Sometimes it happens that a person is under too much debt because of consistent use of credit cards. So, there is a need to transfer an amount from one credit card to another new credit card in which the interest rate is lower than the previous one. Many companies offer low interest rates for transfer of balance to another credit card. The basic step is to obtain the whole information before having a new one. These are the companies that offer introductory rates for new cards. If you need to have a new credit card for transfer of your amount, you can go to such companies so that you may be able to keep yourself from huge amount of interests that have to be paid on monthly bases. You just need to seek the whole information before transfer balance credit. Now let us have a discussion on how transfer balance credit is done.
Step 1
When you have to transfer balance credit, first of all you need to know the information thoroughly that how much interest you will have to pay in case of transfer. Different solutions can also be used for the rate of transfer charges. A number of people recommend having the services of credit card companies that have fee for transfer of amount. The reason is that this is a limited amount while if you do not seek help of such companies, you will have to pay limitless money and charges for transfer balance credit.
The second step is to have a comparison of the both credit cards, new one and the old one when you have to transfer balance credit. Never forget to negotiate the issues that you do not understand. Ba careful while reading the APR, annual fee or grace period. You will have a perfect level of comfort and ease if you have all of these issues in your notice before anything bad happens to you.
Step 2
•Go to the company representative from whom you are getting your new credit card and ask all the questions that are in your mind. Ask from them that what will happen if a payment is late or any expected problem that you think might happen.
It can happen that they will demand from you the most recent bill of your card to transfer balance credit and all of these bills should be available so that you may provide them at the time of need.
After it make a call to company from whom you got your old credit card. When you make a call to them, ask them about closure procedure that will help you to transfer balance credit.
Step 3
You should have the most accurate information about your balance when you are passing from the process of transfer balance credit. Then go and have a new account for your new credit card. When account is opened, transfer balance credit to the new account.
Step 4
When your transfer has been done, there will be a notice from your new credit card company that your transfer balance credit has been done successfully. Never forget to verify your transaction even after the letter from new company. You can make a confirmation only through the phone call.
Step 5
The last step is that you just go to your old credit card company to issue a bill of zero balance. When bill is received, just close your account through call or letter.
This is how the transfer balance credit is done and I hope this article will help you a lot when you will have to do the same type of transfer.
