Step-By-Step Guide To Making A Credit Card Balance Transfer
Like any other endeavours that require a form, undertaking a balance transfer programme may seem like a complicated deal especially if you’re inexperienced with financial products.
But if you’ve already made comparisons of the interest rates offered by different card companies and have done the math to know that this is going to benefit you in the long run; you may wish to refer to our step-by-step guide below to see how you can transit smoothly from one credit card to another.
|Step 1||Make at least the minimum payment on your latest bills.|
|Step 2||Visit your new card company with a copy of your latest credit card statement. With the person-in-charge, create a plan to pay off the balance you are transferring over. Make sure you understood all charges, interests and terms.|
|Step 3||When sufficiently satisfied with Step 2, sign up for the new card and complete the balance transfer form.|
|Step 4||While waiting for confirmation from your new card company, make sure you continue to make at least the minimum payment on your old card during the due dates.|
|Step 5||In about two working weeks or sooner, you should receive confirmation of your new account and a notice of the balance transfer.|
|Step 6||Call up your old card company or wait for the latest statement in order to make sure that the amount transferred is reflected on your old account. If you’ve transferred everything to your new card, the latest statement on your old card should have zero balance.|
|Step 7||If it is in your benefit to do so, terminate your old card. But make sure you understand how it can affect you.|
|Step 8||Your balance transfer has been a success. Continue paying monthly commitment to your new card to avoid any nasty surprises!|