Timothy J. Sierra, Attorney at Law Trusted Florida Bankruptcy Attorney Since 1987
Call Today For A Free Initial Consultation

Why a Balance Transfer is the Secret Ingredient to Saving Money

If you open your wallet, pull out your credit cards and evaluate each card you will first notice the credit card interest and immediately feel its financial burden. To ease your pain, you can and should seek a balance transfer. A balance transfer is one of the best money-saving options available. woman credit card edit.jpg

What does a Balance Transfer do for Your Piggy Bank?

  • Pay off old debt at a quicker pace
  • Save you more money over time

A balance transfer is defined as transferring a balance from a current credit card to a new credit card. By doing so, you have the opportunity to have a lower APR (annual percentage rate) or a 0% introductory APR for an amount of time.

How are 2 Credit Cards Better than 1?

The larger the balance you have the longer you want your intro APR on your "savior" credit card. Look for an 18 month intro APR over a 12 or fewer month intro APR. Give yourself the right amount of time to pay off your balance.

Take these 3 Necessary Actions:

1. Research "Savior" Credit Cards & Apply

Two things to look for while researching:

  • Look at the length of the introductory APR
  • Watch out for balance transfer fees

2. Get Accepted & Initiate the Transfer

Make sure to understand the terms and conditions of your new credit card choice. Make contact with the credit card issuer to begin transferring money.

  • Call the bank directly
  • Request an online transfer
  • Verify the Transfer is Complete & Celebrate
  • While you are in the process of a balance transfer it is important to keep track of your finances.
  • Pay at least the minimum payment
  • Do not close your original credit card

If you miss a payment on your original card or close the card it could negatively affect your credit score. Keep tabs on both cards. The balance transfer process takes at least a week before it is complete. 

    Some of the Best "Savior" Credit Cards

    1. Chase Slate

    This credit card has covers all bases:

    • 0% intro APR on balance transfers &
    • Purchases for 15 months
    • No balance transfer fee*
    • 650 credit score & higher to be approved

    *to receive a no balance transfer fee, the transfer needs to be completed within the first 60 days of the card's annual membership 

      2. Citi Simplicity Card

      This credit card gives a time cushion:

      • 0% intro APR on balance transfers &
      • Purchases for 21 months
      • Small balance transfer fee*
      • No late fees ever
      • No penalty rates ever
      • No annual fees ever

      *balance transfer fee is based off of $5 or 3% of the amount transferred depending on what is larger 

        3. Barclaycard Ring Mastercard

        This credit card gives you no fees:

        • No balance transfer fees
        • Low 8% variable APR on transfers & purchases
        • No annual fee
        • Customized benefits

        Want more options? Use the balance transfer calculator to help you find the best choice for you.

        We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly. 

        Source: NextAdvisor | Credit Card Debt 

        No Comments

        Leave a comment
        Comment Information
        • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
        • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
        • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
        • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
        • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
        • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
        • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
        • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
        • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
        More Testimonials
        Email Us Today

        Schedule A Free Initial Consultation To talk to an experienced Tampa bankruptcy attorney, call 877-492-7449 or fill out the form. All calls are returned within 24 hours.

        Bold labels are required.

        Contact Information

        The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


        Privacy Policy

        We Have Offices in Tampa, Riverview and Brandon For Your Convenience.

        Tampa Office
        118 South Rome Avenue
        Tampa, FL 33606

        Toll Free: 877-492-7449
        Toll Free: 877-492-7449
        Phone: 813-463-2256
        Phone: 813-463-2256
        Fax: 813-258-4746
        Tampa Law Office Map

        Riverview Office
        6314 U.S. Highway 301 South
        Riverview, FL 33578

        Toll Free: 877-492-7449
        Toll Free: 877-492-7449
        Phone: 813-463-2256
        Phone: 813-463-2256
        Fax: 813-258-4746
        Map & Directions

        Brandon Office
        305 North Parsons Avenue
        Brandon, FL 33510

        Toll Free: 877-492-7449
        Toll Free: 877-492-7449
        Phone: 813-463-2256
        Phone: 813-463-2256
        Fax: 813-258-4746
        Map & Directions