Basic and important Things on Your Balance Transfer

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 » Basic and important Things on Your Balance Transfer

Basic and important Things on Your Balance Transfer

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

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 Cards for Travel from Our Partners: Winter 2019 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Winter 2019 – Expert’s Choice

Posted: December 17, 2018

Nights are still drawing out, the wind is cold, and the air smells like snow already – the winter is close. Christmas and holiday season are approaching swiftly, and overwhelming gift ideas are swirling chaotically in your mind. Ready or… Continue reading

Credit Card Tips For Holiday Shopping 2018

Credit Card Tips For Holiday Shopping 2018

Posted: December 15, 2018

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

Posted: November 25, 2018

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

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!