Balance Transfer Credit Card Offers

                                                                                         

A balance transfer credit card allows the card user to transfer the balance of one credit card to another new credit card. By taking advantage of this process online, you can transfer your credit card balances instantly. Each credit card offers specific deals, so you will want to read each carefully in order to be sure of getting the credit card and its advantages that you want and need.

One of the primary advantages to using a balance transfer credit card is that you are typically offered a grace period. This is a period of time that is specified upfront for which you will pay no interest on the balance transfer and often on purchases as well. Depending on the specific offer from the credit card company, the grace period of zero percent annual percentage rate can last from six months up to as long as fifteen months. This benefit can save consumers a great deal of money. If you can pay off the transfered balance, then you will pay no interest at all. If you cannot, the regular annual percentage rate will kick in, so you will want to compare cards to find the card that has the best rate if you know that you will carry over a balance beyond the grace period. Interest rates on these balance transfer cards can vary quite a bit, so do some research first before you sign up.

Another benefit to using a balance transfer credit card is the fact that most of these cards are available for no annual fee. Some credit cards offer benefits that you may want but carry an annual fee. You will need to think about how you intend to use the credit card, and if the advantages offered outweigh the annual fee.

The same applies to balance transfer fees. Many cards attract new customers by offering no balance transfer fees; other cards apply fees but have attractive benefits such as rewards programs. You will want to decide if the rewards programs are important enough to pay the transfer fee, and then act accordingly. If a fee is required it is usually a set percentage of the total amount being transfered. That is often around three percent of the total amount, but keep in mind that the fee amount is capped, typically so that you will not pay any more than seventy-five dollars.

A balance transfer credit card may also offer the ease of an online banking service, security protection, and high credit lines. You could be saving money on interest payments, plus enjoying all of the great benefits, when you switch to a balance transfer credit card.

About the author:
Susan Slobac is a personal financial advisor. She specializes in working with individuals to improve their credit rating, build assets and maximize the benefits of cash back credit cards.


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