Simply put, if you don-
1. Are you sure you want to transfer your balances from other cards;
2. Are they good to achieve? Can you afford to pay them off?
* The balance transfer method is the most crucial option, as it allows you to transfer your outstanding balances for a period of time without paying any interest or any fee, so you don’t have to pay an annual fee.
* If you transfer the balances you have on other balance transfer credit cards to this type of credit card, you have the option to pay an expensive fee to get the privilege of doing so.
* Don’t sign up for any additional offers as a result of thinking transfer your account balances for a period of time. This will just mean that you will have to make do with a credit card company that offers a pretty good rate, and you won’t receive any rewards.
Transferring balances to balance transfer credit cards from another company may not sound exactly like ideal financial management, but make no mistake: it isn’t easy.
After all, you’ve grown up as one of the concerned parent’s ‘young children.’ And since you don’t have to worry about ‘bank loans’ or ‘revolving windows’ attached to your home, there’s a whole heap of responsibilities that pop up when people think of transferring their balances from another credit card company!
But hey, if you’re a student, who doesn’t want to learn how to juggle multiple jobs, and has shaky grades, transfer your balance is one of the first major steps toward self-discipline. And while you’re correct if you’re not careful, it’s quite obvious that if taking that step after a period of time, you’ll just end up with more debt than you intended. No wonder, then, that there’s a need to switch all credit card issuances to transfer your balances to a balance transfer credit card company.
Though a balance transfer credit card won’t ensure that everything went your way, at least one company will offer the opportunity to transfer your balances, so you can learn to take command of your finances, using a different balance transfer option. And since you’ll have plenty of extra to stick to when it comes time to make yourself financially free, many balance transfer credit cards also offer the option of carrying a balance even if you’ve really paid down your debt.
Now, on to the amazing stuff!
1- Make a list of all your credit card issuances you’ve already done for each of these credit cards, as well as any balances that were paid-in-full or whether or not you paid-to-through-a-credit-card. (If you’re uncertain about which one has which, then take out your checkbook and work out what each-card issuer has to offer!) If you’re really serious about debt-switching, this will definitely be of help for you. In most cases, issuers won’t even give you a chance until after you’ve paid-your-first-of-its-kind dues and debts.
2- Check the interest rate. Does this credit card company charge interest? If so, if so, how much interest will it cost you? Will it be the lowest you can afford to pay off that money you pay regularly? (If you pay absolutely no per-card-load off, then it’s a clear indication that you’re paying off!)
3- Choose a card, as well as a line of credit. Now, find out which one of those credit card issuances includes a low or no interest rate. Find out which card offers that feature (you’ll pay extra for it, absolutely.) Check if it has an expiry date, and if your line of credit has increased in the last year. If it doesn’t, then assume that you’ll end up paying more than what you owe. If card issuances offer a reasonable introductory rate when you’ve started paying off your loans (rather than just your debts) after one year, though, it’s definitely worth checking out.
4- Find out about the requirements of each card that offers the card. Keep in mind that there will be different fees for different cards. You’ll want to look at what is said about interest rates if you really need to save that money, but most issuances only charge the most generous of rates, so there will be some savings!
5- Find out what your overall debt is. Do you have more than enough money each month, and if so, subtract that amount from all other monthly payments? Divide the payment by 30 or more. Do it twice. Do it three times.