Tips To Remember When You Compare Balance Transfer Credit Card Offers
Have you decided it’s time for you to compare balance transfer credit card offers? Are you tired of paying higher than average interest rates or are you just not agreeing with your current lender? Well, whatever it is, you’re in luck. These days, there are several balance transfer credit card offers provided by several different lenders. Therefore, you have plenty of great options to choose from! Here are some tips that you want to remember when comparing balance transfer credit card offers:
Tip #1: Compare Promotional Rates: The first thing that you want to remember is that balance transfer credit cards generally offer promotional interest rates. Rates that offer you a great deal of savings. These short term interest rates are in most cases 0% and will last anywhere from 6 to 18 months. When comparing, simply keep in mind, if you don’t get at least 0% for 12 months, chances are, you can find a better offer!
Tip #2: Compare All Other Interest Rates: Unfortunately, promotional interest rates aren’t the only rates that credit cards charge. As a matter of fact, they will all also come with standard interest rates which are the rates that you will pay once your promotional rates expire. Therefore, to insure long-term financial stability, it is important to compare the long-term or standard interest rates on the balance transfer credit card offers that you are interested in.
Tip #3: Compare Balance Transfer Fees: Another thing that you will want to keep in mind as you compare is that balance transfer credit card offers generally come with balance transfer fees. These fees are the fees that will be charged for the process of transferring a balance from one credit card to another! Generally, balance transfer fees will range from 3% to 5% of the amount being transferred. These fees are absorbed into the savings offered by the promotional interest rates however, it is still important that you compare the balance transfer fees regardless.
Tip #4: Compare Rewards Offered With Balance Transfer Credit Cards: To attract consumers in the market for balance transfer credit cards, many lenders have decided to offer extra rewards and perks with their balance transfer offers. Some may offer cash back while others may offer gift cards or free airfare. Therefore, to get the most “Bang for your Buck”, it is important that you choose a credit card that offers a rewards program that you will use!
Tip #5: Be Honest On Your Application: Do yourself a favor and be the honest consumer that we all know you are! Unfortunately, many consumers decide to lie on the applications leading to being declined for the offer they chose or even worse, being approved for a bigger credit line than they could handle and being forced into bankruptcy when they spend it. The simple fact is, the questions that are asked on a credit card application are there to protect you, the lender and your mutual financial stability!
I hope you enjoyed this article, at this present time, here is my favorite balance transfer credit card offer: