Key tips to help you choose the right balance transfer credit card

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 » Key tips to help you choose the right balance transfer credit card

Key tips to help you choose the right balance transfer credit card


Updated: September 27, 2018

The content is accurate at the time of publication and is subject to change.
One of the biggest problems plaguing a number of credit card holders in the United States is huge debts that they are unable to repay. These debts keep increasing because of the interest rate and other financial charges that get added to the balance each month. The only way in which this debt can be eliminated is when you are able to get to avoid any interest being levied on it. Hence, the best solution is to opt for balance transfer credit cards that offer good deals. There are a number of banks and financial institutions today that are rolling out good offers; however, you need to keep a few points in mind before you sign up for one of them. Introductory period A lot of banks offer interest free balance transfer facility. This implies you can transfer the outstanding balance on one card with high APR to another card offering 0% interest. While this may seem to be too attractive on the onset, there is some underlying truth that you need to know. The 0% APR is a part of the introductory offer that lasts only for a short span of time. The introductory period could range anywhere from 6 to 21 months. If you have a good credit history to your backing, there are chances that the banks may be willing to extend the introductory offer. However, if your credit score is far from good, you will have to be content with the offer given by the bank. Regular APR This is an important factor to tailor in before you apply for any balance transfer cards. Some banks do offer interest free transfer at the outset, but once the promotional offer ends, the regular APR levied may be pretty high to make up for the interest they missed out on. Hence, find out the details of the APR that will be levied on your credit card account once the promotional offer ends. Also, find out the APR levied on purchases and cash advances since they vary from one bank to the other. Fees on the card There are various types of fees that banks levy on credit cards. Some of the most common fees are the annual fee, late payment fees and over the limit fees. However, there are banks that do charge for processing the application for balance transfer credit cards. Hence, it is imperative that you find out the various fees you will have to pay before you sign up for any card. However, before looking into any of these aspects, it is important that you look into your credit report and see where you stand. This is one of the key documents that banks consider before offering the option of balance transfer. Also, if you are interested in looking out for these offers from specific banks, call the customer service department in advance and find out the eligibility criteria and the various documents that are needed for this purpose.

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!