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Balance Transfer

Before doing balance transfers Majority of the credit card companies in the UK let you do balance transfers through your credit card. However before you transfer a high credit balance to a card with low introductory rate you should read all the conditions including conditions in fine print. If you donít read all the conditions carefully, then you might end up paying a higher interest rate then you might have ever expected. Hence before doing any balance transfer you should get yourself satisfied about points like for how long will the introductory rate of the card last. Also what is the cardís annual percentage after the teaser rate expires? Also find out whether the card has an annual fee and how much will it be. Find out what are the late fees and over the limit fees. In the end ask the officials if there are balance-transfer fees. For example some issuers charge transaction fees as high as 4 per cent. So the higher the balance, the higher will be the transaction fess.

Important points to remember

You should carefully read all the instructions on the credit card offer a few times and understand everything. Do not forget to read the words in fine print also. In case you donít understand or have a doubt over a certain point, then you should and get it clarified from the representative of the credit card company. There are many offers that waive fees for the initial balance transfers only. These transfers are authorized when the customer accepts the card and completes the balance transfer form. In such a case, every other balance transfer is treated as a cash advance and is subject to cash advance fees. Also remember that everyone gets an offer that qualifies for a very low rate. For example an offer may boast a 3.9 percent teaser rate that bumps up to 17 percent after six months, a person may qualify for a card with a 7.9 percent rate and then a regular annual percentage rate of 21 percent. Remember that just one mistake can make your super low rate to disappear. For example a card with an APR of 9.99 jumps to 21.99 percent after one late payment. If you donít make other payments on time, the new card that you get may come with a high rate. When you accept the offer you should be sure to fill in the balance transfer form very carefully. In case you have any doubt over entering any particular information, then ask the representative for help. This is because incomplete or inaccurate information provided by you may stop or delay the transfer.

Time taken for balance transfers

Hence it is very logical that you make the minimum payment on your previous card while waiting for the balance transfer to take place. The balance transfer may take place anywhere between two to three weeks. Once the transfer is completed, the new card company will inform you about the same. But do be sure to verify with the old company that the transfer has indeed taken place.



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