If you've been making your payments on time for the past several months, you may have received one of the many introductory interest free balances that credit card companies offer. This is the perfect scenario: you've saved enough money to get a lower interest rate, so now you want to keep spending money! The problem is that once this introductory interest free period is over, you will find yourself paying back an interest rate that you really can't afford. So how do you avoid the double whammy? It's simple: find a credit card with a longer no interest period.
While the best credit cards for balance transfers have a long 0 percent interest-free period, that interest free period will rise up after a period. It may be just a few months, eighteen weeks, or two years, but eventually it will never remain at zero. If you want to keep spending right now and not have to worry about your credit card balance transfers being charged back, you need to start planning now.
Planning your finances now means looking into no interest balance transfer credit cards. These are special credit cards that offer you zero interest for a designated period of time. These are usually good for a few months and allow you to save money right away. But if you don't take advantage of these special offers when they're available, you could end up paying back a hefty interest rate. These are the best credit cards for balance transfers because you can get the most value for your money.
Balance transfer fees are what make these special offers appealing. If you transfer a high interest rate credit card balance to an introductory offer card with a low interest rate, you will end up paying dearly for the privilege. Balance transfer fees are assessed on the balance transferred plus the introductory rate. This means that the more interest you have to pay, the more the transfer fees will be. These are your top tips for finding the best credit card offer for your needs.
If you want to save the most money over the life of your credit card, you should look for no balance transfer credit cards. They are not always the best credit cards, but for some people they are the only option. Balance transfer cards may offer a low introductory interest rate but you could end up paying back quite a lot of that interest in the long run. Some no interest balance transfer credit cards charge a startup fee, monthly fees, balance transfer fees, and other expenses. The best credit card offers don't have to cost a lot.
Balance transfers interest free credit cards generally offer the lowest interest rates but this is not always the case. If you compare no interest balance transfer credit cards you'll find that some charge very high interest fees, annual fees, and additional charges. The best credit card offers do not have any of these extra costs.
No interest balance transfer credit cards offer the longest promotional periods. If you can sign up for a card that has an introductory interest free period of at least twelve months, you'll get the best credit cards available. At the end of the introductory period, you'll have to start paying interest again if you want to keep the balance paid down. Most no interest transfer credit cards offer a one or two year promotional period.
Finally, when you're looking for no interest balance transfer credit cards, you need to decide if you're going to transfer your balance between credit cards. Some no interest balance transfer credit cards let you transfer just the debt from one card to another. Other offers let you make an initial deposit into a special savings account and then take the money out to use on any introductory interest free credit card. If you're going to use this option, be sure to look carefully at all the terms of the different offers to see which one has the better long term benefit.