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:

How the Fed Rate Rise Impacts Credit Cards

How the Fed Rate Rise Impacts Credit Cards

By Credit-Land, Posted: May 25, 2017

Recently, the Federal Reserve hiked its benchmark rate by a quarter percentage point, as a result, you could see a rise of the interest rates on your credit cards by 0.25%. That was the first hike of the key rate in 2017 and the Fed ... Continue reading
Top 5 Credit Card Offers For Those With Excellent Credit

Top 5 Credit Card Offers For Those With Excellent Credit

By Credit-Land, Posted: May 25, 2017

Do you have excellent credit? If so, banks are actively looking to win you as a new credit card customer by offering some unprecedented deals. Although banks have been more careful about acquiring customers with questionable credit ... Continue reading
Interest Free Credit Cards: Pay No Interest Until 2019

Interest Free Credit Cards: Pay No Interest Until 2019

By Credit-Land, Posted: May 23, 2017

Carrying a balance on a credit card is wasting your money on interest fees. It is easy to avoid interest payments on purchase transactions by paying off the entire card balance by the due date each month. But what to do if you are already ... Continue reading