Balance Transfers

Save hundreds, even thousands, of dollars per year by moving
money from one credit card to another. Strange, but true. 

3 Steps for Setting Up a Balance Transfer

Believe it or not, banks will actually compete for your debt. Nick gives three easy steps for utilizing a balance transfer to save you thousands. 

How it works

A balance transfer is a bonus offer for people with credit card debt to move it from Bank A to Bank B. Why does a bank want your debt? Because the debt is amazingly profitable for them ($60 billion was generated from interest last year alone.) Credit card companies will offer you a 0% interest rate for 18 months on the hope that you’ll spend on the card, miss a payment, or not transfer the remaining balance at the end of the promotional period – all of which will result in high interest charges. The good news: by following a few simple rules, a balance transfer card is the single best tool to help you become debt-free. 

6 rules to get debt free

1

Never use a credit card at an ATM.

Cash advances on credit cards are incredibly expensive.

2

Always pay on time.

Set up a recurring payment. Late payments can result in loss of the offer and hurt your credit score.

3

Get that transfer done within 60 days.

On most cards, offers are only valid if you complete the transfer within the first 60 days.

4

Don’t spend on the card.

Unless the 0% offer extends to purchases, you will be charged interest on your spending. So do the balance transfer, and keep the card out of your wallet.

5

Don’t try to transfer debt between two cards of the same bank.

0% balance transfers are only valid when transferring from one bank to another.

6

Have a plan for the end of the promotional period.

One month before your rate expires, look for another offer because when the 0% period expires, the interest rate will rise significantly.

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My credit score is excellent my debt is $5,000, and I can afford to pay $100 a month towards it.

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