There are differences between card offers, so use credit card comparisons to find your best card deal. Find out more in our balance transfer articles:
Card Balance? Pay It Off and Earn Up to 35%
4 Ways to Save With Card Balance Transfers
Finding the Best Balance Transfer Credit Cards
Using Balance Transfer Cards for Credit Card Consolidation
Two Things to Do When Your Credit Card Rate Increases
The 9% Solution: How Your Balance Affects Your Credit Card Score
Managing Your Balance Transfers
Balance transfer credit cards are some of the best low interest credit cards online. Finding low interest credit cards is especially important if you carry a balance on your credit card. How much are you paying in interest rates? By switching your high interest balances to 0% balance transfer credit cards, or to a balance transfer card that offers a permanent low fixed rate, you can generate large savings. Use these savings to pay down your balances.
These cards are usually require an excellent credit rating, so they may be the best credit card offers for people with bad credit. Still, if you have bad credit, then look for no credit credit cards that allow balance transfers. You may have a tough time finding 0% transfer offers, but your interest rate might still be lower than what you are currently paying. This is especially true if your bank has bumped up your rate due to late payments.
Note that all balance transfer cards charge a transfer fee (usually 3%) on the amount that is transferred. Compare this with your current credit card rates to make sure that you will save.
Also, different 0% balance transfer credit cards vary in the length of time for this offer. The offer can last up to 15 months. When the new credit card bill takes effect in 2010, all introductory credit card offers will need to last at least six months. Make sure that you are aware of the credit card rate after this teaser rate expires -- you don't want to end up paying exorbitant rates.
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