How to Transfer Credit Card Balances
- 1). To transfer a credit card balance, look for a credit card company or financial institution that offers a lower interest rate or minimum payment than you are currently paying. You can find offers by conducting a new search online or looking through the offers you receive through the mail.
- 2). Once you find an offer to transfer your credit card balance to, read through the fine print thoroughly. Check to see how long the lower interest rate lasts and see if there is a fee to transfer credit card balance, called a transfer fee or other similar term. Pay particular attention to any details about what may cause the interest rate to increase. For example, automatic interest increases may occur if payment is late or you go over the credit limit. Make sure these are terms you can comply with, otherwise, your interest rate may jump dramatically. Check to see exactly when payment must be received without counting as a late payment. Some companies count a payment as late if it is received after 2 or 5 p.m. on the due date, so pay close attention to any such details. If mailing your payment, check to what the suggested mailing time is. Also, if paying online or by phone, check to see what the time frame is for payment to be credited by the due date.
- 3). After you have read the credit card balance transfer offer details and have an offer you find acceptable, jot down any questions you may have to ask when you call to arrange the balance transfer, such as length of the introductory interest rate, how long the transfer process takes and what the approval process entails.
- 4). Write down the name of the credit card company, the account number and the balance amount you wish to transfer to the new company. Call the new company, explain that you would like to reply to a balance transfer offer and give the account name, account number and amount you want to transfer. Ask any questions you may have.
- 5). Continue to make payments to the old company until you have notification that the transfer is complete. Ask when the new due date will be and if it is negotiable. Some companies will let you choose a due date.