Balance Transfer Tips
The main problem that people run into when transferring a balance to a new card is that the credit line they are awarded for the new card does not cover the total debt they would like to move. This is especially common when multiple account transactions are taking place. Another common occurance is in the event of large balance transfers. Below are a few balance transfer tips that may help you to save money. They are organized by credit rating as the way you should approach a balance transfer credit card application unfortunately varies based on your credit history and score.

If you have good credit, but not excellent, we suggest that you do not transfer your balance online. During the last few years, the financial landscape has changed so much that by transferring balances online, you may in fact be providing the banks with a reason to not approve you for the card in the first place or give you a shorter introductory period. In essence, you are providing too much information. We suggest that you still apply for the card online as you will lock yourself as online deals are typically much more favorable than those offered via direct mail or on the phone, but  wait to transfer your balance until you physically receive the offer in hand and make sure that the terms are agreeable. You then have the ability to ask for a higher credit line if the one provided does not cover the amount of your desired balance transfer. However, if you have excellent credit, and want to complete the process in one step after you use our balance transfer calculator to determine savings, use the below tips as guidance.

Multiple Account Balance Transfers
If you are planning on moving several accounts to a new card, be advised that the typical limit is three. In some cases your new credit line will not cover the total if the sum of the three is a large amount. If this describes your situation, we suggest that you list the accounts with the highest interest rates or annual fees first. Almost every bank will honor the balance transfers in the order listed on the application. For example, if you plan on transferring cards of $500, $500, and $1000, and the financial institution only gives you a $1000 line of credit, the two $500 transactions will go through as they were listed first. Now, if the rate on the $1000 card is higher than the others and contains an annual fee while the others do not, it makes more sense to list the $1000 credit card first. Every situation is going to be different and we suggest that you treat your balance transfer using a choice system, meaning first, second, and then third choice. Determine which is the most costly debt to carry and list it accordingly.

Large Balance Transfers
If you plan on taking advantage of a 0% deal and have a fairly large amount of debt, it is possible that your new credit line will not cover the amount. There is nothing you can really do about this until after you apply for the new card. If you have been responsible in the past by making timely payments and don't have any account in default, in all likelihood you will be approved for the balance in its entirety. If not, our balance transfer tip for this circumstance is that when you receive your new card in the mail that you call up the number on the back labeled for customer service and speak with someone directly. Our experiences with this situation and using this method have been fruitful and many times they will push through your request. There are certain banks that will still automatically perform the tranfer, but only up to the credit line they give you. For example, if you are requesting $1200 and receive $1000, a bank may pay $1000 and leave $200 on that card. This will still result in savings and we suggest that you take the opportunity to chip away at the account with the less desirable attributes.

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