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Transferring a balance between credit cards is arranged with the new credit card issuer, who will pay the money you owe to your current card company and set up the balance on your new 0% balance transfer credit card account. You can transfer your balance:
- When you apply for your new credit card
- Via Internet banking (with your new account)
- Via Telephone banking (with your new account)
The window of opportunity
It is important to remember that in order to qualify for the interest free period on your new card you must transfer your existing balances within a set time period, often thirty days from when you open your 0% balance transfer credit card account.
So, the earlier you get your balances transferred, the better, as it is one less thing for you to worry about and reduces the chances of missing out on the deal by transferring your balance outside the specified period.
The easiest and most convenient way to transfer your balance onto a 0% balance transfer credit card is at the time of application.
This can save you time, and more importantly will help to ensure that you do not miss out on your 0% interest rate by missing the window of opportunity to transfer your balance.
When you use this method, the new card provider, upon acceptance of your application, will do the legwork for you by paying off your existing balances on other credit cards and putting the combined total on your new credit card.
What if I've already applied for a 0% balance transfer credit card?
There are other ways of transferring your existing balances onto a new 0% credit card, so if you already have your new card or you are unable to conduct the transfer at the time of application there are a number of other options to consider.
Some credit card companies will offer online account management facilities, where you can go into your credit card account via the Internet and submit details of the balances that you wish to transfer online. Again, this is quick and easy to do, and you simply need to provide the account details for your existing cards along with the balance on each card that you wish to transfer.
Alternatively, you can also transfer your balances onto your new card by contacting your new credit card issuer via telephone banking. All you will need to do is provide account details for your existing cards, along with the balances that you want transferred to a member of staff, and they will then ensure that the balances on your old cards are paid off.
The total sum of the balances will then be added to your 0% balance transfer card, leaving you with one new balance that can be paid over the specified period without incurring any interest.
Some important things to bear in mind when transferring existing balances onto your new card are:
- You can only transfer balances amounting to the credit limit on your new card. So, if your new card has a credit limit of two thousand pounds you can transfer balances from other credit cards up to the amount of two thousand pounds, but no more.
- You must transfer your existing balances within the time period specified by your new card issuer, as failure to do this will result in loss of the interest free offer on your transferred balance.
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