How would you like to save money every month? Balance transfer offers can provide a way to do just that. By transferring your balance from one credit card to another with a lower interest rate, you can lower your monthly payment quickly and easily. It can be a hassle, though, to find the best balance transfer deal. To save time, one option is to use an online credit card comparison website which highlights the positives and negatives of a wide range of credit cards. You can quickly compare introductory rates, periods and fees on cards from many different issuers in this way.
What are some of the types of balance transfer offers that are available? One common character is a low or even 0% introductory interest rate. Many credit cards offer an introductory period during which transferred balances are charged a very low rate, often 0%. The introductory period can last up to 12 months or sometimes even longer. After the introductory period expires, the interest rate reverts back to the card's normal rate. Typically, there is also a fee charged for each balance transfer, usually around 3% of the amount being borrowed. In a few rare cases, this fee is waived on the first transfer you perform, usually if you perform it soon after you open your account. Sometimes, this fee is also capped so that no matter how large an amount you are transferring, you will still only pay a set maximum amount.
You can save a lot of money by transferring your balance from one credit card to another with a lower interest rate, but it's not the only reason why balance transfers can be attractive. They can also make it easier to keep track of your debt and payments. If you have multiple outstanding loans and cards, you can consolidate all of your debt onto a single credit card. Doing so is an easy way to make sure you're on top of your payments since keeping track of a single payment is always easier. As always, however, be sure to read the terms and conditions of any credit card agreements thoroughly before accepting them. If you follow these tips, you should be able to not only simplify your financial life, but save some money at the same time.