How do you transfer money from one credit card to another?

Answer 1

There are a few ways to transfer money from one credit card to another. Some of those techniques are summarized as follows:

Direct Balance Transfer

The balance transfer process differs from issuer to issuer, however, most issuers are more than happy for you to transfer a balance from another card to their card. One may initiate a balance transfer either online (through the credit card issuer's online banking website) or via telephone (call the customer service number on the back of the card). To complete the process, one would need the account number of the credit card that the money is being transferred to, the name of the issuer (and sometimes address/phone number) and the amount. Be prepared to pay fees of between 3% and 5% of the amount being transferred and whatever balance transfer interest rate is in play (fee% and APRs can be found on the website or by asking the customer service representative what the transfer will cost in the short- and long-term).

Balance Transfer or Cash Advance Checks

The check is a direct way to transfer a balance. Simply fill out the BT or CA check in the same manner that you would fill out a payment check to the credit card company to which you want to transfer money. Then send the check to the standard payment address. As with a direct balance transfer, be prepared to pay similar fees. Also, if the check is considered a cash advance, the interest rate will be significantly higher than that of a balance transfer (BT rates run between 7% and 11%; cash advance rates run between 15% and 21%).