Balance Transfer Credit Cards

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Balance Transfer Credit Cards

What is a Balance Transfer Credit Card

Balance Transfer Credit Card is a credit card that gives a new credit card holder an option to transfer balances from his old credit cards accounts to one single account with special rates and additional benefits (low or 0% interest rate, fixed rates, etc) that may help him or her to save money.

Choosing a Balance Transfer Credit Card

Choosing a good balance credit card is not always an easy task. To make sure that one makes the right choice he has to pay attention to the following characteristics of the offer:

  • Interest rate for balance transfers and its duration
  • Balance transfer fees, if any

Interest Rates and Intro Periods

Most of the credit cards with a balance transfer option will have a lower or no-interest rate for the balances transferred to a new account for a set period of time (intro period) or for life of the balance. Before applying for a balance transfer one should think about the goals he is trying to achieve. As a rule, if one will not be able to pay off his debt during the next 6 months and the intro rate on his new account is at least three times as low is on his current account, he may want to try to apply for this card and transfer the balance (given that intro period is at least 6 months).

Balance Transfer Fees

In many cases credit card companies will set fees for balance transfers. Although these fees may be quite low, they are usually paid at the time of transfer initiation. Therefore if a transferred balance is planned to be paid within a few months, these fees will cancel out all the benefits one is trying to take advantage of.

Best Balance Transfer Credit Card Offers

Balance Transfer Credit Cards from CreditCardMix

Visit CreditCardMix to see the most popular Balance Transfer Credit Card deals availabe online.

Related Pages

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