Credit Cave

There are times when you have no option but to move money around a little bit in order to make your payments. When this happens, you can and should make use of something known as a balance transfer where you move the balance of one credit card to another and in doing so pay less interest per month. So how do you go about getting this done? Is it tedious? Does it cost anything? In this article, I will discuss how to balance transfer in five easy steps.

1. Contact your credit card company - You won’t be able to get anything done until you get in touch with your credit card company. The thing about credit card companies is that some of them will allow you to transfer balances, while some of them are a bit more restrictive.
2. Search for the best deals - You don’t want to just jump on the first credit card that offers you the right to balance transfer. This is foolish and it is not taking advantage of the many great opportunities on the market. You should, instead, look for credit card companies that are going to offer you a good deal. Credit card companies are usually looking to lure in customers, so they will offer zero percent interest with balance transfer cards for a set period of time. Be aware that there is a fee to arrange the transfer; it’s typically either a percentage of the balance being transferred or a fixed amount, whichever is more.
3. Find out the process at your credit card company - Some companies will send you a check and some of them will want to send a check directly to the company that you owe. Find out what your credit card company offers and how long it will take to setup. This will help you determine what your next move is.
4. Get the money - The next and most important step is that you get your hands on the money. If your credit card company completes balance transfers by sending you the money directly, then wait for the check or wire transfer. If they insist on sending the checks directly to the people you owe, then you will have to supply them with account numbers and the address where they can send the check.
5. Send the money directly - One of the problems with balance transfers is that you can sometimes get distracted with the money. If your credit card company sends you a check, then you should cash it and directly send the money to the company that you owe. If you wait too long, you may end up spending the money on something else and that can be a bad mistake.

The balance transfer procedure is relatively painless and quick. Done properly, a balance transfer can mean the difference between paying back hundreds of dollars per month in interest and getting rid of your credit card debt once and for all.