The Benefits of Balance Transfer Credit Cards

People who want to simplify their finances by merging all of their credit card account balances into one single account should get balance transfer credit cards. A person can gain control of his or her finances by simplifying the process of paying his or her debts. A person may also save money because these credit cards offer competitive interest rates and other perks.

However, people who want to use balance transfer credit cards to merge all of their accounts, need to keep a few things in mind. The interest rate is the most important consideration when shopping for balance transfer credit cards. There are two components of the interest rate that should be considered on these credit cards.

The introductory rate is the first component of the interest rate that should be considered. This rate is usually much smaller than the long term interest rate. It will be applied to the credit card balance for a limited time period. Credit cards that are designed to function specifically as balance transfer credit cards generally offer very low introductory rates. Some may even go so far as to offer a zero percent interest rate for a fixed amount of time.

Persons who are in the process of actively reducing their credit card balances will find the low introductory rates useful. They can gain a temporary respite from the cycle of ever increasing interest payments through the use of balance transfer credit cards that charge a zero percent introductory interest rate.

Introductory rates are meant to be short term incentives, and the long term interest rate will be applied after the introductory period has expired. Persons who use using balance transfer credit cards should strive to pay down their balance as much as possible during the period in which the introductory rate is in effect. This is because this interest rate is always much higher than the introductory rate.

Persons who are interested in balance transfer credit cards should also find out if the credit cards they are considering charge an initial interest fee on the account transfer balance. If the introductory and long term interest rates are appealing enough to offset the extra initial payment, then they should apply for credit cards that charge a fee for account balance transfers.

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Credit Card Balance Transfer Can Help You Earn

Credit cards can help you earn! Sounds unbelievable? Well, that is what the 0% credit card balance transfer has been doing. Nowadays, companies have bettered the introductory interest rate offer by throwing in extended 0% interest periods if holders of other competing cards choose to transfer their outstanding balances.

Credit Card Balance Transfer ? How Is It Done?

If you can juggle things right by taking up an introductory offer of 0% and then transferring the balance to another card with a similar scheme just when the old one is about to end, you could end up with significant savings!

Balance Transfer: Look before You Leap Unfortunately, things are not always that easy anymore. Credit card companies have woken up to the fact that wise debt managers are trying out different strategies to capitalize on 0% interest periods. Have all your bases covered by checking out the following points:

Balance transfer fees: You could be charged additional fees if you want to transfer your credit card balance. This rate can be as high as 2% of the balance transfers. If you are not careful, you might end up paying more in fees than if they charged you interest normally.

Additional perks: Be sure about what this 0% interest rate applies to - some cards offer a 0% interest on balance transfers but all your new purchases are charged at the normal rate from the very onset. While others charge 0% interest on purchases but balance transfers are subject to the standard rate. There is a third option, which is best, if you want to reallysave money with balance transfers ? cards that charge 0% interest on both balance transfers and purchases during the promotional period.

Late payments: Don?t miss the fine print regarding timely payments. Some cards have a rule that if you fail to make even a single payment by the due date then you have to automatically forego your promotional privileges!

Credit Card Balance Transfers User Guide

- If you transfer balances from one card to another, ensure that you are clear about how long the offer lasts, and when is the optimum time to switch to a better card.

- Read between the lines before investing in a new card. Verify the details in the card application agreement documents. In other words, don?t be fooled by the 0% interest pitch.

- Make sure you don?t get stuck with a card with a higher APR while in the process of getting a credit card balance transfer.

- Compare credit cards. 0% interest cards or low interest cards can be identified without much difficulty. However, access information sources that do not promote any specific card and they should help you make a wise choice.

- Go for a flexible and quick interest-free card when transferring balances.

Achieve Balance Transfer with Ease

Once you are armed with a new card, make sure this new company does all the legwork with your last card company. After the balance transfer has been conducted, resist the temptation to use your old card again. Then, all you have to do it make sure you keep paying your minimum dues at the end of each month,making you quite the balance transfer pro!

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The Perils of Credit Card Balance Transfers

For people who could not seem to manage their finances, they end up getting into debts. This is especially true to those who have accumulated too many debts that they can no longer handle the problems anymore.

In reality, 81% of the households in the U.S. today have at least one credit card. But sad to say, out of this percentage, it was reported that the average credit card balance that they accumulate is $8, 387.

The point here is that if these people will not trim down the balances that they accumulate on their credit cards, chances are, they will really get into bigger trouble.

When that time comes, the only way to correct the problem is to employ drastic solutions such as credit card balance transfers.

Balance transfers simply means to transfer the remaining balance in the credit card to another card in order to eliminate the presence of a big interest rate. Usually, people opt for credit card balance transfers so that they can get a new card with lower interest rate.

The "low interest rate" features of most credit cards who offer balance transfers are actually known as teaser rates. These credit card companies offer much lower rates so as to entice people to transfer to them.

What these people do not know is that most credit card companies that offer low interest rates for balance transfers are actually applying the interest rate from the day the consumers had transferred their balances. This goes to show that with credit card balance transfers; there is actually no "interest-free" time.

Another thing is that the low interest rates that credit card companies usually offer when transferring balances are only good for a certain period of time, usually, within a 6-month period. That means when the allotted period is finished, the regular interest rate charges apply.

Moreover, the rules in credit card balance transfers, when it comes to late payments are much stricter. For instance, if a person fails to pay his or her due payment on time, the low interest rate is instantly replaced by a higher one.

What the consumers do not realize is that the low interest rates are only good on balance transfers, but once they have made some purchases, higher rates will be applied. These are all stipulated on the fine print. The problem is that most of the credit card users do not take highly of the things written on the fine print.

Another problem with most credit card users who opt for balance transfers is that they have this thinking that their debts are paid off. What they do not realize is that the process is simply transferring the balances and the debts remain the same. This is because most of the credit card companies that offer balance transfers use the phrase "pay off your balances on other cards" in their advertisements.

Therefore, the only best solution to this alarming condition is to do some homework. Not all credit card balance transfers have these dangerous hidden agenda. The important thing to do is to research on the rules of the company and identify if the low interest rates are not just teaser rates.

Best of all, if ever an individual was able to get some good credit card balance transfers with the best interest rates, it would be better if they stay out of debt and pay their monthly dues on time. In this way, they do not have to contemplate on the interest rates.

Besides, credit card users do not have to engage into balance transfers if they can manage their finances well. It is simply a matter of proper budgeting and lifestyle.

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