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Transferring multiple balances onto one credit card is a solid debt consolidation strategy. But before you request a balance transfer, read the card’s terms and conditions to see how much can you transfer.
In most cases, you are limited to either a specific amount, say $5,000 or $15,000, or up to 100% of your credit limit including the balance transfer fees.
In most cases, yes — you can transfer balances from two or more credit cards onto one. If you’re not sure whether your card provider will allow this, call them and ask.
This largely depends on the card issuer, although most of them will allow as many balance transfers as your transfer limit allows.
Most balance transfer applications will allow you to request one or more balance transfers when you apply. Follow these steps to request multiple transfers:
If the application doesn’t have enough fields to list all of the accounts you want to transfer, contact the provider to confirm whether you can request additional ones be added before you finish your application.
Transferring multiple balances means you’ll need to keep track of quite a few details. That said, stay vigilant and avoid these common balance-transfer mistakes.
With many balance transfer credit cards, you must transfer your balances within a certain period to qualify for the intro APR. For example, the Citi Simplicity® Card offers a 18 months intro APR period, but only on transfers you make within 4 months.
To make sure you get your intro APR, take a look at your provider’s card disclosure.
Balance transfers usually take between seven and 15 days to complete. Before that time, you must make at least the minimum payments on your old card bills.
The balance transfer fee is usually between 3% and 5% of each transaction. That means a $3,000 transfer might cost you $150. Add up a few balance transfers, and you could pay a larger fee than you thought.
To make sure the fee is worth paying, calculate how much you’ll save with your balance transfer.
So, you’ve transferred your balances to your new credit card. Should you close your old accounts?
You can close them if you want, but it may be a good idea to leave them open. Keeping your old accounts intact helps you keep your total credit utilization low, which in turn helps you keep your credit score high.
Keeping your old accounts open helps your credit score in another way: by increasing the average age of your credit accounts.
Learn what makes up your FICO score to get the full scoop on how the factors work together.
It’s normal to feel apprehensive about transferring multiple balances to the same card. Take the process step by step, and ask your provider if you’re unsure about the rules.
While making your balance transfers, keep detailed records of what transactions you’ve initiated. Also, record important details about your intro APR and when you should pay off your debt.
And don’t forget to take your time when comparing balance transfer cards to find the one that’s going to best suit your needs.
Take advantage of miles, points and perks with a card that best fits your lifestyle.
Here are our top balance transfer picks for 2021.
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Just 1% of US credit card accounts took out a balance transfer in 2018.
Have a credit score around 550? Struggling to qualify for an unsecured credit card? The new Petal 1 “No Annual Fee” Visa Credit Card might be for you.
This metal card adjusts your limit based on your income.
I put 300 dollars on a few goggle play cards cause the man was suppose to give $35,000 to me his name was Jerry brown and he connected me to another man name Daniel carmen out of new jersey from easy payday loans and never received the money then they was suppose to give back the $325.00 and never received that either
Hi Saul,
Thanks for getting in touch with finder.
I’m sorry to hear about your situation. If you suspect that you have been deceived by these people, it is highly advisable to report this to the local authority. They will most likely help you find these people and bring your money back.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua