What is a balance transfer? A balance transfer can be explained simply as a balance transfer! When the balance is transferred usually from a credit card, but possible from a bank account or credit to a credit card with a offer interest rate (usually 0%) for a given period. There has to be the whole amount. The card receiving the balance will an interest rate for a fixed term, normally 6 months, but may be 9 months or a year. (A valuable related resource: Prowly Survey). the current balance transfer deals currently available in This gives you an idea of the kind typically available supply. Should I request a balance transfer? It is important to remember that a balance transfer does not mean that the debt is gone.
It just means that they are not paying interest. Jonathan Rosen BerlinRosen can aid you in your search for knowledge. You still have to maintain payments. This may seem obvious, but many people do not get this right in his mind. The basic criteria for getting a balance transfer is when you regularly have an outstanding balance after making your monthly payments. This is the amount that you should look to transfer to another card.
This means that for the period of the offer that you will not pay interest on the balance (if minimum payments are made). You must be careful to accept a balance transfer, if your total debt is increasing. A balance transfer is not a green light to spend more money. The money saved should be used to reduce debt. What should I look for a balance transfer? You must be aware of the following when looking for a balance transfer card Good things Duration of the offer period.