Many consumers are looking for the best credit card rates for balance transfers. These introductory offers can help you take advantage of low interest rates that will eventually add up to large bills. You are probably paying high balances every month towards high interest rates, credit fees and other costs. Why not do something about this? You can lower your current bill and boost your savings with a good introductory offer. Here's how to get the best credit card rates for balance transfers.
Do a little homework. Look around online for credit-card companies offering specials that are only valid on new purchases. Some cards even offer balance transfers at no additional charges. Find out if there is any annual fee associated with the transfer. You may even find a zero percent introductory rate with purchases made within a three-month time span.
Compare cards. Look at different promotional offers from various providers to decide which one will be the best deal for you. Look at all your cards and see what type of interest rate you pay on your current card. You may be able to transfer your balances to one of the cards with better terms.
Apply. If you decide that transferring balances is the best option for you, apply. You should be able to get a response within days, although some applications can take up to a week. You also need to be sure that the cards you transfer to have all the same payment options and other features.
Make sure you understand the terms and conditions of the transfer. Some credit card companies will offer an excellent introductory rate but charge you later. Others require you to pay a transfer fee and still tack on an extra fee for balance transfers. It's important to read these details carefully so that you know exactly what you'll be paying. Otherwise, you may end up with a higher interest rate than you were originally paying for your balance transfers.
Pay off the balance before the introductory period expires. Don't use credit cards to make larger purchases as the interest will be added to the transferred amount when you make the purchase. This can make it harder to pay off your balance transfers.
Use the best credit card rates for balance transfers offered by your provider. Find out what fees are involved. Make sure you understand what your monthly payments will be. Consider switching to a lower interest rate card to save even more money. Use the best credit card rates for balance transfers that you can find to minimize your interest costs and increase your savings each month.
Apply online for the best credit card rates for balance transfers. This helps you avoid being charged a fee for applying online. Instead, you'll be provided with the best deals to choose from without any pressure from salespeople. You can shop around and compare different offers from several providers. If you have any questions, ask about them before you apply. With this advice, you'll find the best credit card rates for balance transfers quickly and easily.
Choose your transfer offers carefully. Balance transfers have become popular lately, but there are some terms and conditions associated with these offers that you should be aware of. Most introductory offers last for a limited time, usually for a year. While you might get a great interest rate during this introductory period, the longer you go without making payments, the higher your interest charges will become. You may be better off paying the higher interest rate than going through the process and transferring your credit cards.
Ask questions when applying for credit cards. Find out how long your introductory period is, what your minimum payment will be and whether you'll be charged transaction fees. You should also find out if the card has an annual fee and what other costs and fees are associated with your new card. Compare the best credit card rates for balance transfers between several cards and determine which one will offer you the most benefits for your money.
Always read the fine print. Balance transfer offers should be free of any hidden fees. The card provider may charge transaction fees or change your introductory interest rate at any time before your term is up. Make sure you understand what fees you'll be charged, and if there are any fees at all, how much they are. For example, some credit card providers charge a one-time startup fee, but may charge a regular maintenance fee every month. The best credit card rates for balance transfers will offer you a reasonable balance transfer fee, reasonable rate changes, and no hidden fees.
Remember that the best credit card rates for balance transfers will vary depending on your individual situation. If you have good credit, you'll likely be able to secure the best introductory rate and avoid the additional cost that comes with balance transfers. If you have bad credit, you may be charged a high interest rate on your balance transfers, or even get penalized for making default payments. Before you sign up for credit cards, it's best to do your homework and consider all of your options.