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Make Credit Card Balance Transfer

If your credit is good, you are receiving mailings offering credit card interest rates on transfers as low as zero percent introductory period for balance. Given this interest savings, such an agreement is potentially positive, provided they successfully manage their transfers to maximize profit and avoid costly mistakes. Analyze your credit card debt and identify credit cards with high interest rates.

revise any offer received via email or search online for deals. Often, in fact it is 12 months, offers zero percent balance transfers to the new card. Make a list of these offers and include the introductory rate and speed after the end of the introductory period, the duration of the introductory period, maximum amount you can transfer and annual fees and transfer fees or or balance.

Make Credit Card Balance Transfer

Beginning in 2008, many credit card companies eliminated their $75 maximum fee for transfers and instead began charging fee of 3 percent on entire balance transfer. Most companies also will default to higher rate in event of late or missed payments. Another common policy, mostly on store cards, is to charge for total accrued interest if balance is not paid in full by end of introductory period. Be sure to ask or research this information with each company.

Review your list and decide which offer works best for you. If any of offers are from existing accounts, you may want to proceed with balance transfer — only if there is no existing balance. Credit card companies will pay off balance at lower rate first, increasing amount of interest you are paying on card.

Transfer balances from more than one card, if company will permit and you have sufficient credit limit. Always first transfer balance with highest rate. Continue making payments on existing balance until you have confirmed balance transfer was successful.

Repeat these steps for any additional credit cards that you wish to transfer to lower rate. Make note when introductory period ends so you can either establish monthly payments or plan for another balance transfer.

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Make Credit Card Balance Transfer Related

How to Make Credit Card Balance Transfer