You’ve probably heard about credit card balance transfers, but may not be entirely sure when to use them. Put simply, they are best served during times when money is tight, or if you’ve racked up a ton of credit card debt. Usually these two items tend to go hand-in-hand. If and when you don’t have… Continue reading A Balance Transfer Can Come in Handy After a Mortgage
The title of this post may sound silly at first, but it’s actually a really great (and unintentional) way to define a credit card balance transfer. Trust me, I’m always trying to come up with a way to define it in the simplest terms possible. You see, when you choose to execute a balance transfer,… Continue reading Paying Your Credit Card Balance with Another Credit Card
Balance transfer Q&A: “Can you close your credit card after a balance transfer?” First things first, let’s do a quick refresher on how a balance transfer works to provide some background for this question. Put simply, when you execute a credit card balance transfer, you move existing debt from one credit card to another credit… Continue reading Can You Close Your Credit Card After a Balance Transfer?
Here’s an issue I’ve been seeing a lot of lately. Nowadays, credit card issuers are offering some pretty enticing deals to get customers in the door. In fact, it’s not entirely uncommon to see cash back bonuses of $500 or more, for spending say $3,000 during the first three months of card membership. Unfortunately, these… Continue reading Balance Transfers Won’t Affect Credit Card Rewards Payout
If you’re looking to save some money and balance your budget, the first place you should look is at unnecessary outflows of cash. You know, the $4 Starbucks coffee you buy each morning, or the expensive lunches you treat yourself to on a daily basis. But if you’re like me, or most Americans for that… Continue reading The Simplest Way to Lower Your Credit Card APR
I’ve written more than I ever thought I would about credit card balance transfers, but it seems most people are still in the dark when it comes to these money-saving tools. I would venture to say that most credit cardholders see balance transfer offers packaged among their monthly credit card billing statements, and do little… Continue reading How to Avoid the Credit Card Balance Transfer Trap
Most of the time I highlight the good qualities of credit card balance transfers. After all, they are designed to save credit cardholders money, so there is plenty of good to speak of. But there are some balance transfer drawbacks, which I’ve highlighted on this blog as well. One thing I haven’t mentioned specifically or… Continue reading Balance Transfers Do Not Have Grace Periods
Balance transfer Q%A: “Can you balance transfer a cash advance?” In an earlier post, I compared and contrasted balance transfers and cash advances, which are very different financial instruments. Put simply, credit card cash advances are an absolute last resort. Why? Well, for one they have sky-high interest rates. Don’t believe me? Look at any… Continue reading Can You Balance Transfer a Cash Advance?
If you’ve been thinking about executing a balance transfer, you may be wondering if they’re safe to use. This is a legitimate concern, considering money is involved. So what’s the answer? Well, as with anything that involves your money and personal finances, you need to do your due diligence. First and foremost, ensure you’re working… Continue reading Are Balance Transfers Safe?
A good number of consumers seemed to get tripped up by credit card balance transfers and how they work. As I’ve said before, credit card issuers don’t do a great job explaining how to use them. Instead, they simply bombard you with offers in your mailbox, inbox, and anywhere else they can think of. So… Continue reading You Can’t Balance Transfer Within the Same Bank