Credit Card Guide
 
Follow Us  twitter facebook You Tube Google+
 
Credit Cards > Credit Card News > Balance Transfer > Want a Lower APR on Your Credit Card? Make a Credit Card Transfer



 
 

Want a Lower APR on Your Credit Card? Make a Credit Card Transfer

 
By Eva Norlyk Smith, Ph.D.
May 22, 2009
tools
tools
email print comment
tools
SHARE

A credit card transfer to a lower APR can save you a lot of money by lowering the interest you pay each month on your credit cards. While there are numerous balance transfer offers available when you apply for a new credit card, it’s often better to use your existing credit cards to do the transfer.

Many people think that credit card transfer deals are hard to come by unless you apply for a new credit card or happen to receive a convenience check with a credit card transfer offer in the mail. However, applying for a new credit card each time you want to make a credit card transfer is not such a good idea. Each time you apply for a credit card, your credit report is pulled, and that lowers your credit score.

If you have multiple credit cards and some of them don’t have a balance, a credit card transfer using your existing credit cards is a great way to lower the average interest you pay on any outstanding balances on your credit cards, without hurting your credit rating.

There are three ways to make a balance transfer with the credit cards you already have. The terms for each method often vary, even for the same credit card. So, to get the best deal, it’s useful to research all three methods of credit card transfer. Of course, as always, to get the very best balance transfer offers, your account needs to be in good standing and your credit score high.

Quick Credit Card Transfer Tip. Once you’ve transferred a balance to your credit card at a low interest rate, remember to never use that credit card for regular purchases. New purchases would accrue interest at a higher APR, essentially wiping out the benefits of the credit card transfer.


Share 
 
     

 
 

VIEW RELATED STORIES

The 6 biggest balance transfer mistakes - You've got just the ticket to blitz your high-interest holiday credit card balance: a 0 percent balance transfer deal. But how do you make sure you don't mess up and dig yourself deeper in debt?

Planning a Back-to-School Balance Transfer - This reader wants a $2,000 laptop for school but has only $500 in the bank. Can a balance transfer help her get the computer without paying interest?

How Balance Transfers Impact FICO Scores - Taking out a balance transfer may lower your FICO score in the short-term. But it can also help boost your score over time. Here are the three ways in which taking out a balance transfer will impact your credit score.

ALL CREDIT CARD NEWS & ADVICE ARCHIVES >>

 
     

 
  If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the ‘Post to Facebook’ box selected, your comment will be published to your Facebook profile in addition to the space below.

Our editorial content is not sponsored by any bank or credit card issuer. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.

Comments Closed

 
     


 
Secure SSL Technology
Secure SSL
Technology
 
Twitter Facebook You Tube Google+
About Us Privacy Policy Editorial Team Terms of Use
Contact Us California Privacy Rights Media Relations Site Map

Close X