Balance transfer on credit cards. Here's the guide!

Are you being offered with a new credit card carrying zero percent interest balance transfer? Eventually before you proceed to transfer a balance from one credit card to a new card, have a glance on our guidelines to safely transfer the balance on credit cards.

Selecting on balances to transfer

See where you stand by and then list all of your credit cards, their balances and their interest rates. Now, pick one or more cards with high rates whose balances you would like to transfer to save money on interest.

Estimate the transfer fees

Know about the balance transfer fee and calculate your balance transfer fee that you will be entitled to pay on the amount you want to transfer. Use a free, online balance transfer calculator to do the math.

Know about the incurred penalties

When you wish to do the balance transfer at zero percent, you still have to make the monthly payment on your balance to keep the zero rates. Note the interest rate you’ll pay if you lose the zero percent rates because you miss a minimum payment.

Avoid doing balance transfer with the same bank

Make sure you fulfill the basic requirements for the balance transfer. Remember, before you proceed with the process if your new account is with the same company then you cannot transfer a balance.  Also, your transfer request may be declined if you have due payments with the creditor to which you want to transfer the balance.

Keep your eye on accounts

Watch your old accounts to know whose balance you’re paying off to see when the balance transfer clears. In the meanwhile, don’t miss any payment deadlines on those accounts so you don’t incur any late fees. Each creditor has its own time frame for completing a balance transfer. Keep monitoring your new account to see when the balance has transferred over.
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Source: Secondary