Balance transfer is a good choice to get out of credit card debts

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 » Balance transfer is a good choice to get out of credit card debts

Balance transfer is a good choice to get out of credit card debts

By
Add to Favorites:

If you have been someone struggling with bills on your credit card because the interest rate suddenly got hiked up, you are not alone. Every other person has been experiencing discomfort of one kind or another with credit cards because of a lot of changes and the new regulations are not going to make it any easier for defaulters. If you are stuck with a high end card and a lot of crazy fees on them, there are ways to correct that and also make sure you fix what has gone wrong. Balance transfer is a word almost everyone is familiar with these days and it is perhaps the best solution to people struggling with debts.

What is important before doing a balance transfer is to make sure what is acceptable and what is not. If you find that there are huge fees to pay on your card or expenses in terms of transaction or other fees are high you will need to reconsider it. Instead search around for a card that offers you a more flexible deal in terms of the money you have to spend to be able to do it. When you get a low interest on your new card you can switch the amount without worry and pay it off while saving on the whole interest amount involved.

You need to also pay attention to your credit, if you have really bad credit you might not get a good promotional period on the balance transfer deal. If the low interest period runs out too fast you will end up back on square one despite the procedure and the fees. The thing about credit is that they are a highly competitive industry with much to offer. You need to research and make sure you grab a good deal so you do not end up with something that fleeces you completely. What is even more important when doing a balance transfer is to be able to transfer the right amount and make sure it does not exceed 30% of the available limit on the new card. When the new card has too less of a credit limit and you do the transfer you could jeopardize your credit scores. Even if you cannot transfer the whole amount immediately use the deal and the promotional time period to pay off at least a percentage of what you owe to make things easier to deal with!

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

Related Research:

5 Reasons to Get the Capital One Venture Miles Rewards Card

5 Reasons to Get the Capital One Venture Miles Rewards Card

By Herbert Moore, Posted: January 18, 2017

If you’re looking for a great travel rewards credit card—one that offers unlimited earning opportunities, flexible redemption, and lots of perks—look no further. This card from Capital One has you covered. Continue reading
Credit Card Tips For Holiday Shopping 2016

Credit Card Tips For Holiday Shopping 2016

By Herbert Moore, Posted: November 23, 2016

November and December are the busiest months as gift shopping reaches its peak. People rush around looking for the best gifts and the best deals leaving a lot of money in the shops. Holiday season may force you to go over the household ... Continue reading
Credit Cards to Save More on Holiday Shopping

Credit Cards to Save More on Holiday Shopping

By Herbert Moore, Posted: November 22, 2016

Discounts and special offers are available all year round. Werther you are a bargain hunter or an impulse buyer, make sure you check online discounts and special offers. Also, if you are a cardholder, see if your credit card opens the door ... Continue reading