How credit card balance transfer works?
March11
I was approved by american express to transfer 3 of my other balances to their credit card. My question is do they directly pay these companies or send me a check so that I can mail it myself?
They will pay the compnaies as long as you provide the account numbers and the balance amount. They will probably charge you 3% so if you transfer a total of $1000, the will charge you $30. Then they may or may not charge you interest on the $1030 until it’s paid. You should ask.
They pay them….God, imagine the mess if they just started sending out checks!
They send the checks DIRECTLY to the companies you designate because YOU CAN’T BE TRUSTED!
We consumers start out with the best of intentions, but . . .
It would be a “hot mess” if they mailed the checks to you and expected you to do the necessary administrative legwork.
Plus, you got some folks that will try to endorse the check over to themselves for some quick cash.
Why? Why?
Tell them that it’s human nature!
Transferring your credit card balance from a higher interest rate card to one which offers a low or 0% introductory rate can make a lot of sense if you’re trying to get a handle on your debt. There are plenty of credit card offers to choose from, but finding a good one takes some work, and you have to be disciplined in order to make balance transfers work for you.
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