Balance Transfer Of Credit Cards

Posted by Nick Niesen on October 29th, 2010

Transferring Credit card balance is a good way of minimizing credit card debt, and can also be a way out of the burden of debt. Credit card issuers, realizing the demand of balance transfers among customers, bring about good offers on balance transfers. With plenty of credit card companies around, the card issuers are facing stiff competition. The following points should be kept in mind while going ahead for a balance transfer.

It is important to ensure that the balance transfers are done on time, without overlapping offer periods from one card to other, which could cost you high interest rates. Please note that each bank will move at different speeds in responding to customer requests. Ensure that the credit card offers with zero balance transfer are always immediate and are applicable at the time of your application. There is no point in applying for a transfer when the offer period is about to end. While opting for a balance transfer that is free of interest, watch out for any charges hidden in small print. An offer of 0 APR (Zero Annual Percentage Rate) should exactly mean what it conveys.

The kind of card from which balance transfers are made is also crucial. The rate of APR in Store cards is greater than regular credit cards, so all balances can be transferred to a single card with low interest rate. A solid amount of money can be saved this way. Keep track of the correct date of end of zero interest offer period and apply for anew credit balance transfer credit card at least fifteen days prior to the last date.

The source which provides you with information regarding interest rates on balance transfer offer on your card should not provide any biased information over a particular bank or credit card. Also the source should provide information with comparative charts that are easy to understand without any unnecessary pressure or misguidance.
Lastly try to make sure that the facility of interest free balance transfer on your card is quick and flexible. These days, while giving application, you may be asked for the details of balance transfers of your credit cards in writing. Always keep in mind that both parties should be aware of the proceedings simultaneously.

The right usage of balance transfer of credit cards could be a convenient way of avoiding a credit card debt.

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Nick Niesen

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Nick Niesen
Joined: April 29th, 2015
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