Do you need to make a balance transfer of your current outstanding balance, 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.
Have you recently applied for a new 0% balance transfer credit card? If so, 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 your outstanding balance.
Watch Your Dates For Balance Transfers
If you have not made the balance transfer immediately when you get your new card, then do be careful. Do not leave it too long before you make the balance transfer.
Most UK credit card companies only provide their introductory balance transfer deals for a very limited time period. This time period starts after the card account has been opened. In some cases the time period starts from the date you apply for the card.
Barclays balance transfer deals for example, only apply to balances transferred within the first 60 days of opening your account. After this 60 day period, then any balance transfers will be made at the card’s standard rates of interest.
Leave it too long to make the balance transfer and you will end up paying the standard 24.9% APR interest, or more. This could be expensive, compared to the 0% rate that you were expecting to pay.
There is another date to watch out for when carrying out a balance transfer, with most card companies. You need to be aware that the 0% balance transfer starts from the date your credit card account is opened.
So if you leave it until 90 days after opening your new card to carry out the balance transfer. Then in this case, with a 28 month balance transfer credit card, 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.