Credit Card Balance Transfers – How to Avoid Disaster – Part 1 of 3: The Primary Cause

In our current economic climate credit card customers are seeking out low-interest promotional balance transfers as a way to help them manage their debt and, in some cases, escape bankruptcy.

However, before looking to transact a balance transfer on a new card, be aware that unpleasant consequences can impact your finances should a miscommunication occur between you and the credit card agent who is facilitating your transaction.

In my article Credit Card Balance Transfers – 6 Disasters To Avoid, I detail six financial disasters that can and do occur. This 3-part article discusses how to avoid such balance transfer mishaps.

The Cause of Balance Transfer Disasters

The problems discussed in Credit Card Balance Transfers – 6 Disasters To Avoid all revolve around a customer believing he is getting one set of terms when, in reality, he is agreeing to a different set of terms which can render the balance transfer pointless or, worse, financially damaging.

Unfortunately, once funds are transferred, there is no “going back.” The terms in place on the account cannot be changed. So it’s important for every credit cardholder to try and understand the causes behind these communication mishaps in order to avoid them.

Some of the errors can be caused by technological glitches, or caused by the errors of English-speaking North American agents who should know better.

Yet, in the great majority of cases, these problems are caused by overseas agents who simply make “communication errors” and/or omit some information that the customer should have been told.

Next Post – Part 2: Why These Communication Errors Happen