Balance Transfers And Credit Cards – What You Need To Know
There are many credit card holders today who arent familiar with balance transfers, what they are, and how they can be used to manage your outstanding debt.
To complete a balance transfer, when referred to in relation to credit cards, is simply the process of moving an existing balance on one credit card over to another credit card account. This is usually done in an attempt to lower the overall interest rate that is paid on credit card debt.
So when are balance transfers a good idea? If youre currently carrying balances on one or more high interest rate credit cards and cant pay them off in full at the end of each billing cycle, youre a prime candidate for a balance transfer. The best thing to do in this circumstance is begin searching for credit card offers with a 0% interest rate on all balance transfers (for a pre-defined period of time). Once youve found a card that you would like to apply for, fill out your application and wait for the approval process to run its course. When youve been approved, simply transfer the balances on your existing cards over to your new card.
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