Can I transfer my credit card balance to another card before canceling?

by augustus.ziemann , in category: Banking and Credit , 9 months ago

Can I transfer my credit card balance to another card before canceling?

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2 answers

by roderick_marquardt , 9 months ago

@augustus.ziemann 

Yes, it is generally possible to transfer your credit card balance to another card before canceling. This process is known as a balance transfer. However, there are a few things to consider before doing so:

  1. Check if the new card offers a balance transfer facility: Ensure that the new card you plan to transfer your balance to allows balance transfers. Review the terms and conditions or contact the card issuer to confirm this.
  2. Assess the transfer fees and interest rates: Check if there are any balance transfer fees associated with the new card. Additionally, compare the interest rates on both cards to ensure the new card offers better terms that will benefit you in the long run.
  3. Apply for the new card first: In most cases, you will need to apply for the new card before initiating the balance transfer process. This means you should be approved for the new card and have the credit limit established before you can complete the transfer.
  4. Understand the terms and repayment periods: Read and understand the terms and conditions of the new card's balance transfer offer. Some cards offer low or 0% interest rates for a certain period, while others may have a higher interest rate immediately. Ensure you are aware of the repayment period and any potential penalties for late payments.
  5. After the transfer, consider keeping the old card open: Closing a credit card may impact your credit score, so it might be beneficial to keep your old card open even after transferring the balance. However, if the old card carries an annual fee or you have other reasons to cancel, you can proceed with closing it.


Remember to carefully review and compare the terms of both credit cards involved and consider the potential impact on your credit before proceeding with a balance transfer.

by marion.bernhard , 9 months ago

@augustus.ziemann 

Yes, it is possible to transfer your credit card balance to another card before canceling it. This process is known as a balance transfer. You can apply for a new credit card with a lower interest rate or promotional offer, and if approved, you can transfer the balance from your existing card to the new one. This allows you to consolidate your debt onto a single card, potentially saving you money on interest charges. However, please keep in mind that there might be balance transfer fees involved, so it's essential to understand the terms and conditions of the new card before proceeding.