How to Transfer Credit Card Balances at a Fixed Rate

Transferring your balances can save you money.

Even when the interest rates on savings and investments decline, the rates on credit cards tend to remain stubbornly high. That is why it is important for consumers who carry a balance on their credit cards to look for fixed-rate balance transfer offers. With a fixed-rate balance transfer, consumers can transfer their high-interest credit card balances to a card with a more reasonable and affordable rate of interest.

Things You'll Need

• Credit card offer
• Balance transfer form or checks

Instructions

1. Watch your mail for credit card offers, and note the rate of interest being offered. Make sure the offer is for a fixed-rate card.

2. Complete the application for the new fixed-rate credit card. Be sure to complete all the sections of the application, including your Social Security number and the requested information about your job and income.

3. Look on the bottom of the credit card application for the balance transfer section. This section is generally located just above or just below the signature section. Check the box that indicates you wish to transfer an existing balance.

4. Wait for the new fixed-rate credit card to arrive in the mail. Fill out the balance transfer form or balance transfer checks that came with the card. Contact the card issuer to request balance transfer forms or checks if they were not included with the welcome packet.

5. Send the balance transfer forms to the address listed. If using balance transfer checks, simply send them to the issuer of your high-interest cards to pay off your balances.

6. Contact the issuers of your high-interest credit cards to make sure the balances have been transferred to the new card. Check with the issuer of your new fixed-rate card if there are any issues.

References

• Bank of America: Balance Transfer Guide