If you have a number of credit cards, or are looking to get another card, then it pays to know about the ins and outs of balance transfers. If you use balance transfers correctly you can save yourself a lot of money in interest payments on your debts. If you are uncertain about how to use balance transfers properly, then here is some advice on the ins and outs of balance transfer?
What is a balance transfer?
A balance transfer is simply where you transfer part or all of one credit card balance to another credit card. You are effectively using one credit card to pay off another one. For example, if you have one credit card with a 1000 balance and another card with no balance, you could transfer some or all of that 1000 onto the card with no balance.
How do I make a balance transfer?
Making a balance transfer is extremely easy, especially if you have online banking. IF you have just got a new card then it is likely that you will asked if you want to make any balance transfers straight away. If you do then you simply give your other card details to the new card issuer along with the amount you want to transfer and they will sort it out for you. Also, on...
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