Balance Transfer Credit Cards
Balance transfer credit cards are ideal for those individuals that carry a monthly balance. They allow you to consolidate debt into one account for easier management. Using these cards affords you the option to put those interest savings to work for you by applying that extra money toward the principle, thus paying off your balance quicker. We invite you to take your time and carefully compare the offers presented here.
As you can see there are quite a few choices to be had when it comes to credit card balance transfers. The whole idea is to save money on interest rates but the prospective cardholder should also be aware of what the fees are as well.
Most if not all credit card issuers that offer a balance transfer option will charge a balance transfer fee. To know what those fees are you should carefully read the disclosure statement and if you have any further questions, contact the card issuer directly.
There are basically two ways that credit card companies charge account holders interest. They charge either a fixed rate APR, which stands for annual percentage rate, or a variable rate APR.
A fixed rate means that the interest rate is locked in for the life of the card as long as the cardholder remains in good standing. Variable interest rates fluctuate and can be either lowered or raised at the discretion of the bank or financial institution that issues the credit card.
You will notice that many balance transfer credit cards come with a 0% introductory rate, or a very low introductory APR. Make sure you understand the length of time that this lasts (most are for 6 months) and what the interest rates will be when it expires.
Note that interest rates are almost always higher on cash advances as opposed to purchases. Many times there will also be a fee that accompanies a cash advance but, of course, each and every offer is different.
The following points should be examined before you submit an application:
- Interest Rates
- Balance Transfer Fees
- Annual Fees
- Intro APR
- Fixed or Variable Rates
- Grace Period
By keeping these important points in mind the consumer should be able to quickly and efficiently compare balance transfer credit cards in order to find the one that best meets their credit and finance needs. Quality websites will have a category dedicated solely to credit cards with balance transfer options.
There are other factors to consider as well including features and benefits such as cashback bonus, rewards and discounts. In addition, most cards will offer protection against unauthorized use of lost or stolen cards.
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