Do you need to make a balance transfer of an outstanding amount from one credit card to another?
If so, then you need to watch your dates carefully in order to get the most out of your balance transfer.
If you have recently applied for a new 0% balance transfer credit card, then you may have chosen to request the balance transfer at the same time as when you applied for the new card.
Alternatively, you may have chosen to wait and see if you are accepted for the new credit card first. In this way you can see what credit limit you have been given, before you apply to transfer any balance.
Watch Your Dates For Balance Transfers
If you have not made the balance transfer immediately when you got the new card, then do not leave it too long before you carry out the balance transfer.
Most UK credit card companies only provide their introductory balance transfer deals for a very limited time after the card account has been opened.
HSBC balance transfer deals for example, only apply to balances transferred within the first 60 days of opening your account. Once this 60 day period has passed, then any balance transfers you request will be done at the card’s standard rates of interest, rather than the lower introductory rates.
Leave it too long to make the balance transfer and you will end up paying the standard 18.9% APR interest or more, rather than than the 0% you were hoping for.
There is another date to watch out for when carrying out a balance transfer. You need to be aware that the 0% balance transfer rate, from most companies, starts from the date your credit card account is opened.
So if for example, you leave it until 90 days after opening your 28 month balance transfer credit card, to carry out the balance transfer then you will only have a period of 25 months remaining effectively.
Read more of the latest credit card balance transfer tips from Balance Transfer Expert.