Are balance transfers as important as people consider them to be?

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Balance Transfer Cards » Are balance transfers as important as people consider them to be?

Are balance transfers as important as people consider them to be?

Add to Favorites:

With so many credit card companies advertising balance transfers, you might think that this is an important thing to have, and something that you should look for in your new credit cards. While the importance is debatable, its presence cannot be missed either. There are a couple of important aspects to this feature that does make it a useful thing to have. If you haven`t considered it as of yet, you might want to read this article and understand ways this feature might be useful.

Firstly, you should know that balance transfers are normally for people that have a balance in one account and want to transfer it to another account. However, if you pay your bills on time and don`t have any problems managing your finances, then this option is for you. On the other hand, for those that juggle around a lot of cards and accounts, this is by far an extremely necessary feature to have.

It might also be of importance to note that balance transfers are with conditions. In most cases, applying this feature between two different financial institutions will normally incur a charge. It is advisable to check the rates and the charges before you begin to use. sIts imperative not to end up paying more money nor having a balance. Most financial institutions are okay with you transferring money within, which makes this quite a useful feature for those with multiple accounts in the same bank.

Finally, you should also be aware that having balance transfers does help in maintaining your credit score. Not only can you avoid late payment charges, but you can also avoid making payments altogether for as long as you wish. For people going through a bad phase right now, having such features can definitely help, while they are looking out for a new job.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

Posted: June 21, 2017

Whether you are married or not, we all agree that marriage is incredibly important for a person. It signifies the beginning of two people as a team, as a family, of a long commitment. It is a newly born union and the sign of your choice, ... Continue reading
How To Choose The Best Credit Card For Everyday Spending

How To Choose The Best Credit Card For Everyday Spending

Posted: June 21, 2017

When you reach for your wallet to pay for groceries, gas, dinner out, or any other everyday purchase, are you searching for cash, a debit card, or a credit card? Many people hesitate to charge this type of everyday spending to a credit ... Continue reading
How to Save Money. Best Credit Card Deals and Tips.

How to Save Money. Best Credit Card Deals and Tips.

Posted: June 20, 2017

We all've been through or may find ourselves in such an emergency when money is needed immediately. Lucky you are if you have savings for unexpected expenses. If not, it's never too late to start saving money. There are different ways to ... Continue reading