It's important to be well educated about balance transfer credit cards
before applying for credit or making any other major financial
decision. In our education center we will inform you about any aspect
of applying for and using balance transfer credit cards. We publish
new credit card articles weekly so be sure to check back often.
Easy Guide To Transferring a Credit Card Balance To a Better Credit Card
Transferring a high interest credit card balance to one with a better
interest rate and/or better overall terms and features is usually a
good way to reduce the amount of money you pay back on your existing
debt. Depending on the "better" credit card you select, you may also
be able to benefit from a rewards program or gain other features you
didn't already have – including travel accident insurance coverage or
an extended warranty program for new purchases made with the card.
There are a few instances when a balance transfer is not the great
deal it appears at first glance though, so it's important to do your
research before moving your accounts around.
How Balance Transfers Affect Your Credit Score
Transferring balances with high interest rates to a credit card with a
lower interest rate (or a 0% interest balance transfer offer) is a
great way to pay your debt off faster and save money in the process.
It's not as cut and dry as transferring the money from one place to
another though, there are some other considerations to work out before
you rush into the next balance transfer offer you qualify for:
primarily, how does a balance transfer affect your credit score?
Are 0% Balance Transfer Offers Really Free?
Paying off credit card debt with 0% interest is a dream come true –
which is exactly why a large number of credit card companies offer the
promotions. They know it will attract new customers who have debt with
other credit card companies to transfer that debt to their cards. But
where is the value to the company offer the credit card balance
transfer offer; if they let you repay that debt with 0% interest?
Balance Transfer Checks- Opportunities to Save
Credit card companies spend quite a bit of money on marketing to
attract new customers-and it's always cheaper to keep customers they
have rather than trying to find new customers.
Avoid These Common Credit Card Balance Transfer Mistakes
That offer to transfer your credit card balances sounds like a pretty
good deal, doesn't it? And it is, until you take out your magnifying
glass and start reading all the fine print that goes along with the
offer. What a lot of people don't realize is that the lender making
such an unbelievable offer wouldn't be doing so if there wasn't some
way to benefit financially. These lenders actually feel safe in
assuming that most people transferring balances won't pay attention to
the potentially costly details that accompany the offer.
Transferring a Credit Card Balance
Are you staring at that attractive advertisement for switching credit
card companies by transferring your balance from one card to another?
While many of these offers are truly great deals, balance transfers
and card-switching is not something to jump into, eager as you may be.
You need to do your homework first: Do enough research and
investigating in order to determine whether it in fact is worth it or
a good idea to make the transfer.
What You Should Know About Switching Credit Cards
With U.S. credit card debt at an all time high, many savvy consumers
and investors are renewing their commitments to rid themselves of this
burdensome and in most cases, unnecessary debt. In doing so they are
constantly searching for the next best credit card with higher credit
limits, lower annual percentage rates (APRs), and zero balance
transfer offers.
Consolidating credit cards
Credit card consolidation is a popular solution for those with
significant credit card debt, usually distributed on three or four
different cards. Basically, this means putting all your debts together
on a single card, like transferring it all to one loan. Of course, the
goal is to pick a card that offers better conditions than what you
already have, in order not only to simplify, but also to reduce your
payments.
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