Balance Transfers Take Time

If you’re planning on transferring a credit card balance from one card to a new card, or even to an existing card, make sure you continue making payments on the old card until the balance has been transferred.

The thing about credit card balance transfers is that they take time, and often people think once they’ve executed a balance transfer they don’t need to worry about paying the old account.

The sad truth is that balance transfers often take several weeks, and they work just like a typical payment you would make. Essentially the bank pays off the balance with your current credit card provider and moves it to their bank.

But if they don’t pay it off right away, and your monthly payment is due before they get around to paying it off, you’ll be hit with a late payment which could lower your credit score and leave you with a new balance for the sum of the late fee.

So stay on top of your accounts during balance transfers because the new bank will not be liable for any late payments you incur on your old account for any reason.

If you don’t believe me, look at the terms and condition of the new credit card you apply for and you’ll see verbiage about this issue specifically, as it’s probably a common problem.

Related Topics:

1. Credit Card Balance Transfers
2. Why Credit Card Providers Offer Balance Transfers
3. Balance Transfers and Store Credit Cards
4. Balance Transfer Setbacks
5. Is the No Fee Balance Transfer a Dying Breed?