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How to Transfer Credit Card Balance to another Card

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Getting a new credit card may seem counterintuitive when you are already in deep credit card debt, but believe it or not, it may be the best financial move for you. If you know how to take advantage of a credit card balance transfer, you will end up with smaller and more manageable monthly payments.

Understanding credit card balance transfer

This process involves the transfer of your credit card account’s balance into another account from a different credit card company. Many credit card companies use it as a strategy to entice people like you to switch to them, with attractive perks like low interest rates, loyalty points, interest-free periods, or a combination of those incentives.

The order of payments in each of your credit cards determines the balance that needs to be paid first. In most cases, you initially have to pay off the balances with the lowest rate because they tend to be paid off sooner. To make the most of the balance transfer, you should avoid taking cash advances and making purchases.

Things to consider

The process is normally fast, and nowadays, automated features make it easier to do balance transfers. But should you transfer your credit balance to another credit card? Your decision should depend on these three factors:

  1. The normal rate

Look at the credit card‘s normal interest rate. The lower it is, the better for you, but the worse it is for the credit card provider. The transferred balance is subjected to the similar rate of your card‘s purchase rate.

  1. The teaser rate

The new credit card company normally offers the lowest rates to new clients, enticing them to do the balance transfer. The most common teaser is the 0% interest rate, which is given when you open the new credit card account. However, this is only temporary, which means it lasts for only six to 15 months. After that, the remaining balance is subject to the purchase rate. Determine the duration of the offer to be wary of the sudden increase in interest rates.

There is also such a thing as a “fixed life of loan rate,” an offer that lets you have a low fixed rate until you can pay your transferred balance in full. However, it is only guaranteed as long as your account is new.

  1. The transaction fee

This fee is generally the credit card company’s commission and it is a straightforward transfer of your money to the company. It often varies from the 1% to 5% transferred debt.

Do your research

It pays to do your research on any underlying terms when considering before you transfer your credit card balance to another bank. For instance, make sure what is “free” is actually free, and that the 0% offered to you applies not just on the balance transfers but also on your purchases.



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Unionbank Omni Pass


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  • Pay an annual fee of just Php1500 for the primary card!
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  • Avail of Cash Advance service Fee of Php300 or 6%, whichever is higher!
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HSBC Mabuhay Miles VISA Classic and Gold Credit Card


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<li>Free annual fee for the initial year for both primary and supplementary cards</li>
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METROBANK CLASSIC CREDIT CARD


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Citibank Rustans Credit Card


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Featured Articles:

Featured Article 4

Ever thought of getting a credit card but don’t know where to start? For majority of cardholders we know, credit cards are terrific tools that certainly have very great advantages.

We at comprecreditcards.com.ph have surveyed many customers and here is what came out…

Its very handy payment. That’s the big thing, right? You don’t have to worry about being robbed or something because you don’t have that big cash with you. Even if you’re just making small purchases, it’s a big help. Plus, the fact that we are in the on-line shopping age, it’s a total must have.

On the spot loans. When you’re short of cash, a credit card will be there to save you from the embarrassment of not being able to pay as it will help you make up for your purchase. To avoid any fees, just pay your balance in full.

You have no idea as to where you’re spending your money? People have the tendency to say they don’t know where half of their money went. With a credit card, you can easily track your purchases on your monthly payments. So if you think your wife spent too much for the month, check on your bill, who knows, it might even be you…

It’s easier to pay off. It’s easy to pay credit card bills. All you have to do is find an ATM with your checking or an easy account transfer. Good news is you don’t have to wait a month to pay it off. And guess what, some even lets cardholders pay their bills ONLINE. So say goodbye long lines; Hello to convenience!


You get rewards.

Every time you make transactions you earn point or “rewards” that you can exchange for either gift checks, vouchers, exclusive items or maybe the cash back system. We’re not saying that you use your credit card non-stop to avail of these, but as a matter of fact, it is a nice bonus.

Very exclusive deals. How would you spell exclusive? Its “c-r-e-d-i-t-c-a-r-d”. Why? Because you get a lot of high class services that are only available for those people who hold the cards. Sometimes its discounts on products, dining and traveling first class. Remember the times when you really wanted to buy something and you were able to buy it because of the discount my credit card was able to give me.

We can go on and on with these, but nothing is really important than learning it by experience. Everything has its ups and downs. It’s up to you, as the card holder, to become responsible in how you manage your money. Look into the bigger picture of how credit cards make life easier and who knows you might just even love it. Just be responsible and a word of advice, pay your dues on time, all the time…