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6 Steps to Transfer Your Credit Card Balance

In Money Management
Person using a credit card and shopping online

When you carry high-interest credit card debt, you might feel like you’re tied to it until you can pay it off in full or qualify for an interest rate reduction.

In reality, you can transfer your high-interest credit card debt to a card with a low-interest offer. How do you transfer your credit card balance? It’s relatively easy once you understand the process.

Don’t remain tied to debts with a high-interest rate when you can transfer them and save by following these six steps.

1. Review Your Current Balances & Interest Rates

Before you start the balance transfer process, you want to review your current credit card balances and interest rates. Depending on how much debt you have, it’s best to prioritize those with the highest interest rates so you can experience the most significant savings.

To find your updated credit card balances and interest rates, review your monthly statement.

2. Choose Your Balance Transfer Card

Next, you want to select the card you’ll use to complete the balance transfer. The best balance transfer card will offer you a low-interest promotional rate over an extended period. At 1st Advantage, we offer rates as low as 3.99% APR* for six months on your balance transfer.

While this initial promotional offer is essential, you also want to know your interest rate after the promo expires. If you’re not sure whether you’ll pay off the full balance before the offer expires, or if you plan to use the card for more than the balance transfer, you want to ensure you have a credit card with terms and conditions that make you feel comfortable.

Along with knowing your interest rate, you should also compare the balance transfer fee. Some companies don’t charge a fee, while others will charge you a percentage typically ranging from 3-5%. Depending on how much you transfer, the fees can add up. That’s why we offer fee-free balance transfers to maximize your savings.

3. Apply For Your Balance Transfer Card

Once you’ve chosen your balance transfer card, the next step is to apply for it. The process is just like applying for any credit card. You can complete the application online for a fast and easy submission, while some allow you to do so via phone.

4. Complete The Balance Transfer Process

Once you’ve been approved for your balance transfer card and receive it, you want to complete the balance transfer process.

You must confirm with your cardholder whether you can transfer the balance you’re considering. Many will have all details about the balances eligible for transfer online, or you can contact their customer service line to get this information.

You can usually complete the balance transfer process online and provide all the required information regarding the transfer of debt. When you go through this process, you should be prepared to give the issuer name, balance, and account information.

Sometimes you can complete the process on the phone with a customer service representative or using a balance transfer check that you can pay directly to the holder of the debt that you’re paying off.

5. Wait For The Transfer

After you initiate the balance transfer process, you have to wait for the funds to transfer. This can take a few days up to a few weeks depending on the card issuers.

In general, the payment will go directly to the creditor, so you will never see the money in your account. Sometimes you will receive an automatic notification that the transfer has taken place, while other times, you will have to check on the status manually.

6. Pay Off Your Balance

Once your high-interest debt has been transferred to your new credit card, you will have to begin paying off this balance. You want to be mindful of your transfer balance terms. They usually come with introductory offers before the official balance kicks in.

It’s best to pay off as much of your account balance as possible while the introductory offer is in place since this is the time when you’re paying the least amount of interest.

Understand How To Transfer Your Credit Card Balance And Start Saving

Transferring your credit card balances can help you save money and consolidate your bills, so you have fewer payments to make each month. When you learn how to transfer your credit card balance, you can prepare yourself for a better financial future with your debts.

Balance transfer offers can be appealing, so be sure to review them carefully to make the best choice based on the interest rate and balance transfer fees along with your terms and conditions after the promotion is over.

At 1st Advantage, we offer several credit cards that you can use to transfer your credit card balance.

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