might want to consider when choosing a balance transfer card:
- Promotional interest rate
- The length of the introductory period
- The balance transfer limit
- Balance transfer fee
- Eligible cards
- The revert rate
- Rewards and perks
- Allowed frequency of balance transfer
Understand the terms and conditions
Reading the fine print will help you guide on the nitty and gritty of balance transfer. Commonly, terms and conditions state the
Apply for a balance transfer
Now that you have your card, it’s about time to apply for balance transfer. You can apply for it through online or branch of your chosen bank. Do not forget important details, such as amount being transferred and account number. Usually, the application process takes about 5 to 7 business days to be approved. Make sure to complete the necessary documents to have a faster application. Furthermore, ensure to apply balance transfer before your due date to avoid late payment fees.
Key Takeaway
One of the ways on how to deal with your multiple card debt is to allocate your balances in different credit cards.
Balance transfer is a great way to save money on high interest rates. It also allows you to pay off your credit card debt faster. So, apart from the rewards and perks, choose a card that has a balance transfer feature like eastwest bank visa/mastercard gold. This will not only allow you to easily deal with debt but help you increase your credit score as well.
