Fresno Credit Card- How to Transfer a Balance Online

By: EconomyWatch Content Team   Date: 28 January 2010

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You may have heard the term “balance transfer” before but are not sure exactly what that means in relation to a Fresno credit card. The most basic way of explaining it is that a balance transfer is when the debt load from one credit card is transferred to a different credit card in order to obtain a lower interest rate. Balance transfers can be broken down into two categories- there is the limited duration balance transfer and the fixed rate balance transfer.

A limited duration balance transfer is the more common of the two types of transfers. In this case, a low interest rate is offered on the balance transfer for a particular span of time. For example, a Fresno credit card might offer zero percent interest on a balance transfer up to a period of 12 months.

A fixed rate balance transfer is when an interest rate is not applied to the balance until a predetermined period of time comes to an end or until the balance has been repaid in full. To use an example of this, a credit card could charge an interest rate of 4.99 percent until the balance has been paid off. Please note that no credit card lender has offered its customers a fixed annual percentage rate for life on balance transfers done via the internet since November 2008.

To transfer a balance online from one credit card to another does not take much time to do and is a relatively simple process. First you must choose the Fresno credit card offer that is right for you. You will be given the option of entering the information from the credit card you presently have now when you fill out the online application for the balance transfer. This helps to speed up the proceeds for the transfer.

You may decide to wait until you receive your credit card in the mail before you start the process for the balance transfer. The credit limit you are granted on the new card may not be high enough to cover the balance that is on your old card. If this is what you discover then if you have more than one credit card you might want to transfer the balance from the card with the highest interest rate first in order to start paying less interest right away. Another option you might want to explore is to apply for a second balance transfer credit card in order for you to consolidate the remainder of the high interest balance to get the zero percent interest rate on the new Fresno credit card. 


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