Credit Card Balance Transfer – Be Sure to Follow These Tips
You’ve come across a better credit card offer and decided you want to do a credit card balance transfer. There can be definite advantages to doing this, but you should follow these tips to make sure everything turns out the way you want it to be.
• Don’t Get Tricked by Teaser Rates
Do you see an asterisk following the 0% rate offer on credit card balance transfer? That means it’s not really 0%! Read the terms and find out the conditions, limitations, and qualifications. It may turn out that the 0% offer only applies to a fixed amount and does not cover the entire balance you are planning on transferring or it may only refer to the first balance transfer but no longer applies to subsequent ones.
• 0% Usually Doesn’t Include Purchases
Most cards offer 0% on balance transfers but not on purchases. The problem with this is that in offers like this, your payments are usually applied first on the balance transfer amount while your purchases continue to incur exorbitant interest rate charges. If you can avoid it, don’t use your balance transfer card for purchases.
• Know What Happens after the 0% Offer is Over
Teaser rates usually last for only 6-12 months. Mark the date on your calendar and always check your mails and statements for any increase in interest rates. Make sure to know the regular interest rate after the 12 months 0% offer expires, especially so if you are expecting to carry a balance after that period. The regular rate may turn out to be much too high and shopping for a new 0% credit card balance transfer deal may be necessary.
• Pay on Time
Don’t ruin the privilege of your 0% rate by paying hefty late payment fees. Pay on time if you want to make the most out of your credit card balance transfer. In addition to this, imagine how much you can save if you can pay off your entire balance within the period you are enjoying 0% interest rate. That’s thousands of dollars straight to your savings account!
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