Receiving a good offer through balance transfer

Tuesday, November 2nd, 2010
Updated: November 2nd, 2010
The content is accurate at the time of publication and is subject to change.

Are you one of the credit card customers who are trying to get rid of the pinch of a high card balance? You can now consider transferring the outstanding due on this card to another card that offers a minimal introductory interest rate. There are also a lot of cards that offer a 0% APR for promotional periods sometimes lasting longer than a year. There are some credit card issuers who are offering deals with not only just the balance transfer amount but also the new purchases that you make with the new credit card adding an icing on the cake.

The overall round up of balance transfer credit cards will make it easier to compare. You can also use calculators which will help you estimate the amount of money you will be able to save if you transfer your balance to another card with a very low introductory interest rate. You can make substantial savings by wiping out the financial charges for over a year with a balance transfer to 0 APR card. However, you will have to be careful about the fees. There are quite a few balance transfer offers which come with a fee of about 3 or 4 percent. While a 3% fee on a 5000 dollars balance transfer will amount to 150 dollars, a 4 percent fee will mean 200 dollars. That is quite a bit of money. Therefore in order to go for a balance transfer to another credit card you will have to weigh all the costs and consider the options available.

If you are looking for a credit card with a low interest rate and no balance transfer fees then you can consider a credit card from the credit union. According to a study on the fees levied by many credit cards credit unions offer many credit cards where there are charges or fees involved with a balance transfer. You also need to keep in mind that there is quite a bit of competition for these credit cards. Not every credit card customer qualifies for these credit card deals that have such a low interest rate. One needs to have an excellent or at least good credit rating to be approved for these credit cards. To get the maximum benefit out of these balance transfer deals, you might have to pay down as much balance as possible during the promotional period. There are some strategies which will help you in doing so.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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