You Can Save Money with Balance Transfer Credit Cards 

Balance transfer credit cards are great to use if you need to carry a balance and pay it off over a few months time. Banks offer many discounted rates or even zero percent interest for up to one year.

by Gail Black Wednesday, February 09, 2011
Balance transfer credit cards are great to use if you need to carry a balance and pay it off over a few months time. Banks offer many discounted rates or even zero percent interest for up to one year. But you have to be careful before you transfer your balance to these types of credit cards. Read the fine print to know if there are any hidden fees, transfer fees, penalties for making a late payment or other considerations. You can save a lot of interest fees using these types of credit cards if you do your research and find the best deal available to you.

You have to be sure to compare the different balance transfer credit cards features and benefits prior to choosing which of these credit cards to use. If you have a good credit record you should be getting offers in the mail from your credit cards as well as many others. Consumers can really benefit by being able to take advantage of low or no interest rates. If you need to purchase a new refrigerator or even do a small home remodeling job if you are able to pay it off in one year you can get what you want when you need but not have to pay for it all at once.

But new purchase is not the only way to save. If you have a balance on your higher rate credit cards you can use transfer the balance to a lower rate or even a zero interest rate. Differences in balance transfer credit cards terms can vary from lender to lender. Some may charge you zero interest but a three percent transfer fee. Another might charge you a very low interest rate but no transfer fee. So compare the different rates and fees that the credit cards are offering before you use balance transfer credit cards.

Other important considerations to keep in mind are how the credit card company will handle it if you make a late payment. Many charge large fees up to $50 for a late payment. Others may even revert the balance to the higher interest rate as a penalty. So if you transfer you balance to one of these types of credit cards is to be sure you set up an automatic payment or payment reminder so you never miss a payment!

Using balance transfer credit cards is a great way to reduce your interest payments. You can even take advantage of another offer if you do not have your balance paid off at the end of the term. It is recommended you make a monthly payment that will pay your balance in full prior to the end of the term of the low interest rate that is not always possible. Just remember to read the fine print of all the credit cards you are considering. Only when you understand the terms can you determine which of the balance transfer credit cards will save you the most money.
Do you need to know how balance transfer credit cards can help you save money or for that matter credit cards in general? Now you can get all details by visiting our credit card comparison website.

General | Categories: financial
0    submitted by Gail Black
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