THIS PAGE MAY CONTAIN AFFILIATE LINKS. MEANING WE RECEIVE COMMISSIONS FOR PURCHASES MADE THROUGH THOSE LINKS, AT NO COST TO YOU. PLEASE READ OUR DISCLOSURE FOR MORE INFO.
Credit Shout may collect a share of sales or other compensation from the links on this page.
Q: I am interested in transferring my balance from my high interest credit card onto my other card which has a much lower interest rate. How would I go about doing this?
A: The first step to transferring your balance is to decide what card you want to transfer it to. Either choose one of your current cards (preferably the one with the lowest interest rate) or open a new one with a lower rate than your current card. If you open a new card, make sure that the rate after the introductory period ends is lower than the rate you are currently paying, unless you plan to pay it off by the end of the introductory period.
Before you transfer the balance, make sure you have all the information you need about the old card. Have the card with you so you can enter the number when you need to. Make sure you know the name of the company, the account number, and the exact amount you wish to transfer.
Next you have to fill out the balance transfer form. Most credit card companies will have this on their website. Just log into the account of the credit card company that you want to transfer the balance to. To find it quickly, type “balance transfer” into the search box. Many companies also offer the option of transferring your balance over the phone by calling the number on the back of the card.
It will take a couple of weeks for the transfer to process. While it is processing, make sure you keep up with any payments on the old card so that you’re not stuck with late payment fees or extra interest. When it is finished transferring, close your old account.