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Best Balance Transfer Credit Card

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Credit cards are often the cause of financial troubles for many people today. They are often so easy to get - but they can also be so hard to control. However, by taking advantage of some special balance transfer credit cards, help can be found that could bring some ease to financially tight situations. This article will focus on how to choose the best balance transfer credit card, making sure that the card you pick is the right one for you.

What Is A Balance Transfer Credit Card?

This particular kind of credit card allows you to take an existing credit card balance, which is at a standard rate of interest - possibly as high as 29%, and put it on another card. The new card makes the transfer appealing to you by offering either a low monthly interest on the transfer, or even no interest on the balance - for the life of that transfer amount. Making this kind of a credit card balance transfer not only makes good financial sense, but it is also easy to do.

What Are The Special Gimmicks Of The Card?

Obviously, a credit card issuer is not in the business of giving an opportunity like this away without any potential strings attached. Here are a few things that you might want to read the fine print in the offer and look for.

? Transfer Charges

Some credit card companies seem to want to play with the fact that not everybody reads the fine print. So, for the unwary, there could be a fee for making the balance transfers, or, it is possible that other advantages made in the offer could offset the transfer charges. You will have to look it over and compare it with other card offers. Ideally, if you accept a card with transfer charges, try to get one that puts a cap on the amount - for example, around $60 to $75.

? Yearly Charges

The transfer may be free, and the interest, but there could be an annual fee for the use of the card. This means whether or not there is any balance on the card - you will still pay the fee for as long as the card is active. Many cards will carry no annual fee.

? New Purchases

Here is another thing that you need to look for. A balance transfer credit card may offer you 0% interest on the amount transferred, but the amount of interest on new purchases could be very high.

? Introductory Rate

Every card has an offer to get you to get their card. One common feature is the promise of a low rate for new purchases. Be careful about focusing only on the promise of 0% interest on credit card balance transfers. Check out the length of time for the introductory interest rate, too. Compare that also with other card offers.

What Are You Going To Use The Card For?

Another consideration about which card to choose should be based upon why you need such a card. If you have a lot of credit card debt, then the purpose should be only to put on the card your current credit card balance transfers. This means that you should try to get a card with 0% interest on the balance transfer amount, and that you will not use it to make new purchases. Also, seek to pay as much as you can as quickly as you can.

When choosing your balance transfer credit card, the ball game is in your hands. It can either help you - or hurt you, if you get a card too hastily. Do a little research, compare cards, and then proceed with comfort - knowing that you got the best one for your needs.

Best Balance Transfer Credit Card

Fortunately, finding the best balance transfer credit card doesn't have to be a treacherous swim. These three insider secrets will teach you exactly what to look for when it comes to balance transfer offers.

1. Why Introductory Rates Don't Always Matter

Those 0-percent balance transfer credit card offers can sure look tempting. The problem is, they aren't always everything they're cracked up to be.

Insiders know that the best balance transfer credit card isn't necessarily the one with the lowest introductory interest rate. In fact, unless you can pay your entire credit card balance off before the introductory period is over, a teaser rate shouldn't even be taken into consideration.

Why?

Let's say you're currently paying 16-percent interest on a balance of $5,000 and you find a 0-percent introductory balance transfer offer. Looks good, right?

But what happens if that introductory rate takes a hike up to 19.99 percent once the intro period is over and you still have $3,500 to pay off? Now you're going to be paying off the rest of that balance at a 19.99-percent interest rate -- which is higher than what you were paying to begin with.

If you want the best balance transfer credit card, the first thing you need to do is assess how long you think it's going to take you to pay off the entire balance. If the amount of time you need is longer than the introductory period offered, then you're going to want to opt for a fixed-interest credit card rather than one with a low introductory rate.

2. Analyze the Cost

Of course, interest rates aren't the only thing to consider when it comes to getting the best balance transfer credit card. You have to look at how much it's going to cost you to transfer your balance to the credit card in question.

When looking for the best balance transfer credit card, you need a card that charges a small transfer fee or, better yet, no fee at all. Many balance transfer credit cards charge a balance transfer fee. If the fee equates to more than what you'll save by transferring your balance, it's really not such a great deal.

In addition to balance transfer fees, you also need to consider annual fees. Some balance transfer credit cards charge annual fees of nearly $100. The best balance transfer credit card won't charge an annual fee at all.

3. Rewards Don't Always Pay

Believe it or not, the best balance transfer credit card probably won't have any rewards programs attached to it. Because rewards credit cards usually come with a higher interest rate attached, they don't usually make the best balance transfer credit cards.

If you're looking to find a balance transfer credit card that will allow you to pay off your debt quickly and with as little interest as possible, don't waste your time looking for rewards cards. Instead, look for credit cards that offer a fixed low-interest rate.

When it comes to finding the best balance transfer credit card, remember that while it may be tempting to jump on the band wagon and grab the next card that offers you a 0-percent introductory rate, that may not be the wisest decision. After all, the best balance transfer credit card won't just offer you a phenomenal interest rate for a few months, but will offer you a low interest rate over the life of the balance.

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About Author

Both Robert Alan & Max Anderson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Robert Alan has sinced written about articles on various topics from Credit Cards, Business Credit Cards and Credit Cards. For more on offers, Robert Alan recommends that you visit CreditCardAssist.com. Robert Alan's top article generates over 110000 views. to your Favourites.

Max Anderson has sinced written about articles on various topics from Credit Card Offers, Credit Cards and Business Credit Cards. For more tips on , saving money and avoiding getting taken, check out CreditCardTipsEtc.com, a website t. Max Anderson's top article generates over 49500 views. to your Favourites.

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