You may be feeling frustrated for having to pay your credit card every month and still not get out of debt after a long time. The good news is that you can transfer your balance to a balance transfer card with a zero percent promo to pay it off faster.
Before you perform the balance transfer, you must first find out how much balance you want to transfer and the rate of your current credit card debt. This allows you to choose the right credit card to transfer the balance. When choosing a card, you must consider the length of the zero percent intro promo period. You also want to find out whether the zero percent intro promo applies to balance transfer.
The zero percent intro promo usually last for a 9 – 21 months. Ideally, you should find a card with a zero percent intro promo that last for as long as you need to take to pay off the debt. Before you go ahead to sign up for the card, you must not forget to go through the fine print and check what fees you will be charged.
Through reading the fine print, you will learn how much percentage of fees you get charged for every balance transfer. The balance transfer fee can be 3% or more. Sometimes, the balance transfer fee is waived when you transfer the balance within a limited time frame. For example, BankAmericard waives the balance transfer fee if you transfer the balance within 60 days. You must make sure that you are still saving money after paying the balance transfer fee.
You must apply for a balance transfer card that is issued by a different bank than the bank that issue the new credit card where you want to transfer the balance from. The credit limit of the card depend on the evaluation of your credit. The issuer may set a limit on how much balance you can transfer in a 30 days period. Once you have chosen a balance transfer card, you can fill in the application form and apply for it.
You can call the credit card company to perform the balance transfer. The representative will ask you for the account numbers of your credit cards and the transfer amount. It takes 1 week or so for the transfer to successfully go through. In the meantime, you still have to make payment on your existing card. You will receive a confirmation when the amount is successfully transferred. The balance on your old cards will be limited if you can get the whole amount transferred to the new card.
You must be punctual in making payment to keep on enjoying the low introductory rate. You should come up with a plan to pay off your balance within the promo period when the APR interest is waived. In this way, you can avoid paying interest fees when you are paying off your debt