Check List For Transferring Credit Card Balances

The process of transferring credit card balances is usually straight forward and easy. But to make the move as easy as possible and hassle-free it helps to use the following credit card balance check list to have all the information handy in the one place.

When transferring credit card balances are a must-do.

If you find yourself in credit card debt without any hope to repay it soon enough it’s time to consider a transfer of your credit card balances to a zero percent balance transfer card. The transfer will allow you to take advantage of the 0% p.a. balance transfer fee and repay your debt within the given time – if you are dedicated to do so and understand the dangers of using these cards.

Check list for transferring credit card balances:

The following check list for transferring credit card balances will help you to be organised for the move. Similar to moving from one house to another you need a handy check list to make the move from one credit card (or several) to another without any major setbacks.

Gather the following information from your old credit cards:

• Account No.
• Balance
• APR %
• Grace period
• Due date
• Toll-free customer service number

Gather the following information from your new balance transfer credit card:

• Account No.
• Balance
• Introductory APR %
• Expiry date of introductory rate
• Expiry date of balance transfer APR %
• Balance transfer fees
• Annual card fee
• Grace period
• Due date
• Toll-free customer service number

Procedure for credit card close-out:

• Pay the minimum payment on the due date to your old credit card.
• Sign up for the balance transfer card.
• Complete the balance transfer form.
• While you wait for the balance transfer continue to make the minimum payments to your old credit card.
• Receive notice of the successful balance transfer from the new card provider.
• Call your old card issuer to verify balance transfer has taken place.
• Wait until you receive a billing statement from your old company showing you a zero balance.
• Close your old credit card account by calling the issuer and backing it up with a written letter (send by verified mail). Ask them to also notify Veda Advantage of your status.
• Start using your balance transfer card correctly.
• Repay your debt.

As you can see, transferring credit card balances is not hard. The key is to follow each of the steps above to make sure you don’t close down your old card too soon and then end up chasing your tail because of the hassles that could result.

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