Balance transfer

Will_th74

I'm having issues with the interest on my credit card,I want to do a balance transfer but I've no clue how it works,do I have to contact my card provider to inform them or will the new card provider do it all,do I have to pay the fee upfront or will it be added to the balance?

[Deleted User]

You do it via the new card. The fee is added to the balance.

[Deleted User]

A balance transfer is just like paying off the card - the BT card issuer sends the money to the card issuer with the balance, then you owe them the money with the fee on top - hence why you can typically borrow 90-95% of the credit limit. You just process it on the app/website/phone, give them the card number of the one in debt and they do the rest. It usually takes 1-3 working days

Do note if you are struggling to pay the card you may not get big balances or the maximum length of borrowing so be prepared to push any debt left on the interest card as hard as you can once you have done the transfer, whatever balance you get and make sure to pay at least the minimum on the BT card as it will clear the balance while on 0% interest, as opposed to paying interest and some capital