What's a Balance Transfer and Why Should You Do One?

How does a balance transfer work? Once you’ve applied and have been accepted for a new credit card, you’ll want to initiate a balance transfer from your old card to the new one and make sure not to take that new card over 30%. * You can do this either online or by calling the new card’s issuer. ** Some cards, like Chase Slate, allow you to enter your balance transfer information from your old card on the application page so it will be initiated immediately should you be approved. To transfer your balance to a new card, you’ll need your old card’s number, the bank name and the amount you’d like to transfer. Make sure to verify that the transfer went through by checking both accounts either online or by calling. *** The balance transfer can take as long as seven days to complete, so it’s important to still make payments on your old card until the statement signifies the transfer has been made. This can assist with your Credit Scores INCREASING... Knowledge is Power and Credit is King!