Balance transfer Q&A: “Should I do a balance transfer?” If you’re currently paying credit card finance charges each month, a balance transfer is probably a good idea. While it’s not uncommon to pay interest on your credit card balance(s), it’s not a healthy habit. Millions of Americans are essentially throwing money down the drain because… Continue reading Should I Do a Balance Transfer?
Balance Transfers Can Boost Your Credit Score
While a balance transfer request may come with a temporary credit score ding (does a balance transfer hurt your credit score?), it could actually improve your credit score in the long term. When you apply for new credit, whether it be a standard credit card or a balance transfer credit card, you are deemed a… Continue reading Balance Transfers Can Boost Your Credit Score
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
Balance Transfer Minimum Payment
How Much Are You Required to Pay Each Month? One downside to a credit card balance transfer is that the minimum payment may be higher than that on a standard credit card balance tied to purchases. For example, Discover calculates minimum payments on purchase balances by asking that you pay 2% or $40, whichever is… Continue reading Balance Transfer Minimum Payment
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
How to Get the Balance Transfer Fee Waived
The cool thing about the credit card industry is the ability to negotiate. In truth, you can negotiate just about anything in life if you’re brave enough to speak your mind, but when if comes to credit cards, it’s always an option. Often times, all you need to do is ask. Yep, just call your… Continue reading How to Get the Balance Transfer Fee Waived