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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 July 4, 2019

25 Killer Sites For Free Online Education

25 Killer Sites For Free Online Education

Whether you’re five or ninety five, the internet has a lot to offer. Particularly when the topic is education, the resources on the internet are endless.

Best of all, many high quality sites are completely free. From history to coding, excellent free online education awaits on the following 25 sites.

1. Coursera

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    Coursera is a website that partners with universities and organizations around the world. This brings a wide variety of topics and perspectives to one searchable database.

    Coursera is a powerful tool for free online education, and includes courses from many top universities, museums and trusts. This gives the site an extremely wide range of in-depth courses.

    Coursera is extremely useful if you’re looking to study many different topics, or want courses from different schools and groups.

    2. Khan Academy

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      Partnering with many post secondary schools, Khan Academy offers a useable, well organized interface. Also curating many courses from around the web, Khan Academy offers impressive depth on many different subjects.

      Among the more well known educational sites, Khan Academy is also incredibly useable, which may make it easier to keep learning goals.

      3. Open Culture Online Courses

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        If you are struggling to find exactly the material you are looking for, try Open Culture’s listing of free online education courses. The page highlights 1000 lectures, videos and podcasts from universities around the world. The site features a lot of material found only on universities private sites, all in easy to browse categories. This means you can find hundreds of university courses, without having to visit and search each university’s own site.

        Open Culture’s list features courses from England, Australia, Wales and many state universities around the United States. A very helpful resource for finding many courses in one area of study.

        4. Udemy 

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          Udemy’s free courses are similar in concept to Coursera’s but additionally allows users to build custom courses from lessons.

          Working with many top professors and schools, the site mixes the customizable platform of other sites with a heavy emphasis on top quality content. This is another site however, that mixes free and paid content.

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          5. Academic Earth

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            Another site with courses from many different schools is Academic Earth. Much like the three sites above, Academic Earth brings together top notch courses from many different sources, and focuses on offering a wide variety of subjects.

            Academic Earth lists courses by subject and school, so it might be easier to find what you’re looking for.

            6. edX

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              Another great option for free online education is edX. Also bringing together courses from many different schools, the site has impressive, quality information for everyone. edX covers a great range of topics.

              7. Alison

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                Unlike the previous sites on this lists, Alison is a free education site offering certification in some areas. Alison offers courses mainly in business, technology, and health, but also includes language learning courses.

                It’s a great option if users need certification for their learning as Alison also offers school curriculum courses.

                8. iTunesU Free Courses

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                  A very convenient place for free online education is iTunesU, because it integrates seamlessly with your iPod, or any app-ready Apple mobile device. On iPad, iPhone, or iPod touch, users download the iTunesU app.

                  Desktop users can access  iTunesU on the upper right hand corner of the iTunes Store. iTunesU is also convenient because the store is categorized much like iTunes.

                  Users can search learning materials in many different ways, including genre and topic. However, courses are often a mix of free podcasts or videos, and paid content.

                  ITunesU does include courses on a pretty wide scope of topics, but does not integrate with Android, Google or Windows mobile devices.

                  9. Stanford Online

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                    Your hub for all the online offerings from Stanford University, Stanford Online offers self-paced and session based courses. While Coursera features some courses from Stanford, many classes are only available via other hosts. Some courses require iTunes, but most are completed in your web browser.

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                    Stanford Online is a great site for high quality courses, though the topics are somewhat limited compared to sites partnered with more than one school.

                    10. Harvard Extension

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                      Like Stanford Online, Harvard Extension features free online education courses from Harvard only. This is another excellent source for top notch course material, though the course variety is less rich than multi-school sites.

                      Additionally, Harvard Extension allows you to search for courses by professional certificate. This makes it much easier if your online education goal includes certification.

                      11. Open Yale Courses

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                        Open Yale Courses echoes Harvard Extension and Stanford Online, in that it offers only courses from Yale. While the site is similarly limited to topics taught at the school, Open Yale Courses offers a lot of videos of actual campus lectures. The availability of videos makes the site a great option if you’re looking for quality courses, but learn better by watching than by reading.

                        12. UC Berkeley Class Central

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                          Much like the other schools on this list, UC Berkeley has a variety of free online education options. The school has slightly fewer courses than the schools above, but includes some supplementary lectures, webcasts and RSS Feeds, making it easy to keep up with the topics you choose.

                          13. MIT OpenCourseWare

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                            Similarly, MIT offers a variety of free courses. The school has a comparable number of courses to the schools above, plus includes very in-depth course materials on the subjects available. MIT also offers free RSS feeds, a convenient way to continue learning.

                            14. Carnegie Mellon Open Learning Initiative

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                              Carnegie Mellon’s free online education site is comparable with the other school’s on this list, however, Open Learning Initiative also covers a smaller range of topics. But for the topics that are covered impressive, in-depth material is available.

                              15. Codecademy

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                                Codecademy is a website dedicated specifically to teaching coding. Where other coding sites follow an example/practice session workflow, Codecademy includes a live practice window. This means you can practice coding while still viewing the lesson material.

                                The courses at Codecademy are well written and easy to follow and the website is organized very nicely. Codecademy features a centralized dashboard where you can monitor your progress, plus organizes lessons into complete modules. This lets you learn an entire language without needing to pick the next course manually.

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                                16. Code

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                                  Code is another website focused on coding and app writing. A site with high quality courses, Code also features learning options for kids.

                                  In addition to kid friendly courses, Code offers free online education classes on a wide variety of technology topics. These classes include app writing, robotics and Javascript.

                                  Most of the courses are also geared in a such a way that they can be useful in a classroom setting. This makes Code a great resource for harder to find coding topics, as well as various learning settings.

                                  17. University of London Podcasts

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                                    The podcast page on the University of London website is another great source for free education. While the courses are limited to podcasts, the site features podcasts from it’s own campus, as well as eleven universities in and around London. This gives learners a wide base of topics and lectures, but still ensures in-depth material.

                                    18. University of Oxford Podcasts

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                                      Similar to the University of London, the University of Oxford features many different podcasts. Most are public lecture series or lectures from visiting professors, with several different recordings available.

                                      The advantage to this particular site is that podcasts are organized into series, making it easy to subscribe to multiple lectures on one topic. Another good site for thoroughly in-depth lectures.

                                      19. BBC Podcasts

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                                        For the more casual learner, the BBC offers a wide variety of podcasts on many different topics. Most podcasts are updated weekly, and focus on everything from finance, to sports, to current events.

                                        Through the World Service line of podcasts, there are also many in different languages. The focus of these podcasts are less in-depth and theory based, which may be more accessible to the average person.

                                        20. TED-Ed

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                                          Another great destination for more general learning is TED-Ed. From the same people that brought you the all encompassing, motivational web series, comes a site chocked full of educational videos. Most include impressive animation, and all are ten minutes long or less.

                                          Not only is TED-Ed an excellent site for the curious, it also includes supplemental materials and quizzes on the videos. This makes the site extremely useful in formal education settings, as well as in entertaining ways to brush up on new discoveries and topics.

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                                          21. LessonPaths

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                                            LessonPaths is another great tool for those looking for a more usable and convenient way to access learning material. On this site, users create link playlists of their favorite learning materials from other sites. Users then rank these collections, making it easy to find many different high quality, accessible sources on a given topic.

                                            22. Memrise

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                                              Another impressive free online education site offering ease of use and convenience is Memrise. Available both on desktop and as an app, Memrise is a particularly powerful tool if you are studying a language. The site encompasses many other topics as well, though some of the course material is user generated content.

                                              Part of what makes Memrise special is their integration of games into the learning materials, mixing learning with entertainment.

                                              23. National Geographic Kids

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                                                The kids site for National Geographic is another site that makes free online education applicable for younger users. For those looking for kid friendly education, a large variety of games, puzzles, videos and photos keeps kids interested on this site.

                                                National Geographic Kids doesn’t organize learning into courses, making materials available by topic and medium instead. This makes National Geographic Kids a good option for those looking for a more casual learning environment.

                                                24. Fun Brain

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                                                  Fun Brain is another good option for kids who want to learn online, but focuses on games and fun puzzles. Particularly focused on math and reading, Fun Brain’s game based approach can be valuable if the child in question struggles to pay attention.

                                                  Fun Brain offers rewards and challenges as well, and is another site aimed at a casual learning experience for kids K-8.

                                                  25. Whyville

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                                                    Similar to the sites for kids free online education is Whyville a destination for preteen online learning. The site includes a variety of social features, with a focus on learning materials geared for young teens.

                                                    Whyville also mixes in educational games, to make the site a well rounded option for kids too old for simple games, but too young for heavy reading based material.

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                                                    Featured photo credit: Dai KE via unsplash.com

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