Picking out a good balance transfer deal


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 » Picking out a good balance transfer deal

Picking out a good balance transfer deal

The content is accurate at the time of publication and is subject to change.
It is not an uncommon sight today to find that people are having one too many credit cards in their wallet when queuing up to pay on a bill. The fact that there are so many cards can seem quite surprising to some and just part of routine life to others. Whatever your situation may be, whether you have one too many cards or you want to apply for another new card, remember to carefully understand all the terms and conditions of your agreement before you apply. Credit cards are quite volatile in that the interest rates can change quite a bit and rather often at that. The important thing to do is to carefully consider all the variables and then apply for a new card. When you are flooded with one too many credit card offers in the mail, it becomes difficult to pick out just one single card out of the lot. So many offers and deals seem appealing and there is a lot of confusion to narrow it down to one single card that is suitable. If you have been having too high interest rates on your old card or have run up a large principle amount on a high interest card, it is time to consider opting for a balance transfer. By moving the money to a low interest or no interest card you can pay off what is owed faster and be free to deal with your other commitments. This is a good way to tackle your debts, but be careful of the conditions that come with it. The most important aspect of this deal is to consider the fact those credit cards with a 0 interest on balance transfer will be for a limited period only. Therefore you should carefully look at how long the offer is for before changing to the cheaper card. Once you have resolved this matter you can work things out more easily. These days, banks are offering customers chances to change from one card to another rather easily. Zero interest rates and no fees on the balance transfer seem to be quite the order of the day and a highly attractive deal to come by. The important catch here is often the fact that this tends to be for an introductory time period which is limited. Therefore you have to be able to settle the outstanding amount within that time after which a different interest rate will apply. In addition, you have to also understand that the balance transfer will mean interest free payments but it should not be incentive to shop more and add to the already existing amount. For many 0 interest balance transfer deals there is a catch on it which means that people will end up having to pay a different rate of interest on new amounts that are added to the card. The credit limit of the new card should also be taken into account before doing the transfer so as to not damage your credit score.

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:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... 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!