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The Best Balance Transfer Credit Cards
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The Best Balance Transfer Credit Cards
Quickly review and compare the Best Balance Transfer Credit Cards available on the market today. Important terms and conditions to consider are the introductory rate, annual fees, transfer fees (if any), how long the introductory period will last and finally, what APR will you have to pay after the intro period lapses.
All of these factors are spelled out in the application. Far too many people skim over these facts as if they were somehow unimportant. That's a huge mistake. Hey let's face it, we can all use some extra cash. The best way to do that is by lowering expenses. And the sweetest way to do that is by saving on credit card debt.
Transferring balances from high APR charge cards to low rate credit cards is one of the very best ways to keep your hard earned money where it belongs... in your pocket. But with that said, you must exercise caution. Read the fine print so that you will know exactly what the terms that the bank or issuer has put forth.
You must also realize that in order to qualify for the best credit card balance transfers you must have a solid credit history. The big selling point for these offers are the rock bottom interest rates. It has become common practice amongst the banks and credit card issuers to offer 0 APR balance transfers.
These zero percent deals can be add up to substantial savings for those that carry a balance. But they don't last forever. The standard offers last between six to 12 months. You also need to discern whether or not the zero percent introductory rates are just for balance transfers or include purchases made during this period.
OK, sounds like a pretty good deal when you get right down to it doesn't it? Yeah, it actually is. But, and you knew there would be a but didn't you, you must never be late in making your payments during the intro period. If you are even one day late then you may just find that the agreement is no longer intact and you or your business can be hit with interest rates that exceed 20%.
So what's the bottom line in all this? It's pretty simple actually. Compare and review the offers that interest you and do your homework. It is very easy to do from a reputable authority site. It will be well worth taking your time to understand all of the terms, rates and fees in order to find the balance transfer credit cards that suit your financial needs.
Balance Transfer Credit Cards Never Looked So Good
Balance Transfer Best Practices
When switching credit cards to take advantage of more favorable balance transfer rates then you should choose a zero percent balance transfer credit card.
This is an introductory rate that will last between 6 to 12 months. But, and here is the important part, only switch if you can afford to pay the entire balance off before the introductory period expires.
Remember that when the intro rate is over you will pay whatever the current APR is for that card. Couple that along with the fact that you will have to pay a balance transfer fee, and you will see that it is wise to follow the course outlined here.
Balance transfer fees typically run at 3% of the total to be transferred. It is usually capped at $50-$75, but be sure to check the terms of the offer that you are interested in to be sure.
Eliminate Credit Card Debt
Beat The Credit Card Companies At Their Own Game
These offers usually run from 6 - 12 months, depending on the credit card issuer. Some are as low as 3 months and As high as 15 months (Advanta).
So let's beat them at their own game and pay off all our credit card debt. To do this will take fiscal discipline but it's well worth it.
Find a quality balance transfer credit card that offers
0% APR balance transfers for a full 12 months.
Then transfer all your high interest rate credit cards to this account and make out a payment schedule you can afford.
Use the interest free grace period to pay down as much of the debt you owe as possible. And if you can, pay it all off.
This way you will be saving hundreds of dollars that you would have paid in interest. Doing this makes credit card balance transfers a great asset.
Credit card companies know that most people will not pay off their debt before the introductory period expires. And they cash in on it.
Something to Keep in Mind
A Gentle Reminder
Balance Transfer Credit Card Offers usually last from 6 to 12 months. This is commonly referred to as the introductory period.
While you can most definitely enjoy substantial savings over your high rate cards, please be sure to make your monthly payments on time.
Credit card issuers are very unforgiving. I dare say that they even count on people being late on their payments in order to justify raising their rates.
Bottom line is, don't get caught in this trap. Make sure you get your payments in on time each month, even if you are just making the minimum monthly payment.
How About An Interest Free Loan?
Some Handy Tips & Tricks
Suppose you had a credit card with a $10,000 limit. You can make a large purchase such as used car, or new appliances totaling $9000 using your credit card.
Sounds like everything you have been told not to do right? Well if you had to finance those goods you would of course have to pay interest. But by using a Zero Percent Interest Credit Card good for an introductory period of 12 months you would in fact be getting an interest free loan.
Simply figure out how much the principal is, in this case $9000, and divide by 12. That would be $750 per month. As long as you can afford $750 per month (and pay on time) you will have it completely paid back before the introductory rate expires.
And there you have it - an interest free loan. Of course this must be mentioned:
1) You must be able to afford the monthly payments
2) You must always pay your monthly bill on time
Credit Cards In The Mix
Will It Blend? - Credit Cards
See what happens when we put 24 credit cards into a Blendtec blender. See more at willitblend.com
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Reader Feedback
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zee156
HI Morgan, Great lens and very useful information to help others,I have site drop some time to learn more about Small Business Credit Cards,Business Credit Cards 5 Star cheers Posted May 05, 2008 |
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LeslieBrenner
Thank you for the useful information. 5 stars. Posted February 19, 2008 |
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elishadavis
Hi Morgan. Interesting lens you have. 5 stars for you. Thank you for the valuable info and resources. Drop by sometime at Credit Card Rewards - Credit Card Reward Programs - Rewards Credit Card. Cheers, Elisha Posted December 27, 2007 |
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Aika
great information here. Please to check my Business Credit Card Reviews for some of the best credit cards for your business. Thanks! Posted December 20, 2007 |
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rwbovee
Please visit my lens at Discover Credit Card Applications, give me a 5 star rating, and leave a message in my Reader's Feedback with your URL and I'll visit yours and give you a 5 star rating as soon as possible. Thanks. Posted September 25, 2007 |
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MorganHamilton
Hello everybody. My name is Morgan Hamilton. I am interested in the credit markets as well as the automotive and motorsports arenas. What's here
- Balance Transfer Credit Cards Never Looked So Good
- Balance Transfer Best Practices
- Eliminate Credit Card Debt
- Something to Keep in Mind
- Very Informative Credit Card Tips
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