Balance Transfer Credit Card Offers for 2020

High unemployment rates, salary cuts, and foreclosures - these are just some of the negative effects of the ongoing recession. But believe it or not there's actually an upside to the economic downturn. Several banks and financial institutions are now bombarding customers with good to excellent credit scores with balance transfer credit card offers. Balance transfer credit cards are ideal for individuals with outstanding balances on several cards and designed to help people consolidate all their credit card debt on to one card. These cards are also an excellent way to reduce monthly interest payments by hundreds of dollars a year. For example, if you have an outstanding balance of $5,000 with a 21% interest rate, transferring to a card with a 0% introductory APR for a year will save you around $400 in interest payments!

Here are a few points to consider:

• Is a balance transfer credit card right for you? First, determine if you will be eligible for a balance transfer credit card. Having a bad credit and knowingly applying for a balance transfer credit card, with unrealistic expectations may result in rejection and hard inquiry in your credit history.
• Calculate how much you will save. After you determine whether or not you are eligible for a balance transfer credit card, it is important to calculate how much you stand to save by transferring all or a portion of your credit card balance.
• Note the details of the rates. Fees with balance transfer cards can be tricky, so it's important that you know the exact details of your card.