Re Balance transfer on credit cards; will they transfer ALL the outstanding credit on the new card?

I was laid off from my previous job and was forced to use my credit card to get by. Now i owe $8500 in the card (just one though) but my interest rate shot up to 32%. Some friends advised me to look for another card with 0% introductory offer and transfer all outstanding balances there just to relieve my payments. I have a good job now and my credit score is more than 650. Will the new credit card company transfer ALL the balance or will they just give me a credit limit depending on my credit score?

Re Balance transfer on credit cards; will they transfer ALL the outstanding credit on the new card?

They will only transfer all of the balance if you qualify for a higher balance. Otherwise, when you apply for the card and balance transfer and you only qualify for say $4,000 credit limit they will still open your card and transfer $4,000 and any fees for the transfer. But there is no guarantee that you will be approved for the whole amount.

Re Balance transfer on credit cards; will they transfer ALL the outstanding credit on the new card?

Careful here. Many cards now require you to make purchases on the card each month that DO have interest charged to them in order to keep the 0% on the transferred amount. BIG problem here is all the payments you make will be applied to the lower interest portion of the account until that is paid off. The amount in your purchases portion of the account will accumulate interest each month without any payment being applied. Thsi could turn out to be very costly in the long run.

Re Balance transfer on credit cards; will they transfer ALL the outstanding credit on the new card?

Credit card balance transfer is one of the preferred ways to get rid of credit card debt and is used by many people to get immediate relief. Credit card balance transfer essentially means that we transfer our outstanding balances from a high APR credit card to a credit card which offers low APR%26#039;s. A 0% Intro APR credit card is the preferred credit card to transfer balances, but because of the widespread misuse of such credit card offers, credit card companies have withdrawn all such offers.

Indeed balance transfer saves a lot of money and can save things from going worse, but many people simply don%26#039;t know the right way to do balance transfer. This article takes a look at the correct process to initiate and complete the balance transfer.

The first thing to look out, when a person wants to transfer his balances is a credit card which offers the lowest apr rates and lowest balance transfer fees. Many online credit card companies offer credit card comparisons. It is indeed a good practice to search for the credit cards using their services and decide on a credit card which offers the maximum savings. It is important to note here that balance transfer APRs depend on a person%26#039;s credit history. If the credit card in question offers the lowest rates, it is definitely for those with the best credit ratings. There are different balance transfer apr%26#039;s for people with lower credit ratings. So, it becomes imperative that one chooses the credit card which offers the lowest apr and balance transfer fees for his credit ratings.

When you decide for a balance transfer it doesn%26#039;t mean that your obligation for payments towards your outstanding balances with the existing credit card company cease to exist. You will have to pay the credit card company all the monthly payments. One way you can save money is to just send the monthly minimum payments to the existing credit card company. This way you won%26#039;t default and invite penalty. Read more from: http://www.credit-card-gallery.com/artic...