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What Is A Balance Transfer Credit Card? | Save Money Tricks | - YouTube
Channel: Save Money Tricks
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a credit card balance transfer involves
moving the credit card debt accumulated
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on a high interest card to a card with a
lower preferably zero interest rate
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placing the debt to a low interest card
will help focus paying the principal
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towards the remaining debt instead of
focusing on paying the interest rate the
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most recent credit card report shows
that the average national credit card
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interest rate is about sixteen point
seventy three percent thus making the
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credit card balance transfer a smart
move
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transferring financial information
between credit cards may seem in
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opportune with no essential benefits but
on further analysis you may notice the
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true advantages of transferring your
balance this operation refers to moving
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the entire or a part of your debit
balance or debt from one credit card to
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another one people who opt for
transferring balance will look for cards
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with a small to zero interest rate
preferably with a 0% interest rate for a
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couple of years a transfer can be a
great way to save some money by
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eliminating high interest rate debt
furthermore there are some other
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benefits like keeping better track of
your balance and consolidating your debt
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it is useful to note that you can
transfer an amount up to the new credit
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cards limit for example if the new
credit card has a $7,000 limit and your
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debt is higher you want to be able to
transfer more than that maximum which
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varies per card and per applicant what
are the benefits of a balance transfer
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credit card balance transfer credit
cards have specific features that will
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help their card holders save money repay
debt and maintain a good credit score it
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is also important to remember that most
credit cards require a good to excellent
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credit score to be eligible
low APR since balance transfer cards are
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used to pay off credit debt many credit
card companies offer multiple incentives
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for applicants one of the most common
incentives is a low interest rate on
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purchases and balance transfers the
credit card companies hope that those
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offers will make you sign up and
establish a long lasting partnership
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with them the best credit cards offer 0%
or very low APR 2 new members for an
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introductory period typically 6 to 8
months or longer
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a low balance transfer APR can help you
catch up on your existing debt by
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maintaining the some of your payments
instead of making your debt higher every
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month
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better credit tracking a balance
transfer credit card can also improve
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your credit tracking why deal with
multiple lines of credit when you can
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consolidate your payments into one
account you won't have to deal with
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multiple payment due dates as you will
only have a single payment per month
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balance transfer offers may be available
on existing credit card accounts with
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promotional APRs which also apply for a
defined time period contact your credit
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card company for more details how to
complete a balance transfer the first
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thing to do to complete a balance
transfer is to find the right credit
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card for your needs these types of cards
have promotional offers with very low
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interest rates credit card companies
provide various offers each one with a
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different annual percentage rate
timeframes for the introductory APR and
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balance transfer fees if you are looking
for a solid investment you should spend
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some time analyzing the card offers look
for advantages and disadvantages for
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example a balance transfer credit card
may have low or zero percent APR but may
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charge a high balance transfer fee or
the introductory APR may only be offered
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for a short period of time after you
compared offers you can contact the
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credit card issuer and ask for a balance
transfer you will have to inform who you
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want to pay the account numbers and how
much you want to transfer once your
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balance transfer is approved the credit
card company will contact your creditors
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on your behalf and pay them two amount
you indicated keep in mind that this is
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a lengthy process which may take up to a
few weeks before making a balance
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transfer there are two things to keep in
mind make all payments by their due
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dates in order to avoid late fees
penalties inform that the people and
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companies about your credit card
transfer and pay the balance transfer
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fees credit card balance transfers may
charge a balance transfer fee which is
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usually 3/2
percent of transferred debt
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which balance transfer credit cards are
the best the American Express everyday
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credit card this is a cost effective
balance transfer card that also provides
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great rewards the card offers an
introductory $0 balance transfer fee for
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transfers requested in the first 60 days
from opening that account the annual fee
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is $0 and you get an introductory APR
the zero percent on purchases and
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balance transfers for 15 months after
this period the APR will be between
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fourteen point forty nine percent and
twenty five point forty nine percent if
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you still use the card after the
transfer period you will be eligible for
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membership reward points without an
annual fee the u.s. bank
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visa platinum credit card this is the
most sought-after credit card for people
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with excellent credit looking for a long
0% APR period for both purchases and
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balance transfers you have 20 months to
pay down these balances interest-free
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after that the interest rate goes up to
eleven point forty nine percent to
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twenty three point forty nine percent
the lack of rewards can also be
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considered a con like most credit cards
it doesn't allow same issuer transfers
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it also requires excellent credit score
to be eligible in conclusion a balance
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transfer credit card is used for
transferring credit card debt it has a
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low interest rate
preferably 0% for a predetermined time
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period the main purpose of a balance
transfer is to save money by moving to a
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low-interest card a balance transfer fee
ranging from three to five percent of
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the amount you plan to transfer will
also be applied upon making the transfer
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