If you’re struggling to pay down a credit card balance due to high interest rates, you’ve probably considered switching to a balance transfer credit card like the NAB Gold card. But did you know that you might not be able to transfer your full existing balance to the new credit card? While balance transfers might be a good option for you, you should understand the potential limitations before jumping on the idea.

Let’s take a look at transferring credit card balances, a common balance transfer limit, and what that might mean in your situation. read more..

Are you about to get a new balance transfer credit card? Did you just recently move a balance from one credit card to another? Then surely you know that balance transfer rates are limited time deals. Are you prepared to pay off your entire transferred balance before that introductory offer expires? You definitely should.

There are several reasons it’s important to stay on top of your transferred credit card balances so you don’t end up in a worse situation than you had with your old high interest credit card. Here are a few reasons: read more..

If you’re interested in saving money on your credit cards (namely saving on credit card interest) then balance transfers are often a good option. You can move an existing balance that accrues interest at a high rate on your current credit card to a low interest card. But there’s also some risk in doing this, specifically if your current credit card where you carry a balance is a rewards card.

Let’s take a look at how balance transfers might negatively impact you if you intend to leave your current rewards credit card behind. read more..

It’s not uncommon to switch credit card issuers when you decide to trade your old card for a new offer. But there are also times when you might want to “trade up” a current credit card to a better credit card offer with the same issuer — such as going from a standard account to a gold card account.

If you do that, can you transfer your balance from the old card to the new one, or do you have to simply pay off the old card’s balance before you can close that account? read more..