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Make the Most of Balance Transfer Using Your Credit Cards

By Faye Mergel
Published: Thursday, July 11th, 2013

In order to make the most of balance transfer using credit cards it is necessary to do it right from its first stage to last. Here is what everybody should know.

Ensure excellent credit

Credit card users should emphasis on timely payments, leading to higher credit ratings. This in turn opens up options during balance transfer, which are not available otherwise. One can easily shift to their existing card containing lower rates of interest than the one, which they are using. Otherwise, why not use a new credit card having promotional 0% APR offer for balance transfers. Promotional offers for financing may come from any quarter including an existing account.

Balance transfer conditions and terms

Understanding balance transfer using your credit card in general is an excellent way to make the most of such offers. Some of the information you should know include credit limit on the card, balance transfer interest rates, and the fee involved. Typically these are 3% of the amount transferred, but may vary from card to card and can be as high as 5%.

Know about balance transfer promotional

Balance transfer promotions can be a good way to reap the maximum benefits from such offers and lower debt burdens involving credit cards. Knowing about qualifying transfer completion term and promotional financing length can help you to manage debts better.

Proper planning

All the benefits of balance transfer involving credit cards are futile if one is unable to make a proper financial planning to take care of their debt scenario. Minus a proper plan in place, going for balance transfer may only be a ruse to postpone a loan situation.

Post balance transfer

Once you go through the balance transfer process, keep paying up the minimum payments using the previous card. People who pay up the total debts using the balance transfer methods should not forget to get relevant bank statements. Those who want can also maintain a low utilization ratio of credit for helping along their credit scores.

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