Call wait times are longer than usual right now due to coronavirus, so the quickest and easiest way to do this is in Barclaycard online servicing . Transferring your balance means moving all or part of a debt from one credit card to another. Balance Transfer Credit Cards: What to Do When Your Credit Limit is Too Low. If you transfer a balance within 60 days of opening your card, you won't pay a balance transfer fee. The process is relatively simple, too. Check how much the new provider has offered you to transfer from your negative balance. If you can qualify for a 0 percent APR balance transfer credit card, you’ll likely save money you’re currently paying in interest (even after paying a balance transfer fee on the new card). Money transfer cards give you a length of time to repay the money at 0 per cent interest in exchange for paying a balance transfer or money transfer fee.

This type of offer could help reduce your monthly credit card payments, or clear your debt quicker. Check back often for updates, and let us know if you have specific questions by emailing editor@cardratings.com. A payment default occurs when you fail to pay the Minimum Amount Due on the credit card for a few consecutive months. 3. You can’t assume that you’ll qualify for another balance transfer deal. You can’t assume that you’ll qualify for another balance transfer deal. Instead, the point of a balance transfer is to get a lower interest rate, save money on finance charges and pay off what you …

Transferring your balance means moving all or part of a debt from one credit card to another.

If you have existing credit card debt, getting a balance transfer credit card could save you a lot of money. Set up a calendar reminder or enroll in autopay to ensure you never miss a payment. Learn about the steps that you can take to get your money back. STOP. Move just part of your balance or ask for a higher limit. Moving a high-interest balance to a low-interest or 0% APR credit card by doing a balance transfer can be a great way to save on interest charges. If the promotional period on your balance transfer card is relatively short (six to nine months), your credit score may be only just fully recovering from the natural dips associated with establishing new credit—and applying for another card will cause your score to dip all over again.

Make sure you repay your debt before the introductory interest rate period runs out. CardRatings is here for you during the COVID-19 crisis. Our coronavirus financial services resource page includes helpful information about credit cards and other personal finance topics.