{"id":16229,"date":"2024-11-11T23:14:29","date_gmt":"2024-11-11T23:14:29","guid":{"rendered":"https:\/\/coastccu1dev.wpenginepowered.com\/?p=16229"},"modified":"2024-11-11T23:14:29","modified_gmt":"2024-11-11T23:14:29","slug":"when-right-time-credit-card-balance-transfer","status":"publish","type":"post","link":"https:\/\/www.coastccu.org\/when-right-time-credit-card-balance-transfer\/","title":{"rendered":"When Is the Right Time for a Credit Card Balance Transfer?"},"content":{"rendered":"

Every week or so, you probably get credit card balance transfer offers in the mail or notice them online. The ads feature smiling people with carefree lifestyles, along with a tempting message: Transfer your balance from your high-interest credit card to another credit card with a low introductory rate.<\/span><\/p>\n

If you transferred your balance each time you were offered a promotional rate, you\u2019d be in trouble! But if you shop around for the right credit card offer\u2014and if you have a solid plan in place\u2014you can use a balance transfer to help pay off your credit card debt and save a significant amount of money on interest!<\/span><\/p>\n

What is a balance transfer credit card?<\/b><\/p>\n

A <\/span>balance transfer credit card <\/span><\/a>is a class of card that offers a low annual percentage rate (APR) for a limited period (usually between 6-21 months). After the introductory period is up, you\u2019ll start paying the standard rate\u2014which depends on the card and your creditworthiness.\u00a0<\/span><\/p>\n

You can transfer funds from one or more credit cards to your new card. Keep in mind that your new card will have a limit on the amount you can transfer, so you may not be able to move over all the funds you want.<\/span><\/p>\n

The new card will typically charge you a balance transfer fee\u2014a\u00a0 percentage of the amount you transfer (usually 3-5%), with a minimum fee of $5 to $10.\u00a0<\/span><\/p>\n

Do you know how to transfer credit card balances?<\/b><\/p>\n

After applying for your new credit card and receiving approval, you can contact the new issuer to request a balance transfer. (Sometimes you can even start the process when you are applying for the card.)\u00a0 The issuer will either pay off the amount directly to your old credit card company, or they will send you a check for the transfer amount, which you\u2019ll need to forward to the old card issuer. Depending on the card, it usually takes 2-21 days to complete the transfer process.\u00a0<\/span><\/p>\n

Be careful of blank balance transfer checks that the credit card company may send you. They can have high balance transfer fees, and the low promotional rate offered for the card might not apply to the checks!<\/span><\/p>\n

When is the right time to do a credit card balance transfer?<\/b><\/p>\n