Consolidating credit card debt information online
When applying with a new card provider, you provide an idea of how much you’re hoping to transfer.
But it’s only after you’re approved that you can complete those transfers, typically within a strict transfer period.
If you don’t qualify for the total amount you requested, your creditors are typically paid off in the order you listed them on your application.
The transfer stops when your credit limit is reached — less any fees per transfer.
Certain assumptions have been made around the repayments made.In this way, your new credit card helps you pay down your old debt — or pay it off completely.When you apply for a balance transfer card, you’re asked to list your creditors and the amount you want your new card provider to repay them. A balance transfer credit card allows you to move your existing debt — other card balances, medical payments, student debt and even personal loans — to a new card with a lower rate, sometimes as low as 0%.Lower rates typically run for 6 to 18 months, after which the interest reverts to a higher rate.