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.
