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 Home > What You Need to Know About Credit Cards for Balance Transfer

Balance Transfer Credit Cards Do you carry a huge balance on other credit cards and can only make the minimum monthly payments? The financial charges are racking up each month? Then consider transferring your credit card debts to a new credit that offer you 0 or low balance transfer rate. These credit cards can save you hundreds or even thousands in interest payments. The introductory period range from 6 months to up to 15 months. Using 0% balance transfer credit card is a great way to manage to pay off all your credit card debts. Many credit cards offer no balance transfer fee. Be sure to check the exact promotional period and remember you still need to make the minimum monthly payments to be qualified for the rates.

Balance transfer is a great way of saving money? That's true only if you know how to use it wisely and have total control of it. If you are not careful enough, you don't really save money by pay one credit card with another, rather, you will end with more debt than you initially had.

First thing you should keep in mind - you can't transfer balances from credit cards issued by the same company. In other words, you can't transfer citi platinum card to a citi gold card. However, you can transfer balances on Citi platinum card to a new American Express Blue Card. There is almost no exception that you are required to pay balance transfer fee, either a dollar amount or percentage of the balance you would like to transfer, whichever is more.

You also need to know the APR for balance transfer. The introductory periods on balance transfers of some credit cards are the first 6 or 12 billing cycles following the opening of your account. At this time, many companies offer 0% APR. One important thing to keep in mind - don't mix up purchase APR with Balance transfer APR. Some cards offer same promo APR for both, some cards only offer one of them. Ask specifically what the rates are for transferring balance and how long the rate will be effective for. Make sure you have a plan after the rate expires. Most people will opt for another new card to carry the balance. That's the last resort you should seek. cover one card's balance with another one will eventually leave you in bigger debt. Plan to pay off the entire balance before the promo period ends.


 

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