Best Credit Cards Transfer Offers
Things You Will NeedSome need for information about ways to find credit card balance transfer offers and the best balance transfer credit cards.
Step 1Credit card transfer offers may seem appealing and they are an excellent tool for the person who is paying a high rate of interest and wants to pay less if they read the terms and understand the limitations involved in credit card transfers.â¨
Step 2Transfer Costs
Many credit card companies will include a balance transfer fee as part of the credit card transfer offer. If you are paying a significant amount in interest a month then a 3% fee on a balance transfer offer that lets you pay 0% for a year is attractive and useful. Some credit card transfer offers may have no transfer fee but may also may reduce the low interest term to 6 mos.â¨
Step 3Are Purchases Included In The Introductory Rate of the Credit Card Transfer Offer?
â¨â¨Some cards such as the Discover More Card may have a 0% interest rate on the balance transfer for 12 months and 0% on purchases for 6 months.â¨Other cards such as the Citi Platinum Select Master Card may have 0% for both purchases and balance transfers for 12 months.â¨However the choice of which is the best offer for you might depend on your spending habit, your plan in making the balance transfer and if you qualify for the lowest rate.â¨
Step 4Read the Fine Printâ¨â¨
Have a plan in mind when choosing a balance transfer card. Are you using this card to reduce your debt and eliminate financial obligations? If so, then a credit card transfer with 0% toward new purchases may not mean much to you. However if you spend regularly then know how your payments will apply to your debt. Some cards apply the payments fully to the new debt first then payments are applied to interest and the transfer amount. You should understand where you money is going when choosing the best transfer offer for you.â¨
Step 5Examine The Regular Rate of the Credit Card Transfer Offerâ¨â¨
After the introductory period a credit card transfer offer will revert to the regular interest rate. Will you have paid off enough of your debt to have made the transfer worthwhile? Is the new rate attractive or competitive? Credit card offer hopping can hurt your credit scores in the end so be aware that companies are recognizing the signs and it can hurt your credit score.â¨â¨
With a sound plan and a goal in mind you can make the absolute best use of credit card transfer offers and end up on top.â¨ Array
Tips & WarningsIf you are planning a large purchase such as a house mortgage soon you may not want to apply for new debt, check how it can affect your credit score beforehand. â¨