If you’re brand new to this world of credit card, then you might be thinking about balance transfer.
It’s basically the kind of transaction whereby debt is transferred to a different credit card to another. If handled correctly, balance transfers could help you save money on interest charges, if they transfer the best mother daughter trip amount of your account from a high interest card to a card with lower interest.
For example it is for instance, the Citi(r) Double Cash Card is a great illustration. It comes with a long initial APR period for balance transfers and an extremely high cash-back rate that means you won’t have to lose the cash back you earn from purchases to pay off the credit card.
There’s also an introductory rate of zero percent for balance transfers (made within the first 60-day period) as well as purchases lasting for 18 months. After the intro APR time expires, a variable rate between 18.24 percentage up to 28.24 percent will take effect. It’s one of the longest initial APR terms the balance transfer firms can offer.
The next task for you may be the process of completing the balance transfer. Here’s a simple guide to the transfer of the balance of a credit card.
Look for the Balance Transfer Card you
For for personal usage or whether for business or personal use, just a few credit cards can accept balance transfer. They are referred to in the industry as credit card balance transfers.
A lot of credit cards for balance transfers offer advantages such as extended period of trial periods at the 0% annual percentage rate and cash-back rewards as well as sign-up bonuses.
If you don’t already have one then you’ll have to search for and family travel blogger then apply for the balance transfer card that will work for you.
Here are some suggestions you should think about:
- The length of the initial APR time frame — you’ll be able to switch to a more variable APR after the initial period, in the event that you’ve not completed the transfer in total.
- Balance transfer fees These are the costs to complete the transfer, which is usually 3 to 5 percentage.
- The amount of time required the transfer of your balance your old account to your new Be sure not to fail to pay any bills during the time your transfer is being carried out.
For instance, the Citi(r) Double Cash Card is a good example. It provides a lengthy introductory APR duration for balance transfer as well as a high cash-back rate, which means you don’t need to forfeit the rewards you earn on purchases in the future to pay off your credit card.