Basic and important Things on Your Balance Transfer

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 » Basic and important Things on Your Balance Transfer

Basic and important Things on Your Balance Transfer

By
Add to Favorites:
Nowadays, it is very easy and fast to secure a credit card. There are a lot of us though who are not able to manage our credit card usage thus leading to vary high credit card debts. For some, one of the best ways to reduce interest and save more money is to have a credit card balance transfer. This is actually true but it can still lead you to higher interest rates if you fail to pay off with your new company. With a balance transfer, social security number and mailbox is all it takes to apply. Credit card business is considered to be one of the biggest. Credit card companies and banks make money out of the interest or charges paid by their consumers. A slapping sixteen percent is the usual annual rate for credit cards. So do your math. Check how much bans profit from our credit cards. When one fails to make the monthly payment, interest is added to its principal thus making it a little harder for one to pay off. This is where balance transfer enters the scene. A Balance transfer offer is one of the business tactics of most banks and companies to attract the public use their cards. All of your debt from your old card is transferred to your new credit card. With your new company, you re then required to repay them within the period provided to you. This is called the grace period or the introductory period. This said period usually last from six months to one year. While there are some banks who offer one or two percent interest rate, there are also some which give their new customers zero percent. The catch here though is that you need to complete the repayment within the grace period given to avoid higher interests and penalties. Failure to make the payment will only give you greater burden of a higher interest rate. If you think that you could be diligent enough to make the payment on time, then make sure to close all your existing cards before you apply for the balance transfer. If you find it a little time-consuming inquiring from one bank to another then you have all the resources available online. If you`ve found the best bank with the best deal then you can also apply with them online for a faster process and transfer. To make you decide even more effective and easer when it comes to rates, then there are online balance transfer calculators that can give you an idea of how much you have to repay monthly. This is also a good way for you to know whether you can financially manage the transfer. Most of the drawbacks that come from using balance transfer are due to the lack of research. You should know all the things about balance transfer, even to its littlest details to avoid more penalties and higher unexpected interest rates. Ask, ask and ask. That`s the secret for finding the best.

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