Ever wondered whether you do balance transfers on credit cards, what the benefits are or just want to understand them better?
This guide will walk you through all the key parts of how balance transfers work, who they're for, how you can save money doing them and a few important tips you should know about balance transfers before you go ahead and do one.
Although balance transfers are popular with stoozers who make use of long-term 0% deals to invest borrowed money, they are also a great way to reduce the amount of interest you pay on your credit card or free up one of your cards if you need to use it.
Keep watching to find out all the details.
This guide will walk you through all the key parts of how balance transfers work, who they're for, how you can save money doing them and a few important tips you should know about balance transfers before you go ahead and do one.
Although balance transfers are popular with stoozers who make use of long-term 0% deals to invest borrowed money, they are also a great way to reduce the amount of interest you pay on your credit card or free up one of your cards if you need to use it.
Keep watching to find out all the details.
This is either going to be a common question or a naive one but, does transferring money from my debit card to my credit get seen as a balance transfer? Currently looking at offers available for a first credit card and am trying to get a good grasp on things before investing into something i'm not 100% sure on. Any answer is a resonable one. 🙂
Hello, if I transfer the balance will I loose the first card? Or do I get to keep them both?
Can I do this for a family member who will pay me later?
after i paid off the debt using my balance transfer card after a year or so, then what? Do I just apply for a new credit card? will i ever be able to use my balance transfer card as my credit card?
Hey Sasha, great video! Is it possible to get money into current account or is it just for transferring balance from another credit card.
So with a 8k discover card I can only balance transfer from Amex 90% of that 8k not any balance from Amex I choose?
Can I get a balance transfer card without having a regular credit card?
Great video – appreciate credit cards, store cards can be transferred to one balance is there any on the market to accommodate a personal loan aswell?
I am thinking of moving my credit card to another company. but I don't have any credit card debts. So if I do this would I be transferring a zero balance?
So my credit card limit is only small at 1300, I only owe 130 on it right now as I use for food shopping and pay off at the end of the month every month , however I want to do a balance transfer. There's no issue with me paying off credit card No1 with a balance. I was planning on using the balance transfer card to boost my credit rating, just like I've been using card No1. Using it during the month for small things and then paying the balance in full before the statement date. I just don't want to have the monthly fee for using it. So that means I could use the balance transfer card, because card No1 will be paid in full before even transferring?
Thank you. question: when I login to credit card no 2 and type in details of credit card no1, this particular website asks: card number (of credit card no1)___, amount ____, and then FROM___ credit card no1. I thought it should say TO, as I want to pay the balance of credit card no1 from credit card no2, not the other way around. Can you please help me understand? Thank you very much
Thanks, Super Explanation
Thank you for the video was great.
thank you for explaining this with actual examples like 10,000 balance transfer with a $50 purchase
Hey thanks for your video just wondering if i get a balance transfer card would it affect my credit score? as im looking to clear my existing credit card off and on a separate note i want to purchase a car on finance
Hi! One of my cards has recently offered me a credit limit increase. I have taken this as a sign that they are happy with my usage and the fact that I always pay the balance in full. The same card currently has a 0% balance transfer offer until October 2022. I am considering making a balance transfer from a second card I have, but I'm unsure about whether they will see this negatively as I will be going from monthly payment in full, to an open balance on the card for longer to make the most of the 0% period.
Any thoughts ?
Is it means I should not use my balance card for purchase even if I have this option in my terms?
Can I use balance transfer cards to pay of catalogue companies such as Very and Studio?
Informative cheers mate
When you do a balance transfer and the card you transferred will have a 0 balance on that card will your credit score go up?
I think they have addressed that issues! if you spend some money more on the credit card that you already took money transfer or balance transfer offer! Because that transfer offer has its own minimum payment limit each month And the extra money will go to your new blance!! I kind of remember that I discuss this issue with aqua credit card 🤔 Are you sure when information is up to date?
Is paying off my car loan considered a balance transfer?
Another great informative video. Barclaycard has offered me 18 months 0% BT and 18 months 0% purchase. So I presume that if I did any purchases, I will not be paying interest on the purchases
Another informative video! – you mentioned never to spend on your balance transfer card after the transfer. What happens if you already have a balance of £50 before the balance transfer?
Great video Sasha. If you have taken a balance transfer offer and paid it off in full within the 0% term would the credit card company offer you another balance transfer offer?
It would be interesting to hear your experience with switching credit cards – if it's worth it, especially for a newby with expensive rates for their first card.
Great video! Thank you for sharing tips and tricks