How to Balance Transfer without Mistakes

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Credit Card Applications » Research » Guides » Balance Transfer Cards » How to Balance Transfer without Mistakes

How to Balance Transfer without Mistakes

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

High interest credit cards are great weights on consumer backs. And with a desperate need to get the off, consumers consider credit card balance transfer. The low interest credit cards are good outlets to breathe more and reduce debt problems. But with the numerous offers lying around, it is hard to choose a perfect low interest credit card especially when we are warned about the "gotchas" credit card companies included in their cards. To get the best out of these credit cards, here are some ways you can do to maximize your savings and reduce your chances in losing much.

One, shop around. If you haven't checked your mailbox, try to check for one balance transfer offer now. If you check online, there are a lot of websites that can help you choose one. Check the lists in these websites and try to follow the rankings. Compare the benefits and the charges involved. Take the card that will provide you more benefits and lesser charges.

Know the offers thoroughly. Try to check behind the offers. Some credit cards offer introductory rates that are very low but would later on charge very high interest rates as time goes on. The zero percent balance transfer rates may turn monstrous rates after six months. Better know this one particularly if you don't want to lose more than what you could have lost on your high interest credit card.

Transfer fees are sometimes based on a percentage of the amount you have transferred. So for instance if you have been charged 3% of the amount you transferred which is about $3,000, you'd be paying $90. And the higher amount you transfer, the greater the fee. Be mindful about cap fees because $90 can be too high. Cap fees may be about $50 or $70, so you can even save $20.

After choosing the card and moving your debt, you still have to pay your old debts. Balance transfer may take as long as three weeks to process, so there are still time to focus on your other account. There are still late fees to think of and you don't want that to be stacked on your bills. Until you can, at least pay the minimum of the old account until you finally get to have your new card.

If you transferred your balance to a low interest credit card, remember that you applied for the new card is to help you pay down your debt. This means that you shouldn't make purchases on the card until you have paid up every amount you owe. When you are done and the debts get zero balance, you can enjoy the benefits of your new card.

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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