2 Apr Card Transfer

Credit Card Balance Transfers: The Art of Moving Debt

You're careful. But just like credit cards themselves, it is possible to abuse card balance transfers and wind in a worse situation than you started. If you pay one or more credit cards with high interest rates, a low APR on balance transfers - even if only for six months or a year - can save you a bundle on interest. Before applying, consider the following:

1. Watch Your rates

If the APR balance transfer is for an introductory period, you can make your payment within the time? If not, is the standard interest rate better or worse than what you currently pay?

2. Do not be late

The APR balance transfer is canceled forever if you're late with the payment once. Your good April can be affected by other accounts too. Creditors reserves the right to increase the APR if you become a perceived higher risk because of other accounts that are overdue.

3. Not for sale

The biggest mistake that people only make balance transfers card? Make new charges.That's because credit card companies apply your monthly payments to balance transfers low while your new charges on April 1 sitting there accumulating finance charges at the normal rate. So as soon as you slide your new card you deny the course of providing your APR or balance transfer.

4. Will you be approved?

If you have bad credit or a high ratio of debt to income, your credit card balance transfer request may be denied. Creditors worry, you can use balance transfers to free up additional funds and go further into debt. Do not despair if you are not approved for a new credit card.Continue to work on paying off your debts and your credit rating will improve.

5. Consider your credit score

Consider your credit score when applying for a balance transfer credit card. Having more than two surveys drive to your credit file (card applications for loans or credit) per year will put a slight ding in your score, if anything as important as if you are behind a payment or near your credit limits. If you transfer a balance, you do not necessarily want to cancel your old card.It's a good idea to keep one or two credit cards that you have long had open. accounts of long standing, even with little current activity, increase your score. Check your credit score for free now.