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BALANCE TRANSFER TIPS FOR SAVING ON CREDIT CARD INTEREST

There are quite a few things you can do to manage the rates and costs incurred on your cards. For example, if your credit card carries high-interest rate balances, this may cause your monthly charges to be draining you financially. Then you have to take the initiative to see how you can cut the charges.

One thing you can do is to transfer debt from high-interest rate cards to one single card that has a lower interest rate. This will help to reduce the amount you are owing significantly and it will also mean that you get one statement and make just a payment monthly. Even if your bank charges you for transferring balances, you will still have enough to save in the long run based on the lower rate you will be getting in the end. It is worth taking this step. Take your time to understand how it works.

Here are a few tips that can help you in transferring balances on your credit cards;

  • Know your interest rates

The way interest rates work is that balance transfers have one interest rate while cash advances and purchases have different interest rates. You have to know this so that you can make a better-informed decision. Make sure you always check the interest rate charge calculation in your monthly statements. In cases where you pay more than the minimum amount, your card issuer is expected to apply the extra amount you paid to the debt that has the highest interest rate.

  • Get a card with a long promotional period

You can leverage on the introductory Annual Percentage Rate (APR) that you have on your new credit cards. Most new credit cards have this introductory APR for 12 months or even more right from the date it is opened, and this introductory APR can also be applicable for purchases as well.

Existing cards can sometimes have promotional APRs throughout the year or for a period of 12 to 20 months. When you want to transfer balance, look out for cards with the longest duration because they will give you more time so that you can save on interest and you can pay the balance much faster.

  • Put into consideration the “go-to” rate

The “go-to’ rate is the standard rate on your account that is applied to any part of the balance transfer amount after your promotional rate has expired. However, you have to be aware that your interest charges and minimum payment can increase according to the higher go-to rate.

  • Keep payments current on your old card

It takes up to two weeks or more to process your balance transfer as part of a new credit card. The processing time on an existing credit card can take up to five days. Hence, you have to be careful so that you do not fall behind on your payments to the old card. When you move the debt to the lower rate card, you have to be watchful so that you don’t incur additional debt on the old card.

  • Evaluate your balance transfer fee

Balance transfer fees are usually a minimum of $10 or about 2-5 percent of the transferred amount upfront. For example, on a $5,000 balance transfer, you will be paying a fee between $100 – $250. When you are calculating, but this fee into consideration so that you can know how much you are saving.

  • Maintain a high credit score

If you have a good credit score, you will enjoy benefits such as low promotional rate balance, transfer, and affordable interest rates. Hence, you have to ensure that you don’t do things that will affect your credit score negatively.

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan local to you, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

With other types of credit, lines are sure to check out how the closest title loan. In times of need, the best option to obtain cash is by getting a title loan at your fastest convenience. Our reps could help you obtain the fastest loan in the industry. Call us today.

Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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