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12 Tips On Transferring Credit Card Balances That You Won’t Want To Miss

12 Tips On Transferring Credit Card Balances That You Won’t Want To Miss

Transferring credit card balances can be a great move financially. It can get you out from under exorbitant interest rates and give you a fresh start on making payments. Some credit cards even have low introductory rates from zero percent to 5 percent that can make paying off your balance easier and faster. That said, transferring credit card balances is a slightly convoluted process that you should be more educated about before proceeding. Here are some tips to help you figure it out.

1. Your debt will get bigger before it gets smaller.

Back in the day, transferring balances used to come at a rate with a maximum fee. That means you’d pay 3 percent or something like that for a certain amount but no more than $50-$75. These days, transfer caps are gone. If your balance is small then this isn’t a big deal but if you have thousands of dollars in credit card debt, the transfer fee can add up quickly. It is unavoidable but make sure you know how much will be added back onto your debt when you transfer the balances.

2. The introductory interest rates can be a trap!

Like we mentioned, some credit cards come with introductory rates between zero percent and 5 percent. These typically last for 6-12 months. If you cannot pay back your balance before the introductory rate, then you should pay attention to what the regular rate will be. These higher rates can range from 12 percent to 18 percent or even higher depending on your credit. Do yourself a favor and sit down with a calculator and make sure you’re actually saving yourself money by switching over!

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3. If you don’t pay your dues, they’ll make you pay in other ways.

While we’re on the topic of introductory rates, let’s talk about what happens if you don’t pay your bill. Pretty much all credit cards will cancel your introductory rate and give you the regular rate if you fail to make payments on time. Remember folks, there is no grace period when transferring credit card balances. Do not skip a payment or it can cost you!

4. Don’t neglect your debt while transferring credit card balances.

The process of transferring balances from one credit card company to the next can take some time. Experts say that it can take a month or longer for the process to complete. During this time, you’re still responsible for paying your bill every month. We’ve already discussed what can happen if you don’t make payments on time. Don’t sabotage yourself!

5. The best rates are reserved for those with good credit.

Sadly, those of us with bad credit don’t get the same features with new credit cards that people with good credit will receive. You may see credit cards that brag about having low introductory rates but if your credit is bad then those rates probably aren’t meant for you. It’s not uncommon for people with bad credit to be forced into taking less appealing offers like no introductory rates and higher APRs overall. You can still apply and try for things like introductory rates but don’t base your financial future on credit card features you may not be eligible to receive.

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6. Even more introductory rate confusion.

Some credit card companies will only give you the introductory rates for the amount of your balance. This means any purchase you make could be subject to the regular APR. For example, let’s say you transfer your balance of $3000 to the new credit card at the introductory rate of zero percent and then you go buy a laptop for $500. The $3000 would have the zero percent introductory APR while the laptop would be subject to the regular APR. Here is the kicker. Since most credit card companies apply payments to a split-rate account to the balance with the lower interest rate, that means that $500 will continuously increase until you pay off the $3000.

7. Don’t be a transfer junkie.

After reading through here, you may be thinking of getting a credit card with an introductory rate and then transferring to a new credit card with a new introductory rate in a year. It sounds like a good plan but you can be penalized for doing this. If you transfer your balances too many times, your credit can be penalized. Since paying off a credit card is supposed to increase your credit score, doing anything to prevent that is actually counterproductive.

8. Slash your cards.

This isn’t a technical tip but rather a figurative one. Due to all of the confusion and complexity of transferring credit card balances, it’s probably in your best interest to just hack up the cards. The accounts can remain open but let’s face facts here. If you’re in the kind of financial crunch that can motivate one to transfer balances, then you should probably not give yourself an opening to make it worse. Cut up the cards, pay off the debts, and many of the pitfalls we discussed today don’t apply to you.

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9. Take your time and find the best deal

This applies to everything, ever. Finding a credit card with a 12-month introductory APR of zero percent may sound great, but paying 18 percent APR after that could be very bad. Meanwhile, there may be a card out there with a flat 12 percent rate that would be a better deal in the long run. Shop around, do the math, and find the deals that will save you the most money. Do not get suckered into a bad deal because of an appealing opening offer. Finally, be especially careful of the old bait-and-switch tactic. An example of this is being pre-approved for a certain card with a certain balance and a certain rate but when you go to officially apply, you end up with something much worse than that. Unfortunately, this does happen.

10. Don’t try too hard or you’ll never get it done.

As with any other loan process, applying for a new credit card requires a credit check. It’s pretty much common knowledge that if you ping your credit over and over again then it will cause your credit to go down. If you can’t secure a credit card after a couple of tries, it’s best to give up and try again in a few months to avoid harming your credit because otherwise you may lower your credit which will just make it harder to get another credit card!

11. If you don’t slash it, then don’t spend it.

Earlier we suggested that you slash the old and new credit cards and we stand by that advice. However, we also understand that you may need to keep one of them around for emergencies. Spending $250 on a credit for shoes is a horrible idea but spending $20 in gas to get home because you don’t get paid until the next day is totally understandable. Should you decide to keep your old or new credit cards around, we recommend you don’t spend anymore money than absolutely necessary.

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12. Why are you in this situation to begin with?

If you’re transferring credit card balances then you are in some sort of financial trouble. Generally, the only two reasons people transfer balances is to switch to a card with a lower rate or because they’re experiencing problems with their current credit card and need a fresh start. In either case, look into what caused this problem. While transferring balances can save you money in the long run, it won’t save you that much money month to month. If you’re having trouble paying your credit card now, you’ll have trouble later too. Fix the underlying problem and you may be able to avoid this whole mess!

Wrap up

The bottom line is simply this: be educated. Make sure you read everything before you sign any paperwork. Don’t let fast talking customer service reps try to rush you. This is your money and your life and if you don’t feel in control of the situation then take a step back and assess the situation. There are no shortcuts so work hard and get it done.

Featured photo credit: Digital Trends via digitaltrends.com

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Joseph Hindy

A writer, editor, and YouTuber who likes to share about technology and lifestyle tips.

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Last Updated on February 11, 2021

Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

Imagine receiving a regular supply of free samples through your letterbox?

These free samples by mail could include things such as cleaning products, cosmetics and packaged food.

Free samples are a great way to try out some of the latest products. One week you may have a new toothpaste to try – the next week you may be snacking on a delicious chocolate cookie sample.

As the saying goes, variety is the spice of life. And by requesting free samples by mail (I’ll show you how shortly), you’ll have not just variety – but fun too!

Tell Me More About Getting Free Samples Sent to My Door!

So, it looks like I’ve caught your interest. That’s great news!

Just before I introduce you to 10 places where you can get free samples by mail, let me clarify a couple of things.

Firstly, all the places I’ll talk about are currently active in sending out free samples to consumers. (In other words, no links to out-of-date or dead pages!)

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Secondly, location is key. If you live in North America, then you’ll have a wide selection of places to sign up to. In other locations (for example, Africa, Asia and Europe), you’ll have fewer choices – but free samples by mail are still a possibility.

Lastly, to whet your appetite for the freebies, here’s a short list of product examples:

  • Pet food.
  • Beauty products.
  • T-shirts.
  • Greeting cards.
  • Wallets.
  • Snack bars.
  • Vitamins.

Free Samples by Mail… Tell Me Where to Get Them!

It’s now time to share my recommendations for the best sites to claim free samples from.

Let’s start with…

#1 SampleSource

    This company sends out boxes of 6-12 free samples about four times a year. Products include baby wipes, cereals and tissues. Register with SampleSource to be notified of the availability of their free samples. (Canada and U.S. only.)

    #2 Influenster

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      As their name suggests, Influenster wants to send free samples to you in exchange for you sharing about the products on your social media accounts. Once you’ve become a member (join for free!), they’ll send you a box of free goodies every few months. The more you share pictures and reviews of the products – the more free samples they’ll send you! (All major territories.)

      #3 PINCHme

        This organization will send you free samples in the hope that you’ll then go out and buy the equivalent full-size products. To receive regular boxes of free food, drink and cosmetic samples (and sometimes coupons), then sign up and create your profile. (U.S. only.)

        #4 House Party

          Thinking of throwing a house party? If yes, then be sure to sign up with this company. They’ll send you a box of ‘themed’ products and services that you can hand out at your party. Register with House Party. Wait for the fun freebies to be mailed to you. And then start sending out your party invites! (Worldwide.)

          #5 YoFreeSamples

            This site is a great resource for a whole host of free samples that can be mailed directly to your door (with no survey requirements!). You’ll find anything from books to perfume, with new offers listed daily. Head over to their site to see what’s currently available. (Mostly U.S., with occasional offers for other countries.)

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            #6 Magic Freebies

              The U.K.’s most popular freebie site. Register for their email newsletter, and they’ll send you a daily email with eight free sample offers. These include products such as disposable razors, dog bowls, and even fake tan! So, what are you waiting for? (U.K. only.)

              #7 SweetFreeStuff

                Since 2002, this simple site has been linking to the best free sample offers currently available. To get started, sign up to their daily email newsletter, which contains links to the latest offers. As well as free samples, SweetFreeStuff also gives information on coupons and deals. (Worldwide.)

                #8 Sample A Day

                  Would you like to receive a notification of a new free sample every day? Well, that’s the promise from this site. They claim to thoroughly research all offers, ensuring there are no catches or hidden surveys! From baby products to socks, this site is sure to have something for you. Registration is super-easy. Simply enter your email address. (Australia, Canada, U.K. and U.S. only.)

                  #9 Pretty Thrifty

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                    This site specializes in free beauty products, but also lets you claim free samples such as energy drinks, snack bars, and even magazine subscriptions. Pretty Thrifty has more than 85,000 followers on social media, so clearly knows how to attract free sample hunters. One thing that makes Pretty Thrifty stand out from most of their competitors, is that their email newsletter is available in daily, weekly and monthly formats. (Mostly U.S., with occasional offers for other countries.)

                    #10 CrazyFree

                      My final tip for getting the best free samples by mail, is Australian company CrazyFree. Their funky website offers big brand free sample offers, which currently include items such as Dolce & Gabbana perfume, Coke Zero, and Happy Dog pet food. To claim the offers, select the free samples you would like, and then complete their registration form. (Australia, U.K. and U.S. only.)

                      Receiving regular free samples by mail is a fabulous way of testing out the latest products on the market (and some that aren’t even on the market yet!)

                      You’ll impress your friends and family with all the free stuff you’ll be receiving. And take it from me… it’s a fun, free and rewarding hobby.

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