how to do a credit card balance transfer

To do a credit card balance transfer, follow these steps:

1. Choose the right balance transfer credit card that offers a 0% introductory APR for a significant period (usually 12 months or more) and has low or no balance transfer fees.
2. Verify the credit limit on the new card and ensure it is sufficient for the amount you want to transfer.
3. Determine how much balance you want to transfer, often prioritizing balances with the highest interest rates.
4. Request the balance transfer either online through your new card issuer's website or app, or by calling their customer service. You will need to provide details of your old card(s) including account numbers and amounts.
5. The new credit card issuer will pay off the balances on your old card(s), and the transferred amount plus any transfer fees will appear as your new balance on the new card.
6. Continue making payments on your old card(s) until the transfer is confirmed complete.
7. Pay down the transferred balance according to the new card’s terms, aiming to pay it off before the 0% introductory period ends to avoid interest.

Be cautious of balance transfer fees (typically 3-5% of the transferred amount) and the regular APR that applies after the promotional period ends. Avoid making new purchases on the new card while paying down the transferred balance to maximize savings.