debt

Balance transfer procedures

If you've decided to transfer credit card balances but don't know how to go about it, print out and save this page to ensure a smooth transition from one credit card to another.

First, gather some information on your old card. Dig out your most recent bill and a copy of the current agreement with the old credit card, plus the agreement with the new card company.

Old card
Account # 
Balance$
APR  %
Grace period  days
Due date 
New card
Toll-free number for
customer service
 
Account # 
Balance$
Introductory APR %
Date intro
rate expires
 
Fees for
balance transfer
$
Annual fee$
Grace period  days
Due date 

Now that you have the necessary information, you're ready to make the transfer.
Follow these steps in order, checking them off one at a time.

Credit card account close-out procedure

  • Send minimum payment to old company by due date.
  • Sign up for new card.
  • Complete balance transfer form.
  • While balance is pending, continue to make minimum payments by due date to old card.
  • Receive notice of balance transfer to new company.
  • Call old company to verify balance transfer.
  • Receive billing statement with zero balance from old card company.
  • Close old account by calling or writing the issuer. Ask the issuer to note in any statement to a credit bureau that the account was closed at the customer's request.

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CREDIT CARD WEEKLY NEWSLETTER

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Pay off $50K card debt fast?

Dear Debt Adviser, I have a debt of $50,000 from balance transfers and credit line accounts. If I were to pay just the minimum due every month (which is what I can afford now) how long will it take to clear including... Read more

advertisement
Partner Center
advertisement

Connect with us