Balance Transfer vs. Personal Loan

It’s that time again, where I compare balance transfers to other financial instruments to see which is best in particular situations. Today’s matchup: “balance transfer vs. personal loan.” Balance Transfers In short, a balance transfer allows you to shift high-APR debt from one credit card to another (what is a balance transfer?). Sometimes, you’re also… Continue reading Balance Transfer vs. Personal Loan

How Many Times Can You Balance Transfer?

Balance transfer Q&A: “How many times can you balance transfer?” Once. Five times. 28 times? The short answer is that you balance transfer as many times as you’d like, or your credit affords. But in reality, credit card issuers wouldn’t allow you to keep transferring balances over and over, because your credit score would likely… Continue reading How Many Times Can You Balance Transfer?

Watch Out for the Default Rate on Balance Transfer Credit Cards

I’ve already spoken about the benefits of balance transfers in depth, along with the problems and pitfalls. But one thing I forgot to mention was the default rate on balance transfer credit cards. By default rate, I mean the interest rate your credit card will adjust to if you fail to make an on-time payment,… Continue reading Watch Out for the Default Rate on Balance Transfer Credit Cards

Does a Balance Transfer Count as a Payment?

Balance transfer Q&A: “Does a balance transfer count as a payment?” A credit card balance transfer works just like a normal credit card payment, except it’s made by a third-party, namely, another credit card issuer, instead of by you. The third-party essentially agrees (with your consent) to pay off your existing debt with one or… Continue reading Does a Balance Transfer Count as a Payment?

Moving a Balance Transfer to Your Checking Account

These days, it’s entirely possible to send the money from a balance transfer straight to your checking account, thanks to the widespread availability of balance transfer checks. Instead of simply using a credit card balance transfer to pay off an existing balance on another credit card, you can write yourself a check using a balance… Continue reading Moving a Balance Transfer to Your Checking Account