Balance Transfer Tips
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Balance Transfer Tips
Transferring your credit card balance can be a quick and convenient way to reduce interest payments. This method involves paying off one card with another, requiring a second card to complete the transfer. Using a card with no annual fee is ideal, but even one with a small fee can be beneficial if the savings outweigh the costs. The good news is that many cards offer low or zero interest periods, making balance transfers more accessible. Here are some essential points to consider:
1. Start of Balance Transfer Offer Periods: These typically begin on the activation date of your card, not when you make the transfer. Once this period (usually about six months) ends, any remaining balance will revert to the standard rate.
2. Eliminating Cash-Out Interest: Even transferring balances later can help eliminate interest from cash withdrawals nestled between purchase transactions. Avoiding cash withdrawals is wise, but this can handle those occasional slip-ups.
3. Benefits of Transferring Full Balances: Moving the entire balance from one card frees it up to take advantage of interest-free days or grace periods.
4. Process of Balance Transfers: Depending on the card issuer, transfers can be done via phone, online, or by mail using a form. While mail might take longer, expedited options like fax are available. During new card applications, you’ll often be asked if you wish to make a transfer right away, though waiting until after activation is also an option.
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