How to Transfer a Home Equity Line of Credit Balance to a Credit Card

Many times you find credit cards that are offering a 0% or a very low interest rate for transferring balances. They are sometimes offered for the length of the paying off the balance, too. This makes transferring a large balance on another card or home equity loan very appealing. Not only does it save money on the interest charge, but it releases the property from that lien since credit cards are unsecured loans. If your balance is large however, you will need to have very good credit to accomplish this.

Instructions

Tranfer a Home Equity Line of Credit to a Credit Card

1

Go to CreditCards.com and click on the transfer balance section. You will find various credit cards that offer 0% interest on balance transfers. Some have the introductory offer for 12 billing periods and some are 15 before the interest rate goes up.

2

Fill out the application for the credit card you choose and put the balance transfer right in the application. They may or may not approve you for the entire amount. If they don't, you can use more than one credit card to pay off the balance.

3

Pay off the line of equity with a courtesy check provided by your credit card. Most credit card companies now provide these type of checks. You can put the balance on as many credit cards as you need to to pay it off this way.