How do I transfer a balance from one credit card to another?

Last Updated: May 16, 2013 08:55PM UTC

If you receive an offer in the mail from a creditor promoting a balance transfer offer, most include the option to conduct the transfer by telephone with a representative, online, or by writing a convenience check that was sent with the offer, to the creditor you want to transfer the balance away from.

Many balance transfer offers limit the amount you can transfer and charge a fee for doing so; confirm that you’ve read the terms in advance. Further, make certain you understand how what interest rate will be applied to the balance transfer and how long that rate is valid for, in addition to what the rate will increase to after promotional period expires, and how interest is calculated on new purchases.

If you aren’t sure, call a balance transfer representative on the phone and ask before you execute the transaction. All of these details can mean the difference between saving money to pay down debts, or an even costlier situation.
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