If you are currently in the market for a credit card, you may have noticed that there are many balance transfer special offers available. What are these balance transfer special offers? The term “balance transfer special offers” refers to any offers where you have the ability to take advantage of another company's special offer to transfer your balance from another company to yourself. This can be done with virtually any credit card company, and the purpose is two fold.
First off, by taking advantage of these types of offers, you are able to take advantage of the latest promotional offer from credit card companies. Balance transfer credit cards are one of the most sought after types of credit cards, and you will find that they come with a number of different promotional schemes. For example, some credit card companies will allow you to transfer your balance to an introductory interest free offer card for a specific period of time. Or, they may even offer you the ability to transfer your balance between multiple credit cards. On top of these offers, some credit card companies will even provide you with a zero interest period after which you will be charged interest on all of your balance transfers. The important thing to note here is that balance transfer credit cards can save you a lot of money.
Now let us discuss the different types of balance transfer special offers that are available. For the most part, you will be able to use this type of card to transfer any balance from any one credit card to another. However, there are other ways to make full use of this type of card. Here we will look at these other options and give you examples of when and how you can use them.
As you likely already know, the most common way to use a balance transfer credit card is to transfer your outstanding balance from a high interest rate credit card to one with a lower interest rate. For most people, this is the best method. Of course, if you find that you have a large balance on a credit card with a relatively low interest rate then this may not be the best method for you. In this case, you should consider transferring your balance to another low or no interest rate card instead. This can save you hundreds or even thousands of dollars in annual fees.
Many credit card companies will offer you the opportunity to transfer your balance without paying a fee. If you are in the market for a new credit card then you should take advantage of these offers. If you already have credit cards, then you can transfer your balance to them as well. In many cases, you will only pay a small processing fee for transferring your balance. Keep in mind that in most cases the processing fee will cost you more than you would ever pay to simply pay off your balance in full each month.
You should also take a look at balance transfer special offers that offer free air miles or other types of incentives. Some cards will give you air miles based on the amount of balance you transfer to the card. Other offers may give you cash back or other incentives depending on the amount of the balance transfer. Look at all of the special offers that you can find before deciding which one is the best for you. You will end up saving money if you make the right decision.
Once you have found a few credit card offers that have balance transfer special offers, you should apply online. This is usually the easiest and most efficient way to transfer your balance. The other option is to use a third party company who will charge a minimal fee. While this may seem like a lot, it will still be less expensive than transferring your balance to another card.
Finally, do not choose to close your current credit card account when you are doing an interest rate transfer. Most credit card companies will not do this for you. This is because they would rather you pay off the balance with another card and then continue to use their services. If you do this, you will not only be able to continue using their service, but you will also be able to keep the credit card you got even after you transfer your balance to another account. Keep this in mind and you should be able to get a better deal.