Visa Balance Transfer Offers are an excellent way to consolidate your finances and pay less each month. You can transfer money from high-interest credit cards to a low-interest card and save money on interest charges and other fees. You'll be able to get cash advance and debit card applications online, over the phone, or by mail. There is no credit check, down payment, or collateral required. Here are some pointers that will help you get started and keep track of your progress.
Be careful with what you put up for approval as many of these offers are fraudulent, but there are some legitimate offers available. Some credit cards offer a low-interest rate visa balance transfers for a limited time period, such as a ninety-day free trial. Some cards offer a cash rebate on the balance transfers. Both of these options will give you a generous 1.5 percent cash rebate on any balance transfers within the first ninety days of the date that the account opened.
There is one important caveat. Some credit cards charge an annual fee for balance transfers, even if there isn't an annual fee for the original credit card. If you're going to one of these cards, make sure you read all the fine print. Find out what the annual fee is, what percentage you'll be charged if you don't have enough credit to qualify for the cash rebate and what the annual fee for balance transfers is. Then, compare the annual fee to the cash rebate and other financial terms.
Many people think they can only get a visa balance transfer if they have good credit. The truth is, you can transfer any old card balance to a new one. You should consider the potential benefits and drawbacks of each transfer option before making your decision. If you're looking at transferring to an introductory offer card, look at your budget and consider how much you'll save each month once the interest rate has reached its renewal point. If you can find an interest rate that is lower than the current interest rate, this may be the best option.
However, if your goal is to reduce your credit card debt, you're probably better off paying the higher interest rates for the longer term. You'll pay less in the long run by transferring your credit card debt to a fixed interest rate account. Make sure you know what type of introductory offer you're getting into before you sign anything. For example, some credit cards offer a 30 day trial period after which you must pay the full amount unless you cancel. Other cards just require you to cancel before the end of the trial period.
The term of the loan isn't the only thing to consider. Remember that credit cards usually have a transfer fee. You should always choose the card with the lowest transfer fee. This will make transferring your balances easier in the future.
When you're looking at Visa balance transfers, you need to be aware that these are usually temporary. You can't keep applying for new credit card offers all the time. This will eventually lead to a large number of applications that aren't approved. Banks and other lending institutions also have policies in place that limit the number of times you can apply for a new credit card. If you want to keep applying, you'll get frustrated with no approval and that might tempt you to stop applying altogether. This isn't a good idea!
Instead, use Visa balance transfers to pay down your existing card debt. Then you can spend that money on paying off your other debts. If you follow this strategy and avoid getting caught in a bad situation with a new offer, you can significantly reduce the risk of being taken advantage of when you transfer your credit card balances to a new introductory offer.