Credit Card Transfer – Should You or Shouldn’t You
If you are contemplating on making a credit card transfer, you need first consider various crucial factors before you jump right into it. Transferring your credit balance to a card with much lower APR or interest rates may seem too good an offer to pass up. However, there may be various pitfalls that the low interest rate entails and if you are not careful, you may end up in a worse condition than when you started.
Credit card transfer is usually offered by credit card companies with very low introductory rates plus a waiver of the balance transfer fee. However, before you get carried away with this fantastic offer, it is essential that you find out the following :
- duration of the low introductory rate
- applicability of the introductory rate to new purchases
- applicable APR after the expiration of the introductory rate
- applicability of the waiver on transfer fees to subsequent transfers
- annual fees, if any
- transfer fee, if any
All these factors should be placed into consideration before you make a decision, because they will determine whether or not you will be getting a much better deal compared to your existing card. You can’t afford not to make computations! It is the only way you will be able to evaluate the desirability and advantages of making a balance transfer in view of the offered terms and conditions.
If computing the advantages or disadvantages of the credit card transfer you are contemplating becomes too complex for you, ask for help and assistance. It is only in knowing the significance of these factors that you can make an informed decision. If you can’t make an informed decision, then you are better off maintaining the status quo rather than getting carried away with an offer that you will regret later on.
