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0BalanceTransfer » FAQs » User Questions » Balance Transfers » How does transferring the balance of one credit card onto another work exactly?
QUESTION:
How does transferring the balance of one credit card onto another work exactly?
ANSWER:
May 29th, 2013

To start you will either be opening a new account or transferring a balance to an existing account. Either way the creditor will review your information. Once you have been granted the transfer they will usually use one of two methods to complete the process. The bank or company will usually write a check or conduct an EFT (Electronic Funds Transfer). This method is becoming more popular because of the ease and swiftness of it.

When a paper check is used the bank can place a hold on your account while waiting for the check to clear. An EFT is immediate. The money transfers from one account to another in a matter of seconds with the click of a button. Once the monetary end of the transfer is complete on both ends you will receive word via the mail. Soon you will get a bill from your old credit card with a zero balance. Remember to keep making payments until this happens. And if there is still a balance from additional interest that accrued, pay off that amount.

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