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Secure The Best Balance Transfer Credit Card For You

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Secure The Best Balance Transfer Credit Card For You Powered By Docstoc
					Balance transfer credit cards are those that make an excellent choice for transferring
balances from one card to the other. The main purpose behind transferring balances is
to remove debt from a card with a higher interest rate to one with a lower interest rate.
In this way, the consumer can save money by reducing or even eliminating finance
charges. When looking for the best balance transfer credit cards, it is important to
look at a variety of factors.
  The Annual Percentage Rate (APR) is one of the first factors a consumer should
consider when looking for the best balance transfer credit cards. Credit card
companies are hoping to steal your business away from other credit card companies.
As a result, they often make special introductory offers with lowered interest rates for
balance transfers. In many cases, this APR will even be 0.00%. Be sure to find the
balance transfer credit card offering the lowest APR, and then only use that card for
your balance transfer. Don't use it to make any purchases. This is what the credit card
companies are hoping consumers will do so they can assess finance charges on the
purchases they make with their card.
  The length of the special introductory APR varies from card to card. Sometimes, the
length is also dependent upon the applicant's credit history. It is important to be sure
how long this period lasts and to set goals to have the balance paid in full once the
introductory period is complete. The best balance transfer credit cards will keep the
special introductory rate in effect on the card for the life of the loan. In other words,
the APR stays the same until it has been paid off entirely. For consumers that will not
be able to pay off the balance within the introductory period, this is certainly the best
way to go.
  Most credit cards assess fees when making balance transfers. These fees are
generally determined as a percentage of the total amount of funds transferred. Most
commonly, balance transfer fees are 3% of the amount transferred. Many balance
transfer credit cards will, however, waive these fees during the introductory period. It
is best for consumers to choose these balance transfer credit cards. Otherwise, they
may be paying large amounts in fees, negating the savings in finance charges.
  Some balance transfer credit cards require initiating balance transfers at the time of
application for the card. Yet others allow balance transfers to be completed throughout
the duration of the introductory period. The best balance transfer credit cards are the
former, simply because they allow for more flexibility. Consumers who are sure they
will not need to transfer balances later may, however, be happy with a credit card that
only allows transfers to be made at the time of application.
  Some balance transfer credit cards place restrictions on the types of balances that can
be transferred. For example, some business credit cards only allow business expenses
to be eligible for introductory rates. It is important for consumers to be sure to
understand what type of balances can be transferred before applying for a card to
ensure it meets their needs.
  Many balance transfer credit cards also have special rewards programs. Consumers
need to compare the programs before deciding on a credit card so they can choose the
card with the rewards program best suited to their lifestyle. In addition, some balance
transfer credit cards do not count the funds that are transferred toward the points
system used in the rewards programs. To get the most of the card, consumers should
find balance transfer credit cards that do count the transfers toward their rewards
programs.
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