How to Transfer Credit Card Amounts

If you are tired of making payments to several credit card companies or want a lower interest rate, you should consider transferring debt to another credit card. You can consolidate debt onto one card depending on the amount of credit you are approved for. You can do this by applying for a new card or by transferring the debt to an existing credit account.

Things You'll Need

• Credit card account number
• Most recent credit card statement

Instructions

1. Apply for a new credit card. Check your mail for credit card offers or look online for credit card offers. Some credit card companies will let you transfer your balance for free or give you a low introductory rate on transferred balances.

2. Call the credit card company that you want to transfer other credit card debt to. Tell them that you are interested in transferring your debt. They may be able to set this up over the phone or they may send you a form to fill out. Sometimes credit card companies will send checks that you can use to pay off other companies to transfer the debt.

3. Fill out any paperwork you are sent and mail it back to your credit card company or use the checks to pay off the balances for other cards.

4. Check your statement or call the credit card companies that you transferred balances from to make sure the balance has been paid off.

Tips & Warnings

• If you are transferring your debt to a new card, make sure you are comfortable with the new rate. If you are getting a good introductory rate, check to see what the rate will increase to after the introductory period so you won't be surprised later.

• Instead of opening a new credit account to transfer existing balances, ask your current credit card company to increase your balance limit.