How To Compare Balance Transfer Credit Card Offers
Balance transfer credit cards are a rising trend amongst many American consumers. These credit cards offer consumers the ability to transfer balances from high interest rate credit card accounts to new low interest rate credit cards. If used properly balance transfer credit cards are a great venue for consumers to save a great deal of money on interest and finance charges to be charged to their debts. However, improper use of balance transfer credit cards can land consumers in the same position that has them looking at the offers in the first place. With that said, the first step to balance transfer credit card success is knowing how to compare the offers. Here are the steps to comparing balance transfer credit card offers:
3 Steps To Balance Transfer Credit Card Success
Step 1: The first step in comparing balance transfer credit cards is to compare the standard interest rate on the account. While doing this, it is important to pay no mind at all to the introductory interest rate. This is because if you get a low introductory rate that raises to a high standard rate, you may find yourself in worse position than you were when you started. It is in your best interest to make sure that the standard interest rate on the new credit card offer that you are interested in is lower than the standard interest rate on the credit card that you will be transferring the debt from.
Step 2: The next step in comparing balance transfer credit cards is to compare the introductory interest rates being offered. Introductory interest rates are low usually zero percent interest rates that will last for only a short period of time from opening the account to the end of the introductory period. Once the introductory interest rate expires, the debt will be charged it’s specified interest rate for the way the debt was accumulated. When comparing balance transfer credit cards it is in your best interest to ensure that you will receive a 0% interest rate for at least 12 months.
Step 3: Finally, it is important to compare other fees. When it comes to balance transfer credit card offers, you will generally find that the interest will not be the only fee charged to the account. As a matter of fact, there are a couple of different fees like the annual fee, balance transfer fee and over the limit fee. It is in your best interest when comparing balance transfer credit card offers to make sure that you read the terms and conditions for any offer that you may be interested in.
Editors Choice Balance Transfer Credit Card Offers