Best New Balance Transfer Credit Cards Reviewed Daily For Top New Offers
Guide to finding best balance transfer credit cards
A balance transfer credit card can be a very efficient way to reduce the amount of money you pay on debt. It can help organize debt and payments, by channeling them all to a single card. Also, a balance transfer card may help if you are dissatisfied with the terms of another card you are currently paying off. No matter what the reasons you have for wanting the balance transfer credit card, when you find the right one, it can really work in your financial favor. Balance transfer credit cards: what’s your best option?
Fees and Interest
If you intend to use the new card indefinitely, or to carry a balance, then you should look for the lowest possible interest rate over the long-term. You could also calculate the transfer fee, which usually hovers between three and five percent, and compare it to the cost of interest. Some cards cap their fee, while still others may be open for negotiation. Either way, you will save when compared to the terms of your previous card, however; when deciding which balance transfer card is best for you, include all of these factors into the equation. These facts and figures should result in considerable savings for you, once the dust settles on the numbers.
Other Benefits and Perks
Some transfer cards will entice you with other types of rewards, either in the form of savings, such as no annual fee, or a rewards program. Consider these influences as secondary to your decision though, and only opt for this type of offer if you already intended to meet the purchasing requirements. Which is to say: Don’t jump at the opportunity to get a free coffee every time you buy gas with the credit card, if you happen to be a tea drinker. Also, if the meat and potatoes of the deal are not the most favorable, don’t be swayed by any perks they may offer.
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Getting the Timing Right
Before the terms of your new balance transfer card takes effect, you will be responsible for the payments on your old card. The transfer process may take a couple of weeks, and it is your responsibility to follow the funds to their fruition. Be aware of the end date of any introductory offer, such as zero percent interest, by marking it on your calendar. Prepare for the new numbers by budgeting them into your finances in advance. While all of this may seem tedious, it will avail you to the maximum benefits of the transfer arrangement.
Restructuring your financial situation with a balance transfer card can be a very smart move. It can turn the tables for you in a number of ways, including reducing costs and complications. Be sure and read the fine print, and that your new balance transfer card will live up to the expectations you have for it.