Now you should have a list of your terms for both your existing credit cards and any other balance transfer offers. Select the best balance transfer card available to you Consider any promotion rates (and how long those rates will last), the limits of your balance transfer, any fees assessed for each balance transfer you make, and the APR that will apply after the promotional rate expires. Weigh your available offers against your existing cardsĬheck to see if you have any pre–approved offers for a balance transfer credit card, then compare those offers by checking online or with your current card issuers to see what other credit cards may have balance transfer options. With a document listing each of your credit card's terms as above, you'll be prepared to move on to the next step for transferring your balances. Document the balance transfer limit of each card by looking at the card's statement. Balance transfer limitsĬredit cards will have a limit on the amount you can transfer to the debt from another credit card. Write down how much you currently owe on each credit card. Look to see if any of your cards charge a different APR for balance transfers and if you have a balance transfer offers available on your existing cards. While the national average for credit card APRs is about 18%, yours may range between 7% and 30%. Interest rates (APRs)Įach credit card you have will apply an APR assigned for your purchases, which can be found on your credit card's statement.
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Start the process by listing out your current credit cards, writing down each of these elements to understand the full picture of your debt.
Know your existing credit card's interest rates, balances, and balance transfer limits Transfer your balances to the card with the best offer or your new cardġ.Select the card with the best balance transfer offer available to you.Weigh your available offers against your existing cards' offers.Know your existing credit card's interest rates, balances, and balance transfer limits.Here are the steps to take into account when you transfer your credit card balances: With that in mind, moving debt to different cards can help keep your credit card interest payments at manageable levels, help you focus your funds on paying off your credit cards, and build healthy credit habits that can help increase your credit score. There are two things to consider as you consider a credit card balance transfer:īe careful that you are not transferring a balance to a credit card that has a higher APR than your original card, andĭon't plan to use low introductory APR balance transfer offers over and over to put off paying back your debts.
If you are working to reduce your credit card debt, a balance transfer to another credit card can be an effective way to reduce your interest payments as you reduce your credit card balances.
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