How Can I Consolidate My Two Credit Cards Into One Payment?

Balance transfers are a service that banks provide for a fee allowing you to consolidate credit card debt

When it comes time to pay the bills every month, most people hate thinking about all the payments they have to make. An easy way to pay fewer bills would be to consolidate some of them, and there is actually a specific way to do this for your credit cards. Doing a balance transfer from one card to another with the help of your bank is a relatively painless way to turn two card payments into one.

Things You'll Need

• Credit card numbers for both cards
• Expiration dates for both cards
• CVC number from the back of both cards

Instructions

1. Call the bank that issued each one of your cards to find out what kind of deals they will offer you for a balance transfer on each one. Normally, card issuers charge a fee and higher interest rates on the money you transfer from another card. But many places offer deals or "teaser" rates that waive extra charges if you can pay off the balance in a few months.

2. Transfer the balance from one card to the card that offers a better transfer balance deal. Go online, log in to your credit card account page, and find the option to transfer a balance. Alternatively, you can call the bank back and have them assist you over the phone.

3. Tell the bank the amount of debt you want to transfer from one card to the other. You also need to provide the card number, expiration date, and CVC (Card Verification Code) number from the back of the card you are transferring the balance off of.

4. Look for the transfer to clear in about two weeks. You should now have all or most of your debt on one card.

Tips & Warnings

• Don't stop paying on your debt until the balance transfer clears. If a payment is due on the card before then, pay it.

References

• All Business: Playing the Balance Transfer Game