Pay down credit card debt: Tally+ Express Line of Credit
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Pay down credit card debt: Tally+ Express Line of Credit
If you’ve come to the end of your current balance transfer promotion and haven’t repaid your entire debt, you have options – including performing a second balance transfer. While there are technically no restrictions on the number of times you can transfer your credit card balance, you should be aware of the conditions.
Follow these steps to transfer your debt from a credit card with a promotion that’s about to end to a second balance transfer credit card.
Keep in mind that your second balance transfer will be subject to the credit card provider’s lending criteria. This includes a credit check that will show your previous applications and current credit accounts — meaning they’ll see when you applied for your first balance transfer card.
Let’s say you have a debt of $14,000, which you move to a new card that doesn’t charge a balance transfer fee and has a 0% intro APR on balance transfers for six months. During the promotional period, you’re able to pay the debt down to $11,000. Now that it’s over, you’ll start paying a 19% variable APR.
Here’s how much you could save by transferring the balance again, assuming:
The balance transfer fee brings the total debt to $11,330. That means it would take $5,330 to pay it down to $6,000.
Had you paid interest on the previous card during those six months, it would’ve run about $900. Meaning once you account for the balance transfer fee, the second transfer will have saved you about $570.
Note: Some credit cards have no balance transfer fee.
Continue to transfer credit card balances as long as you can open new credit card accounts. Of course, sometimes you can transfer your balance to an existing credit card, but if the 0% intro APR period has expired or if you don’t have way lower interest rates, transferring your balance may not be the most prudent choice.
Credit card kiting is the act of using credit cards to make it seem like one has more purchasing power than they actually do. This can involve tactics such as taking out a cash advance with one card to make the minimum payments on another.
Another means of kiting involves taking advantage of introductory rates by continuously transferring balances between cards without paying the balance.
Simply making a second balance transfer, however, doesn’t constitute credit card kiting. But make sure you’re paying down your balances to avoid running into trouble.
If you decided to open up a second credit card, watch out for these balance transfer pitfalls:
You may not want to close your old accounts directly after transferring your debt. This is because both your credit utilization rate and the age of your credit cards can positively or negatively impact your credit score.
Learn more about what to do with your older accounts with our page on how to manage your balance transfer card.
Weigh all of the factors above before you jump on a second balance transfer credit card to avoid interest charges. Remember that any balance transfer card you apply for will be subject to approval and recorded on your credit report, so it pays to do your research first.Back to top
How long does it take to complete a balance transfer on a credit card?
Most balance transfers are processed within seven to 14 days of receiving your new card and activating it, though this can vary among providers. Reach out to your specific credit card issuer to see how long you can expect the transfer to take.
When should I let my new credit card issuer know that I want to complete a balance transfer?
Ideally, you should do this at the time of your application. If not, then reach out as soon as you find out that you’ve been approved for the credit card. This way, you can make sure your balance transfer is complete within the time period your issuer requires.
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