Basics Of Credit Card Balance Transfers [creditdiagnosis]

Basics Of Credit Card Balance Transfers [creditdiagnosis]

A trial balance in accounting is listing all debits on one side of a sheet, credits on the other side, with both being equal at the bottom. Learn how each entry is posted on a trial balance, like how cash is considered a debit, with tips from a certified public account in this free video on accounting. Expert: Shanis Windland Bio: Shanis Windland has a Bachelors of Science degree in accounting from Central Washington University. She is a certified public accountant licensed in the state of Washington. Filmmaker: Jay Windland

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A credit card balance transfer is nothing more than moving the balance of one credit card to another. This is done to take advantage of the lower interest rate offered by the new card. When managed properly this process can save you money, but it requires a great deal of diligence. If the transfer is done for the wrong reasons, like avoiding paying credit card bills, you can end up with serious credit card debt.

Credit card balance transfers can also lower your credit score, so it is important that you have a good reason to opt for this process. Before you proceed with a balance transfer or even sign up for a credit card balance transfer, know your options and get some questions answered. This can help you devise a good debt management plan

Introductory Interest Rates

Credit cards offer a low introductory rate for balance transfers. Introductory rates are supposed to last for a minimum period of six months, but typically may last up to a year. This period might give you time to pay off your balances without having to worry about finance charges. The Annual Percentage Rate (APR) should be as low as possible, but typically the balance transfer APR is different from the APR for purchases.

Have the following questions answered before you opt for the transfer:
How long is the introductory rate?
What is the Annual Percentage Rate after the introductory rate expires?
Is the introductory rate applicable to transferred balances and new purchases?
Does the card have an annual fee?
Are there any balance transfer fees?


Remember that a balance transfer can affect your credit score. High credit card balances reflect negatively on your credit history, indicating that you have more debt than you can handle. So ensure that the process will not adversely impact your credit score.

Also, do not neglect your old credit card after your credit card balance transfer is complete. Ensure that you receive the billing statement with a zero balance on it. This is highly recommended because any mistake in the balance transfer will be reflected on the billing statement. If you happen to ignore the billing statement, you could end up missing a payment and be charged with a late fee. Eventually, this could be recorded in your credit report as well.

It is always good to base your financial decisions on an effective debt management plan. A credit card balance transfer is a solution only for those with definite financial plans. Do not use this option to avoid making payments. Doing so can lead to debt accumulation on the credit card, which can be a very expensive decision.

Recommend Basics Of Credit Card Balance Transfers Issues

Question by : Definition of credit card balance? What do lenders regard as credit card balance? I have a credit card that has a limit of $ 300, which I max out and pay off every month. So it could be $ 0, or it could be $ 300? What is it? Since I pay off my balance every month, what is my balance in terms of credit used / credit available in terms of lenders? Best answer for Definition of credit card balance?:

Answer by badtissue
credit card balance means balance you can use.. in your case it's 0

Answer by Faisal R
Is tell you can use until 300 U$ and you must pay not less then 60 US$ when time is coming every month.

Answer by farrell h
When a credit card holder is not able to repay his monthly balance on time a late payment fee is charged. This fee is not charged if you repay even the monthly minimum, but if you miss an installment get ready to pay the late payment fees. Example: Based on your balance on the late fee posting date - $ 15 if $ 100 or less; $ 29 if between $ 100.01 and $ 250; $ 39 if over $ 250. 3. Over-the-credit-limit fee Every credit card issued has a credit limit associated with it. If you draw more than your credit limit from your credit card over the limit credit fee is charged. Example :Based on your balance as of the day the fee is assessed - $ 15 if $ 500 or less; $ 29 if between $ 500.01 and $ 1000; $ 39 if over $ 1000. Read More from: http://www.credit-card-gallery.com/article/255,Do_you_know_the_5_important_fees_types_associated_with_a_credit_card

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