Insider's Look
Credit Card Transfers

Since I work with Customer Service in the credit card industry, here are a few things to ask about if or when you want to do balance transfers from one card to another:

1. Will you charge me a processing fee or transfer fee to do this transfer? (be sure that the fees don't eat up the rate advantage!)
   
   
2. Will doing a balance transfer require me to close the transferred account?(some credit cards require you to do this, others do not) Will the card that I'm transferring know that this is a balance transfer or treat it just as a payment?
   
   
3. Will my interest rate go up if I'm even a day late with a payment? (after all, even the post office can cause you to be late)
   
   
4. When the Balance Transfer Rate expires will the balance become part of my purchases or my cash advances? What is that interest rate?
   
   
5. I don't think that the time given for the Balance Transfer is long enough, is there any other time limit offered?
   
   
6. I don't think that the rate is what I want right now, when will my next Balance Transfer offer be available? (the Credit Card industry makes these offers often to entice customers to switch credit cards, so the offer can change from one month or quarter to the next)
   
   
7. Can I use my balance transfer offer for anything else besides paying my Credit Cards? (how about doctor bills, dentist bills, small loans, etc when you would have considered using the cash advance feature of your card)

Be smart not just Dollar-saving customers. The Credit Card industry appreciates an educated customer and doesn't mind answering these questions. If you have a Service representative or Balance Transfer representative who isn't willing to take the time to answer these then maybe you're switching the wrong card.

Insider's Look is a regular feature of The Dollar Stretcher. If you have a story to share please send it to gary@stretcher.com with "Insider's Look" as the subject. You don't need to be a writer. Just someone who's learned about saving money and is willing to share the information with others.

Take the Next Step

• Find out if a balance transfer card is right for your situation. You can compare options here.

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