How to Transfer a Balance to MasterCard

Transferring your higher-interest credit cards to a card with a lower rate is a great way to save money. If you already have a MasterCard, you likely can transfer your balance with a phone call. If you need to apply for a card first, the process is still fairly easy. You just have to get approved for a card first.

Difficulty:

Moderate

Instructions

If You Already Have a MasterCard

1. Find the information you received when you first got your card, or find the latest change to your account and see what your balance transfer rate is.

2. Call the 800 number on the back of your MasterCard and follow the automated menu until you can select an option for balance transfers and reach a customer service representative. Make sure you have the account numbers and balances of the credit cards that you want to transfer balances on so the representative can process your request.

3. Ask about other fees or charges that might not be mentioned. Balance transfer fees, annual fees and changing interest rates are things you need to be aware of so that you don't get a bill that was higher than you were expecting.

If You Need to Get a MasterCard

1. Go online to MasterCard's website. Once there, answer a couple simple questions about your spending habits and what you're looking for in a credit card.

2. Fill out the appropriate fields on your screen. Here, there's an option for balance transfers. Input your existing account numbers and amount you wish to transfer. Then, finish the rest of the form and submit.

3. Check your e-mail. You should receive a response that will tell you how long it will take to find out if you are approved or not. If you are approved, then your balance transfer should be under way. If you were not approved, you will need to try again with a different type of MasterCard.

4. Complete an application for a different type of MasterCard if your application is declined. If your credit is bad, or if you have a high amount of debt, you might need to choose a card with a higher interest rate or not as favorable terms.

Resources

• Visit MasterCard's official website.