Many credit cards offer zero or low interest interest rates and terms and benefits for the transfer of balances from other accounts. While the typical balance transfer rate is lower, it does mean you can transfer more money to another card rather than pay more money in interest. If you’re ready and determined about saving your credit card for a balance transfer, then getting a balance card introductory offer from one card could be the perfect chance for you to save money for a new financial lifestyle.
Consider your Options
The first thing you should do if you’re considering a balance transfer is to do some research. The Internet shows that ‘80% of their traffic comes from credit card debt and credit card debt related sites. This can make searching a daunting task but it also can help you come up with some ideas for how to get free information on how to avoid common pitfalls of the Internet. Use the information on many of the information sites that you are interested in. Then look at some guidelines and ideas.
Look at the Types of Cards
Do you know what types of cards you should look for? If the type of card varies among your choices, read the fine print. Some companies will offer airline miles, others will offer gas, stores, department, etc. (Some cards offer back taxes and gasoline at the rates you apply, which means you can still save for the year, but maybe not a significant amount of money.)
Get a Card With a Small Purchase
Although many credit cards offer small purchases for which you pay upfront, look at the minimum amount you would have to pay in a year, and make sure the card offers no finance charges for the purchase. You can maximize the rewards you get out of the offers you think are beneficial.
Take Your Time
Once you’ve determined the desired level of benefits, compare the APR, introductory offer, and terms and conditions with other cards that offer low interest rates, low balance transfer rates, great rewards programs, etc. In determining the card best suited to you, consult with credit card companies and lenders. You’ll also save considerably on interest rates and finance charges. By getting a balance transfer credit card, you can easily pay off and pay off your credit card debt without having to pay additional money, or interest, on the transferred balance.
Tip #10 – Be sure to read all the agreement, including the fine print. This will teach you what you’re interested in.
Tip #11 – Know what interest rate will be given to your card. Credit cards that charge higher interest rate may be for purchases you made on the card. The balance transfer card will only be accepted if you pay your balance in full each month, so make sure that there is a balance transfer fee for new credit cards with high interest rates.
Tip #15 – Look for quotations for the transfer of balances from other cards. Often credit card companies have good deals on sale-line items. Look for an offer – introductory, variable, or fixed rate – that sounds different from other offers.
Tip #16 – Know the fees associated with the balance transfer. Some credit cards charge a one time $30 fee. Others may charge a monthly fee, a minimum fee of $15, or a percentage of the balance transferred. Credit card companies also have advertisements asking for favorable interest rates and variable or fixed rates. Be sure to check out the lower levels and fees for low interest rate, fixed rate and transfer-on-the-chargespear. On the net, some credit card companies allow transfer-on-the-rebate to be made on the card that can prove costly because of the lesser rates.
Tip #17 – Know where all the credit card fees might affect you. Credit card companies target consumers with high interest rate, variable, or transfer-on-the-rebate cards; therefore, you won’t receive heavy fees for a low interest rate card.
Tip #18 – Know the best deals available with the different cards. Different offers may offer different rates of interest or transfers. Compare sites from one to the other and discover which card is best for your needs.
Balance Transfer Credit Card – How to Deal with Low Interest Credit Cards
You may remember when your student’s senior year of high school, you had a ton of credit card debt to worry about. But what happened next gave you leverage over your credit card debt! Why?
Debit Card companies thought your student, who hadn’t decided not to get a credit card yet, might be irresponsible in wanting to withdraw money from your account. So they could withhold payment until she had gotten a new card, and made up for it by sending you a credit card payment every other month.