If you’ve already got a couple credit cards open, consider balance transfer offers with your existing credit card issuers.
Assuming you have online account access, simply log-in and look for available offers for existing customers in your control panel, or call your card issuers by phone to inquire about any offers.
Pretty much all major credit card issuers offer balance transfers, and they could be a good alternative to applying for a new balance transfer credit card.
After all, you can avoid opening of a new credit card account, which should spare your credit score the associated ding.
And you won’t have to manage an extra credit card. Believe it or not, it becomes a bit cumbersome when you’ve got a stack of credit cards in your possession.
Additionally, executing a balance transfer offer with one of your existing issuers may save you time since the account is already set up. You may be able to transfer the balance within minutes, though take note that balance transfers can take time to go through.
Aside from the time saving potential and the minimized credit score impact, balance transfers with existing issuers may provide you with more options or a special deal, such as a no fee balance transfer.
You may also be able to get them to waive the balance transfer fee or negotiate a lower balance transfer APR than what other companies are offering.
So always take the time to at least check in with them to see what they have to offer. At the same time, they may only be able to offer you a mediocre deal, so don’t stop at your existing card issuers. Shop around for a balance transfer credit card, just as you would anything else.
You’re in it to save money, so don’t cut corners.
Advantages of Balance Transfers for Existing Customers:
– Faster balance transfer
– Less (or no) credit score impact
– Potentially easier to execute
– More options
– Exclusive balance transfer deals
Of course, there are times when a balance transfer with an existing issuer may be a necessity, assuming your credit score is too low to qualify, or all other options have been exhausted.
Either way, it’s best to know all your options, as the associated savings can be quite worth your time.
Tip: Shop around to see all the available credit card balance transfer offers out there, then check to see what your existing credit card issuers have. Call them up and try to negotiate a better deal, citing any offers you may have seen, asking that they match or beat them.