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If you are struggling with debt, you might want to consider a credit card balance transfer. Balance transfers are an effective means of consolidating your debt. This can be a helpful financial decision because you will pay less interest on your credit card debt. Paying a lower interest rate lowers your monthly payment.
How Good Is Your CreditCredit card companies are only looking for people with good credit scores. Those with poor credit may not save much with a balance transfer. However, those who are paying the penalty rate of 30 percent will save no matter what. Borrowers with a good credit score should look for an interest rate of between 5-9 percent. Anyone with a credit score of over 760 could be able to get a rate that is even lower.
How High Is Your BalanceYou still have to make minimum payments when you transfer your payments. If you can still not make your payments, you should consider other options. A debt settlement may be best in the event you still can't pay your minimum. Failure to keep up with payments after transferring your balance could further hurt your credit score. It could make a future balance transfer harder to pull off.
Could You Get A Better Rate Consolidating In A Different WayHome equity loans could be a cheaper way to consolidate your debt. You could get a second mortgage at an interest rate of between 4 and 5 percent. This could be the best way to get your finances organized if you are on the lookout for the best possible rate. The unsecured nature of credit cards makes it harder to find a rate that you would be satisfied with.
A balance transfer could be the method you choose to reorganize your finances. However, you should weigh the pros and cons of doing so. You might not get the best interest rate if you have poor credit. Those with good credit may find they can get better rates through other means of consolidation.
What else can I help you with?
What is the purpose of a balance transfer offer?
The purpose of a balance transfer is to transfer balance. Many credit card companies allow the transfer of balance from one card to another. That is a balance transfer.
What should you do if the credit limit you get is not high enough?
Transfer the maximum amount that the balance transfer card allows, and then perhaps consider applying for another balance transfer card so that you can transfer the remaining debt there. Since the card is recorded on your credit profile, you might as well use it instead of leaving it unused.
Can a wife transfer her credit card balance of a card that is?
She can transfer the balance onto a new card. It is known as a 'Balance Transfer'.
What is a balance transfer?
A balance transfer is when you have money in one bank and transfer that money to another bank. It is also when you have a balance on one credit card and transfer the balance to another credit card.
What does chase balance transfer stand for?
A balance transfer is the transfer of balance in an account or a credit card to another account.It also refers to transfer of outstanding balance from one credit card to another credit card.
Can I balance transfer from my partner's card?
No, you cannot balance transfer from your partner's card.
Can you transfer a balance to another person?
Yes, you can transfer a balance to another person by initiating a transfer of funds from your account to their account.
What is the best balance transfer card?
Best balance transfer card of 2013 is slate from chase. It is the only card that is offering a 0% introductory interest rate on balance transfer without charging balance transfer fee but it's only for the first 60 days.
What does balance transfer mean?
It's when you transfer your balance (or part of your balance) in an account to another account. Usually the accounts are in separate financial institutions. Although it applies mainly for credit cards, other financial product may also offer balance transfer.
What happens in a 0 balance transfer?
When one has a 0 balance transfer it means that all of one's balance transfer payments are pushed to the bottom. If it is a 0% it means that one would have no annual fees.
Can I transfer the balance from someone else's card?
No, you cannot transfer the balance from someone else's card without their permission.
Can you transfer your credit card balance to another person?
No, you cannot transfer your credit card balance to another person.
