Credit Card Balance Transfers

Written by Jared Vincenti
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A credit card isn't with you for your whole life, so if you find a better offer than the one you currently have, take it! This is a common practice, because keeping a good record on a credit card makes you eligible to apply for a better one. In this case, you can cancel your old card and transfer the balance onto your new card.

When to Make a Switch

If you have a credit card that you got in the past and your credit has since improved, it is a good idea to look for a new credit card. With better credit, you can get a lower APR, and end up paying less for the purchases you have already made with your old card. Alternately, you may simply decide that you like a different rewards system, and switch cards to get more frequent flyer miles or other perks.

When applying for your new card, all you need to do is note that you intend to bring a new balance onto your card. Just give the account number on your old card and the amount that will be transferred, and it will appear on your first statement. You should then get a statement from your old card that indicates your account has been emptied. Then, you just cancel the card and never worry about it again.

You can also transfer a balance between two active cards. This is an unusual practice, unless you are accumulating frequent flyer miles on one card and transferring the balance to another card with a lower APR. These tricks are rarely worth the effort, but people have found deal loopholes that let them fly free for life, and other such inventive tricks.

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At last! Someone who understands! Tnhaks for posting!