Balance transfers is a term that is heard often, but some people don’t quite understand. That is why we have made it today’s topic! A balance transfer has many benefits, including the potential savings.
What is a balance transfer? A balance transfer is when you transfer a balance from one card to another, you’re essentially paying off the first card with the second. Transferring your debt to a lower-interest card can help you save money and pay off debt faster.
Is this something that you should do? That depends on a few things. One factor to pay attention to is if there is a balance transfer limit. Generally the balance transfer limit will be listed in the offer. Another factor to consider is how much it might cost extra. Credit card balance transfers may charge a balance transfer fee—usually 3% to 5% of transferred debt.
In the long run it’s key to do research and make sure that a balance transfer is the right thing for you. We have great employees here at GHS who would be able to help you with any questions you may have and to help you through the whole process! Stop in today!