Use Balance Transfer Offers from your Current Credit Card Providers
Published March 28th, 2007 in Credit Help and Tips.If you’re the typical American consumer, you probably have several credit cards and a few thousand dollars or more in revolving debt. Perhaps you’ve used 0% APR credit cards or balance transfer credit cards to alleviate your debt woes, and keep finance charges in check.
But what can you do if your fico scores dip and you can’t get a new low-interest credit card? Luckily there’s another option if you have no place to turn. Your current bank and/or credit card provider(s).
What you may not know is that many of your current credit card providers and banks offer special balance transfer deals. If you log-in to a given credit card account online, look for a balance transfers section somewhere within the menu, or possibly in the form or a link or banner ad. From there you’ll be able to select a balance transfer deal to take advantage of.
It may not be 0% APR, but it could be a low APR balance transfer at 1.99% fixed for the life of the loan. If you can’t get a new credit card anywhere, this might be your best option. Not only will it solve your high-APR credit card woes, you’ll also be able to stick with the same bank or credit card provider, and your credit report won’t carry inquiries from a new bank.
If you login at Citicards.com you’ll see a balance transfer option under “manage my account”. From there you’ll be able to choose from a variety of low-APR options. On the Chase credit card website, you’ll see a “transfer balances” link right next to your available credit balance on the account summary page.
American Express and Wells Fargo have similar areas or links where you can view balance transfer offers. So next time you’re thinking about executing a balance transfer, think internally. It’s not always necessary to open a new credit card to transfer an existing balance.
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