How do balance transfers work on credit cards?

Currently i%26#039;m paying an average of 鎷?3 per month in interest on my main credit card, on a 鎷?.500 debt. I%26#039;m looking to transfer this debt onto a 0% balance transfer card.

How do balance transfers work on credit cards?

Credit card balance transfer is one of the preferred ways to get rid of credit card debt and is used by many people to get immediate relief. Credit card balance transfer essentially means that we transfer our outstanding balances from a high APR credit card to a credit card which offers low APR%26#039;s. A 0% Intro APR credit card is the preferred credit card to transfer balances, but because of the widespread misuse of such credit card offers, credit card companies have withdrawn all such offers.

Indeed balance transfer saves a lot of money and can save things from going worse, but many people simply don%26#039;t know the right way to do balance transfer. This article takes a look at the correct process to initiate and complete the balance transfer.

The first thing to look out, when a person wants to transfer his balances is a credit card which offers the lowest apr rates and lowest balance transfer fees. Many online credit card companies offer credit card comparisons. It is indeed a good practice to search for the credit cards using their services and decide on a credit card which offers the maximum savings. It is important to note here that balance transfer APRs depend on a person%26#039;s credit history. If the credit card in question offers the lowest rates, it is definitely for those with the best credit ratings. There are different balance transfer apr%26#039;s for people with lower credit ratings. So, it becomes imperative that one chooses the credit card which offers the lowest apr and balance transfer fees for his credit ratings.

When you decide for a balance transfer it doesn%26#039;t mean that your obligation for payments towards your outstanding balances with the existing credit card company cease to exist. You will have to pay the credit card company all the monthly payments. One way you can save money is to just send the monthly minimum payments to the existing credit card company. This way you won%26#039;t default and invite penalty.

The next step is to sign up with the credit card which you sought for transferring your balances, and fill up the balance transfer application. Read more from: http://www.credit-card-gallery.com/artic...

How do balance transfers work on credit cards?

call your credit card with 0% and tell them u want to balance xfer an amount

How do balance transfers work on credit cards?

they pay your debt for you, then you owe to them.

How do balance transfers work on credit cards?

yes i have just taken out an ASDA credit card the first card in my life apart from the bank card. When you fill out all your details they will say how much do you want to transfer. They should give you a percentage of the debt say 2/3% ON THE transfer before you start NOTHING IS FREE. you will get free 0% on anything you put on your new card. SO MAKE SURE OF THIS before you start.Good banking???