The End Of Your
Balance Transfer Offer

One of the most used options that people check into when their balance transfer offer expiration is drawing near is to call their credit card issuer and ask for an extension of the offer. Working for a credit card company, I know that this option is usually not even a possibility. The only option you would have is to let the balance transfer rate expire and then call after the expiration date to request a lower annual percentage rate.

A second popular option is great for homeowners. Many people do a refinance of their home in order to pay off their credit card debt. This option can be useful if you have more than one credit card and are carrying a balance on most of them. If you do choose to refinance your home and the refinance does not cover all of your credit card debt, one of the best ways to pay off your debt is to begin with the card that has the highest annual percentage rate first. Make a list of all your cards that you carry a balance on and their standard annual percentage rates, balance transfer expirations, and any other significant details. Use this list to determine which credit cards to pay off first. If your balance transfer offer is expiring soon and increasing to, for example, 14.90% and you have another card at 10.90%, pay off the balance transfer offer first. You'll save money this way in the long run.

A third option to pay off your balance transfer offer is to take the money out of your savings. Of course this option will only work if you do in fact have savings. Personally, I have taken a loan on my 401K in order to pay off credit card debt. The rate that I pay on the loan is much less than what I would pay on my credit card balance after the offer expired. Even if you take money out of your regular savings, you can replenish that money by taking the amount that you would have normally paid on the credit card each month and making a deposit back into your savings. This way, you will save on the interest that you pay to your credit card, which is most cases is a lot more than you would earn on the money sitting in your savings account.

The final option you can use to pay off your credit card balance transfer is transferring the balance to another new credit card account, with a different financial institution. This option should be used as a last resort. When choosing this option, it's best to find a balance transfer offer that lasts until the balance is paid off. That way, you will not only save money, but also not lose sleep over what to do when your offer is about to expire. Read more about a balance transfer for life.

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