Balance Transfer Cards 101: Everything You Need to Know

So yesterday I was talking to a friend that got a credit card with a promotion on it, the deal was he had 18 months to pay it off interest-free. The problem is that now he owes $5500, and only has left 60 days before they charge him interest.
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1. What is a balance transfer Card
- These credits cards are designed with a special promotion to move debt from one party to the next
- And they compete with each other by giving you 12-18 months usually of free interest with those balance transfer
- Meaning the goal is to get you to move your debt from one party to the next
Why do they do this?
- Because they understand that it is very likely that you will not pay the credit card in full
- It's also very likely you will start using the card also, and potentially even get a bigger balance
- This means they will make some money from you
For example:
- My friend with the 5,500 in debt on one credit card, wants to move it over to another balance transfer card with a special promo
- So he applies and gets accepted to the Discover it Balances transfer card ( he transfer the balance and now as 18 months to pay it off interest-free)
- If he does great but if he doesn’t they will make 24% a year from their investments.
2. The Truth ( nothing in life is free and neither are these transfers )
- Of course they will have certain fees involved but the fee is better than paying a ton of money in interest
- Those fees are really just a balance transfer fee that is usually going to be around 3-5% of the balance you are transfer
- But remember this cheaper than paying 24% in interest every year
So let's go look for the Best Credit Cards:
- Citi Simplicity Card
- Discover it Balance transfer
- Citi Double Cash Card
Advice: pick a card that once you are done paying you can continue to just use with the one small method.
3. Here is Some Advice
- Use the one bill those with the credit cards and do not go back into debt
- You can also transfer Medical Bills and more with balance transfer (it's not just credit card debt )
- But you be careful because if you’re not you will get hurt
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[@VultureXV]

You forgot to calculate the fact that even if someone can't pay the full sum within the 18 month period, they can still absolutely eat away a sizeable chunk of the debt, leaving a much smaller amount leftover that can actually accrue interest, and also accrues interest at a slower rate. The average APR still hovers around 24%, with a debt total of $5000 it would take 3 years to pay it off with a payment of $200 a month. This would mean you would also pay approx $5000 of interest. With an APR of 0% for 18 months, we can use a simple calculation with the same payment period of $200x18 = $3600. Now the new total we have is $5000 - $3600 = $1400. Calculating the same average interest means you are paying the $1400 balance off with your regular $200 monthly payment for only EIGHT MONTHS with a total interest of only approximately $124. The math is quite solid, SO LONG AS YOU STICK WITH YOUR PLAN LIKE GLUE.

[@investinstyle-financeinves1181]

Balance transfers can help lower your interest rate, but don't delude yourself into thinking it makes your debt okay. Pay it off as fast as possible.

[@B_Bodziak]

Pay your highest interest rate cards first. The thing is that if you have multiple cards with outstanding balances that you can't pay off monthly, transferring some or all of those to another card is not really the answer to your problems -+ you need to manage your budget better -- literally write down every penny you spend for 90 days, even things like the $1 bottle of water you bought after filling your tan so you can see EXACTLY where you spend your money. Keep each dollar in a category and multiply each column/category by 4 to see how much you spend each year for different things.. People are often surprised to find out they're spending $500-600 a year at Starbucks and $300-400 on individual bottles of water. See where you can save, ie buy a 24 bottle case of water for $4 on your next grocery trip and pay just 15 cents for each bottle. If you want cold water, freeze a few and toss one in your bag or car in the morning to be ready for lunch. I know we all already know these things. We just need to start doing it. IF you decide to transfer your balances, please CUT up all of your other cards. It's just too easy to put a dinner here a pair of shoes there on a card that has a zero balance. These purchases will add up!

[@makecodgreatagain6049]

@@B_Bodziak huh? The money from this just clears the outstanding debt from the other institutions they used. Like he said. 12-18 months with this method. You’re on something else dude

[@Phillip_01]

I’m transferring all my debt into a discover it card and I’ll pay it off when I get my tax return.

[@emmanueldavis2010]

​@@Phillip_01same

[@foolwatch9008]

😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅

[@altonmassson]

"Cut up the card, put on autopay and ignore the marketing" Great advice!

[@priscajuliet108]

I don't know who needs to hear this "save to invest! You are saving a day off work"

[@michaelwang3091]

Best quote of the year!

[@gomezsandra5998]

Yes well said I've been saving and making plans to start growing extra income stream..any guides on how to invest yet??

[@priscajuliet108]

@@gomezsandra5998 It's a great idea investing I make $3k weekly from my investment that has been a boost to my general income

[@gomezsandra5998]

@@priscajuliet108 Wow that's awesome!

[@gomezsandra5998]

How do you make such.profits any tips ??

[@alexle8917]

I like how this guy provides true value and gets straight to the point! Good stuff bro!

[@dogbone1065]

Strait to the point? He spent half the video repeating himself. Most of the information was useless. He made it confusing.

[@mkfmgaming3019]

I got 21 months zero apr. I’m so happy. It’s definitely a blessing for me. I have about $5k and I’m very actively paying it off

[@TommyBryson]

Use that time to payoff your debt and stay out of debt

[@swiss954]

What u do is sign up for one balance transfer card. Do ya min payments, if it’s 18 months, around month 16 get a new balance transfer card and transfer what you owe over to the new card. Rinse n repeat

[@callmetee__]

Lol smart, can you actually do that though ?

[@Up2You-t7x]

Transfer the money, make the monthly payment the same as when you were paying interest on it. Pay as much extra as you can afford. Don't buy anything on credit untill everything is paid off. Put everything on auto pay. Keep track of you normal monthly expenses . Soon you will be out of debt.

[@mrbazzzinga4878]

Watch out for hidden fees on balance transfer usually 3% of total balance transfer or $10 whichever is greater. So Let's say if you have $4000 to transfer the balance from one cc to another now you could be paying 3% of 4000 = $120 but you will save on the total Balance transfer APR which is zero.

[@whistlezzz3457]

was literally just looking at this u just saved me there

[@jenniferleigh1674]

I just got approved for a Discover balance transfer. I only have $2,000 on my capital one card BUT its 22% so that's why I wanted to transfer it. My plan is to pay it within 7 months. Hopefully it will help my utilization and score because I have only one card my utilization looks bad.

[@RedSkywalker17]

What was your starting credit limit on the Discover BT card?

[@Spencerwalker21]

Imo chase is a great balance transfer option. I referred my mom to chase with my referral link. I got 100 dollars she got the freedom flex so she gets 0% 15 months plus 5% back on groceries and the 200 back on 500 spent which shell use to pay down the balance transfer faster. She was weary of rotating caterogy but since I have that card I'll remind her to opt in. She was bummed you can't get 5% at Costco gas but overall is happy with chase.

[@Jayyy_Wav]

This was super informative and simple to understand. Thanks!

[@TommyBryson]

😎

[@jsandiego2394]

​@@TommyBrysonHello!! I have 5 cc, with a total of $3.200 balances.. I JUST GOT APPROVED for the chase Freedom unlimited!! O% everything for 18 months!! I make $5k a month, In California, Do all my old cards remain open?? After I transfer debt to this chase one? I haven't even gotten it in the mail yet!! Thank you

[@starrjanai2623]

This video was amazing, easily explained. Thank you for your knowledge!

[@ThaísKnight-k6o]

Great to hear that we can bring in other debts into it, like a car loan. That’s awesome!! Thanks for sharing that.

[@DanielleSelah]

Thank you for this video. It helped me understand balance transfers.

[@Tumkatt]

Exactly what I was looking for, thanks for the info!

[@peartfaldo]

Kemba Financial has a 0% card with balance transfer NO transfer fee. 12 months 0%

[@ConditionalAcceptance]

Why would you transfer a balance to another card when your account is prepaid from the credit of the trust?

[@MsOlympia]

Great information. Thanks so much for taking the time to create this video. Cutting the cards for sure. You did help a great deal.

[@Spencerwalker21]

If you're responsible the best balance transfer card imo is one that offers a intro bonus use that intro bonus to help pay down the balance transfer

[@TommyBryson]

Possibly, the goal should be to just get out of debt. The risk is that some people just go in double the debt

[@ypcomchic]

Intro bonus is usually for new purchases not transfers.

[@Spencerwalker21]

@@TommyBryson I get ya my mom last year needed a balance transfer card I brought up getting a chase freedom flex the 5% rotating category sold here she used all herr cash back and intro bonuses to pay down the balance faster. She only listened to me because I'm king off credit cards with jo debts and I got a 100$ bonus so I treated her to panda express weirdly her favorite restaurant edit it also had the 5x grocery order as well and offered to help her out in getting 13% off grocery for one quarter and 2 quarters 9%. I did get lucky and told her the 13% was a fluke but generally you get 5% off grocery half the year. She basically treats it like a debit card. But for average Americans yeah just get out of debt.

[@dasanix120362]

Thank you for this video! very informative! Appreciated it!

[@TommyBryson]

Thanks 🙏

[@kevin11433able]

Keep up the good work brother. Good info

[@TheJoan48]

Thank you so much. I really appreciate your knowledge.

[@jamesmoore8873]

The only thing is is the credit score required for these cards are pretty high so if you had said to Card that you wanted to transfer over to this one you wouldn’t be able to if you didn’t qualify for it

[@biancasymm777]

Question: can I transfer my balance from one balance transfer card to another balance transfer card?

[@Ridewithjeff954]

I just got a new balance transfer offer yesterday 🤔

[@Ridewithjeff954]

@Tommy Bryson thank you brother for responding for some reason KZbin just showed me this keep up with excellent and informative content it really helps with personal evaluation.thank you fam

[@davismvilla]

Great video! When transferring a balance from a card does it have to be the full balance or can it be partial?

[@financenoob_]

Either or

[@julianahammond9139]

I have a question, what if you owe $7000 open up a new card and only get approved for ex. $3000 can you at least transfer the $3000?

[@TommyBryson]

Yes, you can do a partial transfer

[@jenniferosea]

If I have a Discover card already and want to do a balance transfer, can I do it with Discover on their Discover it card or do I have to pick a new credit card company?

[@TatianaMartinez-dt7mn]

New credit card company

[@Usmc7ton85]

Great video. Thanks for the help

[@TheMcspeedy1]

Can you transfer 2 balances onto one 1 credit card? And after transferring the balances do the credit cards close or you can keep them?

[@rebeccaemmanuel8074]

thank you

[@TommyBryson]

Got you

[@ericg.5922]

Do I just pay my card that I have my debt on off by just using the card or do I call my balance card company and have them set it up??

[@mrlude490]

Does the balance transfer fee get added to the balance or do you have to pay it up front ?

[@TP3TAY]

Say you have debt and transfer the money to another card. After that 0% interest period and your balance transfer card becomes a regular credit card, can you now transfer that debt to yet another balance transfer card at 0% with another bank?

[@ANGELSanchez-xv1cf]

😂🤣😂 this was the sign I needed I was telling my self this same shit and now I’m convinced 😂

[@bhangminh4330]

Thanks for the video!

[@twoissas]

I redid all flooring and hardscape at zero percent🥰

[@KeithJones31]

That’s awesome 👏🏽

[@twoissas]

@@KeithJones31 another key benefit- rebuilt my credit while doing so and got more done than intended. Make it work for you👍🏼

[@JohnnyJitsu11]

All you paid for was the transfer fees!

[@twoissas]

@@JohnnyJitsu11 Correct

[@KeithJones31]

@@twoissas that’s what’s up

[@organicintelligence6431]

Great video!

[@ConleyClips]

Whoa whoa whoa. You can do this with car loans too?? How???

[@jy2569]

When I get the balance transfer credit card-I have to have make sure that I get an available balance to cover the debt from the other credit card. Frustrating that there’s no way to tell how much they’ll approve me for.

[@marii78245]

Yes i have a $6000 balance i want to transfer and they approved me for a chase balance transfer card but only gave me $1200 credit limit so im wondering how that would work out, since in the application they asked me how much i want to transfer

[@zackmonson4167]

Can you do a balance transfer on more than 1 card? How does that work? For instance consolidate 3 cards onto the 1 balance transfer card.

[@justuskeaton9532]

Does your debt to income ratio affect if you can get approved for a balance transfer card

[@WolfManDon93]

thanks brother

[@sunnykhb746]

So I have 2 discover cards and one capital one. Can I balance transfer from discover 1 to capital one and do another balance transfer from capital one to discover 2? You know we can't transfer from the same bank

[@wandarichardson8762]

GREAT.......Thank you❗️

[@relaxingsoundsofnature3390]

How do I transfer funds from my discovery credit card to my bank account?

[@jsac3939]

How do you actually transfer the balance from one card to another?

[@martinavalos8453]

I had a rough past few months and had to run up my credit cards. I’m now getting back on track and am able to pay them down monthly. Here’s my question. I owe 1200 in credit cards and my credit limit is 1500. If I get that balance transferred and then pay that balance down during the 0% apr time frame, would that double my credit limit and help my credit score overall?

[@samfaust8116]

That's a great question I'm waiting to find out myself lol

[@TheGoldenLife170]

As long as you stay on top of the monthly payment. Try to pay a couple dollars extra to try to improve your credit score.

[@wonnone6010]

You credit utilization will still be too high when you transfer it and that will drop your credit score

[@leeeeeelz]

Thanks for the help! If I have 2 balances I wanted to transfer to the one credit card, is that possible? Or I can only transfer 1 balance? Thank you!

[@sanchez1622]

Did you get your question answered.

[@bryan8734]

can i balance transfer multiple cards to the new 0% card?

[@DianaJimenezMUA]

I have a question if anyone can help me out. I’m in about 20th of debt. I was able to open a Citi credit card with 0 APR for 12 months and bank transfer up to 21 months. I have two cards I own on and my initial credit limit is 8700 for a bank transfer. The two cards I have are more than that so not sure how to make it work without getting denied the bank transfer.

[@shavezwilliams]

I had a question. Suppose I take a loan of $2500 on the new balance credit card and pay the whole amount in one year rather than wait 18 months to pay..... Does that mean that since I've cleared out the whole amount I can start a fresh new credit balance again with a 0 interest with 18 months again?

[@cdf8821]

Hi, No you cannot. However, sometimes (depending on the card) they will give you a new balance transfer option. It's not automatic though just because you paid off the loan. Hope this helps!!

[@biscuitthecat3316]

I lived off these back in college.

[@sophiasmith1618]

𝑰𝒏𝒗𝒆𝒔𝒕 𝒊𝒏 ¢𝒓𝒚𝒑𝒕𝒐 𝒕𝒓𝒂𝒅𝒊𝒏𝒈 𝒘𝒊𝒕𝒉 𝒎𝒚 𝒂𝒅𝒎𝒊𝒏𝒊𝒔𝒕𝒓𝒂𝒕𝒊𝒗𝒆

[@sophiasmith1618]

𝑯𝒊𝒔 𝒂𝒗𝒂𝒊𝒍𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒊𝒔 𝒐𝒏 ω𝒉𝒂𝒕𝒔𝒂𝒑𝒑

[@sophiasmith1618]

+==1==6==2==0==2==9==3==8==2==5==1

[@eugeneabreut5208]

I just got a discover card and put $300 deposit for my first credit card. After I’ve used it a couple times and paid off the debt will discover Raise my limit back to $300 or will I have to deposit again. I haven’t received the card yet but I will soon

[@jasonmorris6058]

It's revolving. Everytime you pay your bill in full you get to use the $300 again. No more deposits. Congratulations on getting the discover card! Take care of it and it will take care of you.

[@wolfycreative2486]

Didn’t know you used to have dredz 😅

[@TommyBryson]

Lol yup

[@exoticblue123]

How do you determine how much the balance will be on the new card? Will they take everything that's owed?

[@77Joseph777]

You type in the amount that you want to transfer from the other card. As long as the credit limit on the new card has enough room to cover the whole balance of the old card.

[@Thatdude-tp7xs]

​@77Joseph777 do they actually check whats owed on the old card like lets say you owe 600 but ask for 2300 can you do that

[@cynthiamcclendon7380]

What if you have more than 20,000 in credit card debt? Will they let you put the whole amount on the card?

[@jmar385]

Damn that’s crazy. You need to transfer that card in the trash

[@joshuacarpentier951]

Do you have to transfer the full balance of the card or can you transfer a partial amount?

[@dlvarcade9729]

Wondering the same. Did you ever find out?

[@joshuacarpentier951]

@@dlvarcade9729 maybe not 100 percent sure

[@yaaadilaw]

so after the balance is transferred. What's the card limit?

[@TommyBryson]

The card limit gets filled up to the balance you transferred and the old card has that balance lower because the money is no longer owed

[@Innovatetech-solution]

Is something stopping me from going to another balance transfer card once my time of 0% APR is finished?

[@TommyBryson]

Nope but remember usually their will be a 5% on the balance. Plus you’ll never be done paying.

[@Innovatetech-solution]

Sorry, what I meant to say was, I continue to make payments in order to get out of debt. I run out of time and start to accrue the deadly 24% interest rate, I can transfer that card balance to another card that offers 18 months 0% APR to continue to pay off the debt?

[@TommyBryson]

Yeah you can, just make sure the math makes sense 😎

[@joseRodriguez-pk9ld]

I have a discover card I want to transfer balance from another credit card how can I do that !?

[@robertwalker1818]

Did you figure this out? I need to transfer 2k from capital one to discover.

[@joseRodriguez-pk9ld]

@@robertwalker1818 go to your discover account and go on balance transfers and put your capital one account number witch is your card number and they'll send them a check

[@JammieLamie]

I don't fit into such a topic!

[@zoobafornow]

Can you pay heloc with balance transfer card?

[@TommyBryson]

Probably can, verify with the card you want to apply for

[@ryanmiller63]

You say you’re not affiliated but I’m your description you say you are. Isn’t that a felony?

[@ThiCityProductions]

haha. Couldn't you just use a credit card to pay off a credit card. Like back and forth haha

[@TommyBryson]

That would just increase the balance

[@emiliobustamante3557]

Plot twist the “friend” is Tommy obviously

[@arianasherry3289]

Cool

[@Rose2gard]

My Friend is him .... lol

[@eloisejackson4303]

I have discover but looking for a balance transfer card to pay off.

[@sophiasmith1618]

𝑰𝒏𝒗𝒆𝒔𝒕 𝒊𝒏 ¢𝒓𝒚𝒑𝒕𝒐 𝒕𝒓𝒂𝒅𝒊𝒏𝒈 𝒘𝒊𝒕𝒉 𝒎𝒚 𝒂𝒅𝒎𝒊𝒏𝒊𝒔𝒕𝒓𝒂𝒕𝒊𝒗𝒆

[@sophiasmith1618]

𝑯𝒊𝒔 𝒂𝒗𝒂𝒊𝒍𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒊𝒔 𝒐𝒏 ω𝒉𝒂𝒕𝒔𝒂𝒑𝒑

[@sophiasmith1618]

+==1==6==2==0==2==9==3==8==2==5==1

[@solwellnesscoach6559]

Very helpful information. I have a $9,000 credit card balance that I would like to transfer, if I get one of these credit card will I be able to transfer the whole $9,000 to the new credit card?

[@TommyBryson]

Depends the credit line they give you

[@solwellnesscoach6559]

@@TommyBryson oh, okay makes sense. Thank you 🙏🏾 😉

[@adammrmcchickenman]

Were you able to find a credit line that accepted your 9k? Usually they ask how much you want to transfer before we even get approved. So we wouldn’t even know the credit line limit…I’m struggling to find a place that approves me with that amount

[@solwellnesscoach6559]

@@adammrmcchickenman Good Morning. Sorry for the late reply. Yes, I was able to to transfer my $9K to a business credit card. That really help me and it’s pay off already to!🙌🏾

[@jmar385]

Common sense ought tell you that can transfer anything if you have enough 😂😂

[@trexmodefitness6396]

tbh you talk too much, just tell. us the important parts

[@SreySongz]

I never thought I’d needed to do balance transfers when I first got into the credit card game. But when I couldn’t find work for six months I suddenly found myself relying on my credit cards to make ends meet. Grateful to have learned about balance transfers even though I didn’t feel the need to learn because it ended up saving me ~25% in interest which I thankfully have not had to pay. Now I just have to pay those balances off so I can finally breathe again because even though it’s 0% interest until next year I don’t want to get into the habit of carrying those balances because it’ll come back to bite me in my bottom.

[@sophiasmith1618]

𝑰𝒏𝒗𝒆𝒔𝒕 𝒊𝒏 ¢𝒓𝒚𝒑𝒕𝒐 𝒕𝒓𝒂𝒅𝒊𝒏𝒈 𝒘𝒊𝒕𝒉 𝒎𝒚 𝒂𝒅𝒎𝒊𝒏𝒊𝒔𝒕𝒓𝒂𝒕𝒊𝒗𝒆

[@sophiasmith1618]

𝑯𝒊𝒔 𝒂𝒗𝒂𝒊𝒍𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒊𝒔 𝒐𝒏 ω𝒉𝒂𝒕𝒔𝒂𝒑𝒑

[@sophiasmith1618]

+==1==6==2==0==2==9==3==8==2==5==1

[@Nehemiah_ezra93]

exactly what happened to me and why I'm looking for a balance transfer card

[@MarvinC18]

Literally me rn lol

[@preethisachin4827]

Thank you

[@darkshogun5887]

I have a Discover It card with a 17.49% interest rate. I have two other cards with 23.xx% and 27.xx%. Since the Discover card is new I get 15 months 0% interest for purchases and balance transfers. I plan on moving the debt from those higher interest cards to the Discover card. By the time my 15 months is up I will have paid off more than half of what I moved over. The rest will be under a much better interest rate. It's also possible that in 15 months I can get another card that has 0% interest for balance transfers and finish paying off the rest without adding interest.

[@armandodeking]

I just applied and got approved for the discover one, how does it actually transfer though? Does it automatically or do I have to manually put them on there

[@Bensnsnajebe]

*JESUS CHRIST LOVES YOU AND CARES FOR YOU HAVE A GOOD DAY EVERYONE*

[@simone2125]

Does an balance transfer negatively impact a person’s credit score?

[@starelise1387]

No it doesn’t harm your credit

[@mir2slo]

My issue is more so my revolving utilization so doing a balance transfer doesn’t help with that correct ?

[@msrednosepit8434]

Yes it does hurt bc your utilization will increase for the card you transfer to depending on what the new card approved you for

[@blessedbeyond5628]

My credit card statement is saying Transfer Balance of $1,008.00. I never initiated it? It helped by account and when I looked up details about this Balance Transfer.. it is saying I don't have a Balance Transfer? Is this free miracle money? I'm scared to call because I don't want them to say they made a mistake and that I owe them 1k. I'm confused. 🤔

[@jdlam569]

This was helpful thanks! Crazy how cc interest is 30% now

[@planittilyoumakeit]

Clear,and to the point. Thank you! 🙏🏾

[@mrrobinson10]

I swear man.... EVERYTIME I look up something money related, u have already made a video answering my question. Or it's you reviewing a book I'm interested in reading... Thank you... Keep up the good work, I really appreciate it

[@dolledbytan3952]

Thank you, because of your video I legit applied for a discover it card and now I am doing a balance transfer. Setting it on autopay and forgetting I got it!

[@mrbriceno3949]

Your channel just saved me 25%! Thanks fam!

[@KeithJones31]

Balance transfers can save you lots of money

[@DrivenByLuckGaming]

This is one of those videos where I wish the comments said “video actually starts at 9:03 “ lmao

[@pmf_dc5958]

Can I transfer two separate debts to one CC? Or do I have to do one at a time? One of my debts is about $1600 on Applecard, the other is a $1700 cash loan thru a credit union I already got my balance transfer card, got approved for $7k. just haven’t taken the step yet.

[@swanradha]

The first rule is to not get into debt period. But balance transfers are a great way to pay off debt. But one has to be extremely disciplined to pay the balance off before the promotional period ends. Hit that card quickly. Otherwise back to high interest, and just ruined the point of the "balance transfer". Put this card away till you pay off the balance. They are hoping one will default.

[@xjcx6187]

After 3 years? Still not able to pay it? Damn

[@mcnewlane]

My question is. If you dont pay the 5500 off in 18 months, do theh then charge interest for the full $5500 you transferred? Or just the remaining balance?

[@pmf_dc5958]

Whatever balance you still owe after 18 months is up

[@Andre.Malik11]

@TommyBryson Once the transfer is made, what happens to the credit card that the balance came from: does it automatically close or is it still open, but 100% available credit?

[@jayp2168]

Stays open with 100% available again but suggest to cut it and not use it until your transfer is paid off. Otherwise your racking up double the debt

[@elisabethjones4917]

And don't forget interest compounds on top of itself!!!

[@calebpalmer9823]

Hey Tommy do you have an Example for me? For example, an example, for example

[@sophiasmith1618]

𝑰𝒏𝒗𝒆𝒔𝒕 𝒊𝒏 ¢𝒓𝒚𝒑𝒕𝒐 𝒕𝒓𝒂𝒅𝒊𝒏𝒈 𝒘𝒊𝒕𝒉 𝒎𝒚 𝒂𝒅𝒎𝒊𝒏𝒊𝒔𝒕𝒓𝒂𝒕𝒊𝒗𝒆

[@sophiasmith1618]

𝑯𝒊𝒔 𝒂𝒗𝒂𝒊𝒍𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒊𝒔 𝒐𝒏 ω𝒉𝒂𝒕𝒔𝒂𝒑𝒑

[@sophiasmith1618]

+==1==6==2==0==2==9==3==8==2==5==1

[@chancethetrapper7269]

Ayooo this comment is extremely underrated I also saw a challenge for Tommy to do a video without saying “for example” lmaoool

[@williambauers1039]

I just got Discover $8000 with a 690 cs

[@Scottie5401]

How many times can you transfer the same balance?

[@BlackAndBrilliant]

If you do a balance transfer but you’re also trying to reach a spend limit does that count as part of your spend limit to pay it off on the other card? example I have a Chase card with $1000 I apply for AMX balance transfer to AMX payoff AMX Then I get the bonus from the AMX as well as my Chase points too?

[@OlleyThorpe]

We quick to the party today.

[@angelicatufino880]

Thank you for explaining and for using an example 👏🏼👏🏼👏🏼👏🏼

[@OhTaliaReads]

When I’m done paying off my balance transfer card do I close the account? I don’t want to have another credit card. Someone help! Lol

[@magsthompson]

No

[@KelechIwuaba]

I love that the way I go through credit card things is the way you go through them as well. Ignore all the bonus BS and just look at the fees that may be connected

[@sophiasmith1618]

+==1==6==2==0==2==9==3==8==2==5==1

[@datnohi8612]

I'm using balance transfer to pay off my home...this will eliminate the biggest bill I have....and allow me to push my debt snow ball amt up to 1000 then I'm going go after those credit cards which is the only debt I will have after the mortgage, I'm hoping sense my home is paid off I want need to use those credit cards again