Credit Card Balance Transfers

Here are a few things I’ve learned regarding CC Balance Transfers:

1. Balance transfers can be done from one credit card company to another. Some credit card companies allow you to transfer funds between cards from the same company, others do not.

2. Funds from balance transfers can be directed to you checking account.  This can be helpful if you’re going to use the funds for a car loan, student loans, etc. 

3. Be aware of the Balance Transfer Fee.  If your Balance Transfer limit is $10,000, make sure you only transfer about 9,500.  They add a percentage as a fee that might stretch you to your limit.

4. Ask about all other fees if any to avoid surprises. 

5. Ask about minimum amounts and pay by dates.

6. Ask about default APRS after the promotion is over.

7. Try to ask for a credit line increase before you do a transfer. It might help to keep you from exceeding your credit line.  Besides, it won’t hurt to ask.

8. Balance transfers are similar to Cash Advance.  But with Cash Advance, you get your money immediately. With a Balance transfer, you’ll get it in several days. For this reason, Cash Advance fees are much higher.  So if you can wait a few days to receive your funds, you might as well save some money and do a Balance transfer instead.