What should you taking into consideration while going... - Balance Transfers Questions


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Credit Card Applications » Questions » User Questions » Balance Transfers » What should you taking into consideration while going in for balance transfers?

What should you taking into consideration while going in for balance transfers?

Answered on | Updated on November 13th, 2010
The content is accurate at the time of publication and is subject to change.

Many people do not realise that credit cards can really end up making you lose money if you are not careful. But with some simple planning you can make enough and also earn some savings in the process. When looking to deal with your mounting bills before deciding to give up and file a bankruptcy look for possible balance transfer deals. You can search and compare the balance transfer offers available in the market and figure out one that is inexpensive and has the best benefits. Most of the time people hear the word balance transfer and jump to too many conclusions. It is important to know that you should carefully consider the factors involved before making a decision. When you look for a suitable card, consider a number of factors including the Annual Percentage Rate which will work best for your card.

There are often numerous attractive offers on cards for consumers who have excellent credit scores. When there are good scores people can deal with things better and sort out the best deal with their bankers. The main aim during a balance transfer is to move your outstanding amount to a cheaper card with a lesser interest rate and pay off what is owed on it quickly. That way you can be sure to earn enough without any headaches and do not have to worry about rising interest costs which will make the situation get out of hand. When you have a situation where the amounts are too large to deal with and you somehow want to get out of your debt situation the best choice you can opt for is a balance transfer deal at zero interest rate and with no additional charges.

In addition to this situation there are still more important decisions that have to be made. You cannot just transfer your balance on the basis of some offer you got in the mail. You should be able to make a clear decision based on important choices. This new line of credit will mean that you need not worry about making payments inclusive of the interest rates that often jeep adding up on the purchases. In addition you have to be careful that you do not make new purchases which will incur rates that are different from what you get on transferring the balance. Therefore you should make sure that you do not spend more on the card and pay what you owe and close the outstanding balance.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
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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Intro APR on Balance Transfer: 0% 12 months on Balance Transfers

Ongoing APR on Balance Transfer: 15.74% - 25.74% (Variable)

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Excellent, Good Credit

Intro APR on Balance Transfer: 0% (first 12 billing cycles following each balance transfer that posts to your account within 45 days of account opening)

Ongoing APR on Balance Transfer: 18.24%, 22.24% or 25.24% variable based on your creditworthiness

Balance Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater

Good/Excellent Credit
See Rates & Fees

Intro APR on Balance Transfer: 0% Intro APR for 12 months

Ongoing APR on Balance Transfer: Variable APR of 15.24%, 19.24% or 25.24%

Balance Transfer Fee: Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check

Good, Excellent Credit
See Rates & Fees

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