A methodical approach to successful balance transfers

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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 » A methodical approach to successful balance transfers

A methodical approach to successful balance transfers

The content is accurate at the time of publication and is subject to change.

For anyone with credit cards, a mounting outstanding balance is a big nightmare. Most people find it hard to pay off what they owe on their credit cards, especially with the economic downturn just over. In many instances, it is balance transfers that provide a much needed respite to them. Consumers who are looking out for such offers have to figure out what is the best way to sort things out. There are different kinds of offers suited to different needs and you must take the time out to check what will suit yours. Paying a balance transfer for 24 months and getting 0% interest rates would be one offer while another looks at a higher interest rate and a onetime fee.

Ensure that you are clear about what will work ideally for your situation. Make sure that your balance transfer card is not used repeatedly for ordinary purchases, if your aim was to close off the outstanding balance you owe. Then you will find that there is a different interest rate applicable for new purchases and this just might incur heavy losses. When you wish to close a large balance, look at a card that will offer you 0 % interest rates for a longer duration. With most balance transfer cards, the offers available are for an introductory period, so make sure you know what time frame you have to sort out what you owe.

When considering a balance transfer for lower interest rate on purchases, look for one that is suited to this condition. There will be cards which offer you rates of interest and annual fees lower than your current one and will help cut down on costs of purchases. No matter how many balance transfer deals are available, the end rule comes down to using it more carefully so as to cut costs. Make sure that you don’t get carried away by the new rates and end up with too large a bill.

Consumers considering doing a balance transfer should carefully review their financial situation; consider the many conditions applicable and also what the rules are regarding payments and grace periods. Sometimes, a card which offers lower rates will have a strict policy on payment dates, if you need something that will grant you some kind of leeway, and then look for a different one that offers you a better choice. Credit cards are not to be messed with and balance transfer deals can be costly if not done carefully.

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

Related Research:

Top 5 Secured Credit Cards: September 2020 – Experts’ Choice

Top 5 Secured Credit Cards: September 2020 – Experts’ Choice

Posted: June 22, 2020

The COVID-19 pandemic has made significant changes not only in people’s lives and their financial standing but also in the entire financial sector of the U.S. We have collected the best secured card offers from our partners so that you can… Continue reading

Top 5 Soft Pull Credit Cards: September 2020 – Experts’ Choice

Top 5 Soft Pull Credit Cards: September 2020 – Experts’ Choice

Posted: June 3, 2020

When applying for a credit card, you definitely don’t want your credit score to go down. Here, you will find the best credit cards with a soft pull from our partners. An application for such cards won’t make changes to your credit history… Continue reading

Top 5 Store Credit Cards: September 2020 – Experts’ Choice

Top 5 Store Credit Cards: September 2020 – Experts’ Choice

Posted: May 30, 2020

We evaluated store credit cards offered by our partners to find the best store credit cards. They are often loaded with perks that will allow you to save on purchases at your favorite retailer. Plus, many store credit cards are available… Continue reading

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!