Tips For Successfully Transferring Credit Card Balances
It use to be oh so easy to transfer credit card balances. But with the the tightening of credit that has changed, and changed dramatically. Not so long ago banks and credit card issuers were falling all over themselves offering 0% APR introductory rates on balance transfers. Some of those offers are still available but only to people with excellent credit.
If you are seeking to transfer balances on one or more of your current credit cards you may find the following tips useful.
Know What The Costs Are
Avoid the temptation of using your new card. In many cases balance transfer credit cards are used to get away from credit cards that charge high rates of interest. If you use your new card you will just be adding to your current debt, thus mitigating the savings on the new card.
And remember, whatever deal you get on the card will only be good for an introductory period of time. Intro periods usually run from 6 – 12 months. After the introductory period expires you will be charged the prime rate plus whatever interest rate the credit card issuer stipulates.
Another thing you must consider are the fees for balance transfers. Balance transfer fees used to be capped at 3%. That is no longer the case. Now that the issuers are facing defaults at a record rate they are looking to make up for those losses in any way they can. One of those ways is to increase fees.
Here is a no-brainer but it is definitely worth mentioning. Be sure to shop around for the best deals. Interest rates on credit cards are like any other commodity on the market. They do vary from one issuer to the next. And so to does the period of time that the intro rate is good for.
Be sure to carefully read the terms and conditions that accompany any credit card offer you are considering before you apply.
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