How Do I Request A Balance Transfer, And How Long Does It Take To Process?

Applying for a balance transfer is a simple process. There are different ways to do it depending on whether you are a new or current customer. Once you have provided the necessary information the transaction should be complete in a relatively short amount of time.

A balance transfer can be a real benefit to dealing with credit card debt. Many credit card companies offer special low rates to encourage you to use one of their cards or to maintain your business. The trick is that these low rates are offered for a limited amount of time. Because of the time constraint you must be fully committed to paying down all or as much of the transferred balance as possible during the low rate period. If you can do it you will be able to save lots of money in interest fees and still pay down your debt.

There are a couple of ways to request a balance transfer and some general tips you should follow in order for the process to go as smoothly as possible.

Balance Transfer Tips

• If you are applying for a new card you can request your balance transfer with your application. Simply fill out the extra form and be sure to include the account numbers and amounts you would like transferred from the other credit cards. The balance transfer term will take affect when the card is approved.
• Those who already have a card should contact their card issuer to see what kind of rates and terms are available. Most issuer websites have an option to request a balance transfer online. Otherwise it can be done by mail or phone with most credit card companies.
• In either case, the amount of time it takes to process your request will vary. Generally though it takes around 14 days to complete a balance transfer transaction.
• Be sure that you continue to make payments on your old cards until you are absolutely certain that the balance transfer is complete. It is best to contact the previous cards issuers for verification that your balance has been cleared and you do not need to make payments to that card.
• Usually you will be allowed to transfer amounts of more then $500 up to no more then 95% of your available balance at the time of the transfer.
• Pay close attention to all of the terms of your balance transfer. What fees are involved? What happens to your interest rate if you miss a payment? What rate will the debt revert to when the introductory term expires.

The process of applying for a balance transfer is fairly straightforward. More complicated is saving the maximum amount of money by working hard to pay down that balance. If you can do that you can be completely free of credit card debt long before you ever anticipated. Find the card that is best for your budget and apply today so you start saving money sooner rather then later.

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

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Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%