Getting A Balance Transfer Credit Card

Category: Finance, Credit.

Would you like to know how a credit card balance transfer can save you hundreds of dollars from your credit card bills?

If yes, then a balance transfer may just be what you need. Do you currently have trouble keeping up with your credit card balances? Getting a Balance Transfer Credit Card. If you try to shop around for credit cards, you ll notice that some credit cards offer 0% APR as part of their introductory offer. What is a Balance Transfer credit card and how is it different from standard credit cards in the market? The 0% interest rate will usually apply on purchases but if you take a look closely at your choices, you ll find credit cards that offer 0% rate on balance transfers.

Why should you take advantage of 0% balance transfer credit cards? If you re lucky, you can even find a credit card that offers 0% APR for both purchases and balance transfers. Carrying over your balances with each billing cycle increases your debt due to additional interest fees. Do the math, and you ll realize how much you can save from the interest rates alone on your existing balances. With balance transfer credit card, you can focus on paying your original charges without the interest. Finding the Right Balance Transfer Credit Card.

Take note that different credit card issuers also provide a variety of terms and conditions. Does this mean that all balance transfer credit cards are right for you? Naturally, you ll want to go with a company that will give you the best deals. Never forget that the zero interest offer is just a temporary option. For instance, how long will the 0% introductory period last? Some companies offer as little as three months while others offer up to a year or more.

How much is the interest rate after the introductory period? Ideally, enjoying at least 12 months of 0% interest offer should give you enough time to repay your balances completely. Will the interest rate still be reasonable when the introductory offer ends or will it soar high? How much is the interest on purchases? It s best to choose a card that will still give you a reasonably low interest even after the 0% APR expires. If the 0% APR is limited to balance transfers alone, how much will the interest be on your charges? Another thing to keep in mind is how much are the annual fee?

If the interest on purchases will be expensive, you may want to consider using this particular card for balance transfers only. Some balance transfer credit cards may have very expensive annual fees. There are balance transfer cards that have no annual fee so you ll want to take your time looking for the right card to fit your needs. If you have to pay such a large amount each year, will it still enable you to save your money?