Here’s a balance transfer warning: what to look out for when you are transacting balance transfers on your credit card account.

If you read my post on “balance transfer nightmares” then you may remember that there are three kinds of balance transfers. In that post , I described the nightmare that can occur with type three, in which you order a “direct” check made out to yourself.

Today’s tip relates to the second type of balance transfer check, one that you make out to a third party payee.

While this is not – necessarily – the nightmare that the previous problem I described can be, it still is a hassle that has the potential to steal lots of your time and destroy your peace of mind before you get it sorted out.

Yet, it can be avoided with a little planning on your part. Let me explain with a useful example. [Read more →]

There are ways to safeguard your balance transfers, and you should be aware of them. Balance transfer nightmares happen frequently despite the fact that all the big credit card companies advertise deals on balance transfers with this message: that they are effortless and cost you nothing.

But that’s not what I’ve seen.  Plus the consequences of having your balance transfer deal messed up can be devastating and expensive. 

First, a little backstory.

Millions of credit card customers take advantage of low interest offers on balance transfers. Perhaps it is because of the sheer volume of transactions that it seems almost inevitable that not all of them go well. [Read more →]