Balance Transfer Credit Cards

Balance transfer credit cards can be a wonderful way to save a substantial amount of money. If you are currently paying high interest rates on one or more credit cards then perhaps it’s time that you did something about that. By transferring high interest balances to an offer with a lower APR you put yourself in a position to save quite a bit of money.

Many credit cards with balance transfers come with a 0% APR introductory rate. These introductory periods usually last between 6 months and 12 months. This gives the cardholder the opportunity to pay down the principal thereby getting out from under those high interest payments. You will find that the best credit card offers do in fact have a balance transfer option.

You can see that there are quite a few viable choices when it comes to choosing a quality offer that affords you the opportunity to transfer high interest rate balances. The leading banks and issuers are represented here including Discover, Chase and American Express. Keep the following points in mind while you conduct your credit card comparison:

• Annual Percentage Rate (APR)

 

• Balance Transfer Fees

 

• Annual Fees

 

• Introductory Rate

 

• Length of Introductory Offer

 

• Rewards Programs

 

• Interest Rate Types (Variable or Fixed)

 

As you can see from the above bullet points there are some serious considerations that should be taken into account. You can find this information in the disclosure statement under the terms and conditions of the offer.

Additionally, if you have any further questions while doing your credit card comparison then you are encouraged to contact the issuers directly and speak to a customer service representative. Note that in the second bullet point we have listed balance transfer fees. The fees are different for every card but generally range between 3% to 5%. Many people are on the lookout for a card with no balance transfer fees but I’m afraid that they simply don’t exist anymore.

Times have changed and the banks are relying more and more on the fees they charge their account holders. We also listed the interest rate types, whether they be variable or fixed rates. The trend in the industry is for more and more card issuers going with variable interest rates. The reason for this is that it gives the credit card company the flexibility to raise interest rates when they deem necessary. With fixed rate cards they cannot do this.

There’s no question that balance transfer credit cards can really help beleaguered cardholders currently saddled with high interest rate balances. Take your time to compare credit cards that have the features and benefits that you desire and that meet your credit needs.

Related Information:

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