How to Transfer a Card Balance

Have you been wondering how to transfer a card balance from one credit card to another? It is fairly simple if you already have a credit card with a lower interest rate, no fee for the transfer and the ability to transfer.

Difficulty: Easy

Instructions

1. CHECK YOUR RATES - You need to check the interest rates on all your credit cards whether you have balances on them or not. You will want to pay off the credit cards with high balances or transfer those high balances to a credit card that has a lower balance.

2. TRANSFER - Once you have found a credit card with a lower interest rate, you will need to check and make sure that you are able to transfer balances to the card. One key point you need to find out is will the rate change after you have a balance on it?

3. FEES - Once you have found a credit card with a lower interest rate and the ability to transfer funds onto the credit card, you will need to check they fee schedule. Will there be a fee for the balance transfer? The first thing that you will learn about how to transfer a card balance is that you do not want it to cost you anything.

4. PAY OFF CREDIT CARD - The credit card that you are transferring the money onto should supply you with a check to send to the other credit card company or a website where you can input the information for the transfer. If you write a check, make sure it is for the correct amount and put your credit card account number on the check. Now you know how to transfer a card balance.

Resources

• Get Equifax Credit Watch Gold 3-in-1 Now!

[sonni57]

on 4/30/2009 I've never had to transfer from one credit card to the other but if I do now I know how.

[Smireles]

on 4/29/2009 Good information. Thanks for sharing.