Section II:
Balance Transfer Credit Cards
Balance transfer credit cards offer low introductory rates. By transferring your higher interest balance, you can generate large savings, but there are some points to be aware of so that you can gain maximum benefit from them. find out more in our balance transfer articles:
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
Be sure to review the following credit card offers:
- Discover Cards
- Chase Credit Cards
- IberiaBank Visa cards for those with excellent credit
- Prepaid cards
- In-depth reviews of all major credit cards
Managing Your Balance Transfers
Do you carry a balance on your credit card? How much are you paying in interest? 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.
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 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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