Transfer Credit Card Balances to Citizens Bank
What is a credit card balance transfer?
A credit card balance transfer is moving your balance from a high-interest card to a new card with a lower interest rate. A balance transfer can save you money by moving your debt from a high-interest credit card to one with a lower interest rate or 0% interest for a period of time.
Here are three tips to help maximize a balance transfer credit card's interest-free period:
- Pay more than the minimum payment each month.
- Avoid using your card for new purchases.
- Make sure you understand the terms of the balance transfer, including any fees or restrictions.
On a $5,000 balance transfer with a 3% balance transfer fee, you'll owe $5,150. With a 5% fee, that jumps to $5,250.
Some common ways to request a balance transfer: Generally, you can log onto your online account with your new credit card issuer and fill out a balance transfer request. You can also call the customer service number on the back of the card or visit a branch in person.
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