There are many credit card companies that will offer various 0% APR or low percentage APR for an introductory period to new or existing customers who choose to transfer their balance from one card to another. These transfer can take place from a higher percentage card of the same company or from another company, however persons must be eligible to take advantage of these offers.
0 balance transfer cards are one method that credit card companies use to attract new customs and keep existing customers. Using this method, customers can effectively consolidate their debts on to one card and receive better rates on the new card.
The company will benefit by receiving high interest payments once the introductory period expires. However if you miss or make a late payment, there will be an automatic cancellation of the 0% offer, resulting in a very high APR and late fees.
Requesting Balance Transfers
You can apply for a balance transfer card online and receive instant approval. However, the transfer may still take days or weeks to be completed between your old and new creditor. For this period your balance will still be gaining interest and hence always check with your old creditor after the transaction is complete to see if any outstanding balances remaining. Normally persons having a good credit score will receive these credit card offers in the mail. However, mail in orders will take longer to process, and you will still need to continue paying your old creditor during this process.
Things to Bear in Mind
Your credit history will play an important role in the specifics of the offer that you receive, so check your credit report from time to time, to ensure that you are in good standing.
If you request a transfer that exceeds the credit given to you by the company, only the amount given will be transferred and the rest will be left with your old creditor.
You introductory period will eventually expire, most last between 6 – 12 months. You should therefore try your utmost best to pay off as much as you can during this period. If you have a balance at the end of the period you can repeat the process again and apply for a new 0% transfer card.
0 balance transfer cards are one method that credit card companies use to attract new customs and keep existing customers. Using this method, customers can effectively consolidate their debts on to one card and receive better rates on the new card.
The company will benefit by receiving high interest payments once the introductory period expires. However if you miss or make a late payment, there will be an automatic cancellation of the 0% offer, resulting in a very high APR and late fees.
Requesting Balance Transfers
You can apply for a balance transfer card online and receive instant approval. However, the transfer may still take days or weeks to be completed between your old and new creditor. For this period your balance will still be gaining interest and hence always check with your old creditor after the transaction is complete to see if any outstanding balances remaining. Normally persons having a good credit score will receive these credit card offers in the mail. However, mail in orders will take longer to process, and you will still need to continue paying your old creditor during this process.
Things to Bear in Mind
Your credit history will play an important role in the specifics of the offer that you receive, so check your credit report from time to time, to ensure that you are in good standing.
If you request a transfer that exceeds the credit given to you by the company, only the amount given will be transferred and the rest will be left with your old creditor.
You introductory period will eventually expire, most last between 6 – 12 months. You should therefore try your utmost best to pay off as much as you can during this period. If you have a balance at the end of the period you can repeat the process again and apply for a new 0% transfer card.
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