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Before you transfer that balance, compare your new offer with what you've already got. To do that, print out this worksheet. Arm yourself with a copy of your most recent statements and a copy of the agreement for both cards - old and new. Fill out the following:
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Old Card
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Info
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| Account # | |
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| Balance | |
$ | ||||
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| APR | |
% | ||||
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| Grace Period | |
Days | ||||
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| Due Date | |
/ / | ||||
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| Toll-free Customer Service Number | |
( ) - | ||||
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New Card
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Info
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| Toll-free Customer Service Number | |
( ) - | ||||
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| Account # | |
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| Balance | |
$ | ||||
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| Introductory APR | |
% | ||||
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| Date Intro Rate Expires | |
/ / | ||||
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| Date Balance Transfer Rate Expires | |
/ / | ||||
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| Balance Transfer Fees | |
$ | ||||
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| Annual Fee | |
$ | ||||
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| Grace Period | |
Days | ||||
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| Due Date | |
/ / | ||||
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Compare everything carefully. If the new offer is appealing, then be sure to contact the new creditor to review the list of questions in Balance Transfers. Still look good? Then you're ready for the transfer. To make sure you've got everything covered, use this checklist.
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Sign up for new card. | |
________
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| Be sure minimum payment is made on other card before due date, and continue to do so until you receive a zero-balance. |
________ |
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| Fill out balance transfer form. |
________
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| New company notifies you of balance transfer. |
________ |
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| Verify transfer with previous company, documenting this communication for your records. |
________ |
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| Receive zero balance billing statement from former creditor. |
________ |
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| Tell the previous creditor to cancel the account by phone or, preferably, in writing. Tell the company that any credit bureau notation must state that the card was cancelled at your request. |
________ |
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