Credit card debt consolidation is a strategy that takes multiple credit card balances and combines them into one monthly payment. In order to qualify, you must make the maximum payment in a single billing cycle.
The process typically starts with your current credit card company sending you a payment reminder for the last time you will be billed that month. The reminder will include the amount of the payment due and a date.
Once you confirm your payment, the card company will send you a credit card consolidation payment reminder, usually via email. You will need to send the credit card company a check or money order for the balance of the purchase. If your credit card balance is low, it may take some time before the balance is paid. You can request a check or money order from a bank or credit union to make the payment. Be sure to request a separate check or money order for each payment. The credit card companies charge a minimum transaction fee of 2% of the purchase price. If you do not have enough cash on hand, you may be asked to pay the balance in full before being given the option to check out.
You can request a refund of all charges after 3 days if the credit card transaction was a Visa or MasterCard transaction. The refund will be for the full amount of the purchase price. There will be no additional fee charged for a Visa or MasterCard transaction if you request a refund and pay within the three-day period after the credit card company received the payment. For a cash purchase that is returned for any reason, you may be asked to pay a portion of the cost of the returned goods.
You must follow the rules about what you can return or exchange for a cash payment. The cost of goods must be reasonable. This includes not using items you have paid for, if you can, to try to reclaim the cost of goods.