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Credit Card Balance Transfer


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Credit Card Balance Transfer

  1. 1. Balance Transfer Credit Cards<br />START NOW<br />
  2. 2. Balance Transfer Credit Cards<br />01<br />The main points you should know about balance transfer credit cards.<br />Key Points<br /><ul><li>What is Reward Credit Card?</li></ul>Have a brief knowledge about what reward credit card is about.<br /><ul><li>How Do Reward Credit Cards Work?</li></ul>A summary on the process of reward credit cards and how it works.<br /><ul><li>How to Use a Reward Credit Cards?</li></ul>Find the list of helpful guidelines on how can a low balance transfer card serve you.<br />
  3. 3. What is Balance Transfer?<br />02<br />Introduction about balance transfer.<br />Balance transfer is when your new credit card pays the debt on your previous credit card.<br />If you have an outstanding balance on another credit card at a regular rate of interest, you can use balance transfer credit cards.<br />
  4. 4. How do Low Rate Balance Transfer Credit Cards Work?<br />03<br />The main process of balance transfer.<br />The process starts with:<br />Apply for a new low rate balance transfer card<br />Make the request to transfer the balance on the application form itself. <br />A balance transfer will make your repayment of balance a lot quicker because you save on the interest while paying it. Balance transfer may be for within 6 months or maybe 12 months and you still have to clear the balance before the promo ends for the interest may go back to its regular rate.<br />
  5. 5. How to Use a Low Rate Balance Credit Cards?<br />04<br />Helpful guidelines on how to use low rate balance card.<br />Budget. <br />Don’t Spend. <br />Don’t Delay.<br />Write a detailed budget and set aside as much as you can spare to pay down your balance each month. <br />Avoid purchases and cash transactions on a credit card to which you have transferred your balance on.<br />Pay in time to avoid being charged of higher interest<br />
  6. 6. How to Choose the Best Balance Transfer Deal<br />05<br />Which balance transfer card is for you?<br />Do you have a good credit history?<br />Are you able to pay off your debt within 6 months?<br />If you can pay your debt within 6 or 12 months, it is a wise decision to avail of the<br />credit cards who offer 12 month balance transfer for a low rate and a lower annual fee.<br />Choose a deal that gives you lower purchase rate if you would like to use the card after<br />your debt is paid off.<br />
  7. 7. Best Deal<br />06<br />The Cheapest Long Term Deals<br />Transfer Balance “For Life”<br />However long you have your balance in your card, the rate applied to you is the initial charge that was given when you transferred your balance in to it until you pay it off. <br />Warning!<br />You can’t spend a new $500 product with a 15% interest rate if you have an existing $10,000 balance in your card. Why? Because you can’t pay the new debt before you clear out your balance transfer. In the end, you’ll be paying the $500 to a higher amount.<br />
  8. 8. How to Avoid the Biggest Mistake with a Balance Transfer<br />07<br />Important things to remember about balance transfer.<br />Never, ever spend on a card after you balance transfer to it!<br />Where does all does our debt came from? Where did it all start? To our credit cards! Credit<br />card is very useful and handy if you would like to purchase something. It also lets us do other<br />transactions such as transfer balance. <br />But the problem is, you might have a current balance transfer in your card with 0%, and you<br />have to remember that any purchase you make will have a higher interest.<br />Clear out your cheap balance first, before making a new purchase on a higher rate, or better yet, get a second low purchase rate card.<br />
  9. 9. How to Compare Low Rate Balance Transfer Offers<br />08<br />What interest rate applies to the balance transfer?<br />Choose a card where you can enjoy a lower interest on your outstanding debt.<br />How long does the balance transfer rate run for?<br />Long period or ends up with a higher interest rate?<br />Is there an annual fee?<br />Be sure you are not penalized for a great balance transfer rate by a hefty annual fee.<br />Is there a balance transfer window?<br />Remember that the offer period on your transfer balance begins when you get the card, not when you decide to request the transfer.<br />What does the balance transfer apply to?<br />Keep in mind, the special rate of interest applies to the transferred amount only.<br />
  10. 10. How to Compare Low Rate Balance Transfer Offers<br />09<br />Continued…<br />What is the order of payments?<br />Learn how the credit card company uses your repayments to pay off the balance on your credit card.<br />Is a same-bank balance transfer possible?<br />This is not possible. Transfer your balance to a different bank.<br />Do I still have to make my minimum payments?<br />Yes. You are required to do so. Pay your minimum payment each month, otherwise, your low rate offer will be cancelled.<br />
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