Pay Lesser With a Balance Transfer 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 » Pay Lesser With a Balance Transfer Card

Pay Lesser With a Balance Transfer Card

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

You might have met some people opening several new credit cards while they still have a huge amount of unpaid credit from their old credit cards. This of course is not a very wise thing to do but if you would rally want to get rid of your old credit and start fresh with a lower interest then you might want to consider having a credit card balance transfer. The basic requirements are simply your social security numbers and a mailbox.

With the many businesses today, the credit card industry is among the many businesses which is considered to be the biggest. With the rate and fees collected from its cardholders, they sure are making a bunch of money out of that. An interest charge could go as high as sixteen percent and that surely is a burden to the card holder. With the rate being so high consumers are having hard time settling their dues thus the principal getting piled up with interest charges which then would make it even harder to be repaid. With balance transfer, things could now be easier.

To attract the public, most banks and credit card companies offer balance credit cards. With a transfer balance, the old balance from the old card is then transferred to the new one thus the obligation needs to be paid by the consumer to his new bank. The good thing about this is that you can pay your dues on a lower rate. After the transfer is completed, a consumer can enjoy an up to zero to two percent interest for six to twelve months thus making the paying scheme even easier and lighter. Don't be overwhelmed though; never forget to close your old cards first before you apply for a transfer balance credit card.

This method sure is a very beneficial thing for the card holder but of course it should go with some responsibilities. Be more diligent in making your payments. There are some cases when a card holder fails to check on the fees and other charges so they end up wondering what those rates are and the worse they will realize they are paying more than they are supposed to pay.

One last recommendation, go for banks or companies that won't collect too high annual or joining fees. The World Wide Web has a lot of option for you and it's for you to find which is the best one.

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!