Request
The first step of doing a balance transfer is to be in touch with your bank to which you would want to transfer your debts and provide some information to them like the balances you need to flow. Some banks and credit cards have certain rules about what kinds of debt you can transfer.
There are some options to go online to request for a balance transfer. Generally, you will just need to log onto your account and request for a balance transfer. You will just need to fill out your personal information as well as the amount of debt and account information that you want to transfer.
You can also call the bank to request for a balance transfer, just give out the information that will be needed and make sure that all of the information that you provide over the phone is accurate and clear.
Wait
It can take weeks or longer for a bank to approve and complete a balance transfer request and that would mean that you may need to make another monthly payment on that original debt that you are seeking to move. With the most banks or issuers, balance transfers are generally achieved all at once. That method means that the bank that is providing you the balance transfer terms will submit a fee at once to your original account for the amount that is approved. By that time, that fee amount, including a balance transfer fee, which is normally 3% to 5% of the amount transferred, will show up as outstanding balance to the new account. You will not get a notification when your balance transfer has gone through, so it will be up to you to visit your old account regularly and ensure that each one bills are paid on time.
Pay
By the time that your balance has been moved to a new credit card account, you will start paying it down in line with the terms on the brand new card that you have. If the card offers an introductory 0% APR on balance transfers, you will be capable of making interest free payments at some point of the promotional length. After the promotional length ends, the everyday interest rate will take place but these will apply best to the remaining balance and you will not get hit with retroactive interest charges as you might with a delayed interest offer on a store card.