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Answered 2013-05-29 06:56:32

Discover is one company that offers low interest balance transfer of other credit cards. One can compare interest balance rates online at websites such as Nerd Wallet and Credit Cards.

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What is a credit card balance transfer?

A credit card balance transfer occurs when a credit card holder opens a new credit card to pay off the old one. The debt and interest is then owed to the new company, who often provides a grace period where a smaller amount of interest is charged on the transferred balance.

What exactly are balance transfer offers?

A credit card balance transfer is when someone opens a new credit card account to pay off an old one. The debt plus the interest is then owed to the new credit card company, who most times provides a grace period where a smaller amount of interest is charged on the transferred balance.

Which credit cards offer zero interest on balance transfers?

The Lloyds TSB platinum card, the Halifax balance transfer card and the Barclay's platinum credit card all offer zero interest on balance transfers. The zero interest is only valid for a specific time period dependant on the company and specific card.

What is a balance transfer with regards to credit cards?

A balance transfer is when an amount owing on one credit card is transferred to another credit card. This is usually done to take advantage of lower interest charges. A credit card company usually specifies a minimum/maximum amount you can transfer.

What is a balance transfer on a credit card?

A balance transfer is when you payoff what you own on one credit card, with another credit card or loan.A "balance" is what you owe.Usually balance transfers are done when another credit card company offers you a lower interest rate.Before you do a balance transfer, make sure there are NO FEES associated with it.Answer:Most of the companies offer balance transfer from old card to new that they offer to attract the customer to their product. they even provide the grace period to pay back the balance to the lender.

How can one transfer a credit balance?

Typically, people consider transferring high interest rate balances to a credit card that offers a lower interest rate. The best way to accomplish this is to contact the lower rate credit card company and set up the transfer (this is a relatively quick process). This company will ask for the higher rate credit balance and assist you in transferring. After you get a notice that the transfer is complete, you can close your higher rate credit card.

Who is able to do balance transfer?

A balance transfer is done by the credit card company. If you want to transfer all of your balances to one card, you must apply for it, and once approved the credit card company will contact the companies of the cards you want transferred.

How do I transfer the balance on my credit cards?

You will have to talk to you credit card company. They will be able to assist you in transferring your balance on your credit cards.

How would one define a credit card balance transfer?

A credit card balance transfer means one can transfer the balance of one credit card into another. One can transfer either all the funds or only a portion. For further information, one can contact the credit card company.

What is the best way to do a credit card balance transfer?

Before you transfer your balance, read the fine print on your credit card agreement. Some agreements charge fees for balance transfers. After you have read the agreement and understand the possible charges you may face, gather all the necessary information about the card you want to transfer the balance from, call (or perhaps go online) the credit card company you wish to transfer your balance to, give them all the necessary information, and transfer your balance.

What You Need to Know About Balance Transfer Credit Cards?

When you receive a balance transfer offer in the mail, it might seem like a gift. These offers typically let you transfer the balance from one credit card to a new credit card, which has a lower interest rate. While transferring your balance does have some benefits, you must read the fine print on the offer. You might be surprised when you discover the details regarding that transfer because not all balance transfer credit cards have the same benefits.Total Amount AllowedBefore you consider shifting your balance, you should look at the total amount allowed. Some balance transfer credit cards limit your first transfer to $1,000 or less. If you have a higher amount on a higher interest credit card, you might not save much by transferring such a small amount. This small amount can also impact your credit score. The main credit bureaus look at the ratio you have of debt to available credit. Opening a new card that you instantly fill with a balance transfer can lower your credit score because it decreases your debt to available credit ratio.Balance Transfer FeesYou should also read the fine print for any fees relating to that transfer. Some credit card companies offer low cost balance transfers, but the company buries the information on fees in the terms of the contract. The company can add these fees in one of two ways. The first method involves charging a set fee based on the size of the transfer, which the company adds to your total amount. For example, if you transfer $1,000, your credit card balance shows a total of $1,100. The other method requires that you pay the fee upfront. For example, if you want to transfer $2,000 onto the card, the company makes you pay the fee for that transfer before it approves the transaction.Length of RateThe most important thing to keep in mind is the length of the terms. Most balance transfer credit cards offer an introductory rate that only applies for the first six months or the first year after making the transfer. If you do not pay off the card during that time frame, your interest rate suddenly rises. You might find that your interest rate doubles after the introductory period. Before you transfer your balance, make sure that you can pay off the total amount of the transfer within the introductory period.

Can a company who closes your account try to collect interest three years after closing the account?

Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.

How does a credit card balance transfer work?

The basic concept of a credit card balance transfer is to take the outstanding balance, or debt, owed on one credit card and moving it to another credit card. Most credit card companies offer incentives or rewards for transferring a balance to their card, such as lower interest rates or a limited period of interest free rates. One needs to open a new credit card account with the new company and go through their balance transfer process, which can differ between companies. Once the new card notifies one that the transfer is complete, one should verify this with one's old credit card, at which point the old credit card billing statement thereafter should show a zero balance.

Does interest payable go on a balance sheet?

Interest payable is the interest which is not yet paid and required payment to be made so it is the liability of the company and that's why it will show as a current liability under liability side of the balance sheet.

What does no balance transfer fees mean exactly?

An individual may wish to transfer the balance of one credit card onto another. This is generally done when an offer on the original credit card is ending, or if the APR is higher than the new card. Often when doing this, the new credit card company may charge a fee, generally 1-5% of the balance transfer. When it says no balance transfer fee, it means there is no extra charge for a balance transfer.

How do you write a payment letter transfer from company to a person?

We are remitted payment to you today, the balance is USD59,395.

What is a balance transfer credit card?

A credit card balance transfer happens when on person opens a new credit account in a different company and use it to pay off the debt in his or her old credit card.

How can one transfer the balance of their credit cards to a consolidated loan?

You can easily transfer the balance of the credit cards to the consolidated loans in one easy step. All you have to do is sign a form on behalf of the loan company. They send this out to all your other cards, and the balance is transferred.

What is the interest rate on a JCPenney credit card?

Interest rates change fairly frequently, given economic situation, so to be currently on point about any company interest rate, please contact that company first hand.

Where do you find positive and negative numbers in finance?

In a company balance sheet.In a company balance sheet.In a company balance sheet.In a company balance sheet.

What is the typical procedure to transfer balances on credit cards?

You can use their website but you should first sign up for an account. You can also call the company to transfer balance.

Can a credit card company charge you interest if you pay off the balance on your card?

Ask yourself 'what is interest?'. Find out your interest rate and times it by ZERO. How much money do you owe them now?

Which interest method do credit card companies prefer?

The interest method that credit card companies prefer will vary depending on the company. In most cases, they use the average daily balance method or the daily balance method.

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