Given that paper checks are somewhat of a rarity these days, this practice isn’t quite as common as it once was, as many offers are now extended online.
Balance transfer checks are a simple way to transfer a current debt to your credit card, and balance transfer checks don’t limit you to just credit card debts.
Another thing to keep in mind is that nearly every balance transfer credit card charges a balance transfer fee, which usually runs between 3% and 5% of the transferred balance.
While this can be pretty steep, it may also be worth it, depending on your balance and current interest rate.
If you wish to transfer to an existing card, you’ll need to contact the issuer of the card you wish to make the transfer to. For those who qualify, the best way to maximize the savings of a balance transfer is often to apply for one of the many balance transfer credit cards that come with an introductory APR offer.
The best balance transfer cards have intro APR offers that provide a 0% interest rate on balance transfers for 12 months or more, with some introductory periods extending for up to 21 months.
Without those high interest rates dampening my spending, I had the cash to pay down that high balance, once and for all.
Once your intro terms expire, the remainder of your transferred balance will be subject to the default balance transfer rate, which is generally the same as (or higher than) the APR charged for new purchases.
True to the college student stereotype, my younger self had little interest in real-world skills, like personal finance.
As far as I was concerned, if it wouldn’t help me do well on my next thermodynamics exam, I didn’t have time to think about it.
Simply click on your card of choice to visit its official online application.
When I left college, my credit history was essentially nonexistent, and my credit score was a joke.