credit card transfer
credit cardtransfer
ou have decidedthat you need a new credit card and you already know that you want a low APRcredit card. You have made a good choice, but you probably also know that thereare quite a variety of cards available with that option. Here are some tipsthat will help you make the choice is best for you.
Choose As Low OfAn APR As You Can Get
If you have atendency to allow a balance to remain on the credit card, then you will need toacquire as low of an APR as you can get in a card. This feature alone can saveyou a lot of money over the life of the card – but will not save you nearly asmuch if you simply paid it off each month. Low APR credit cards will usuallyhave an introductory offer of either 0% APR for up to 15 months, or, a very lowAPR for the life of the card.
Look For BalanceTransfes Time Limits
In addition tothe low APR, try to find a card that will give you 0% interest on balancetransfers as well. As you look the various cards over, though, note that thetime length on this option may not be the same as for the 0% APR. Some of thesecredit cards may only give you the benefit of a 3 month balance transfer periodat 0% interest, but may give you up to 15 months 0% APR on your purchases, orvice versa. So, if you want to take advantage of both options, read the fineprint carefully.
Another thingabout balance transfers is that some companies definitely will limit the timeas to when you can actually make the transfers. Some will only permit you tomake a transfer to your new low APR credit card at the time you apply for thecard with all details of what you are planning to transfer on the applicationitself. Other credit card companies will allow for balance transfers to madeover the introductory time period, not making such a restriction.
Consider Your OwnNeeds
Part of gettingthe best deal on a low interest credit card depends on how you normally willuse it. If you regularly pay off the monthly balance, then the interest rate isnot that much of a concern. You will want to focus rather on the other benefitsthat are available. Here are some of the options that are more commonlyoffered.
Travel Benefits
If you are afrequent traveler, then there are two ways you might be able to benefit. If younormally travel by air, then you will want to be able to get air miles benefitson your low APR credit card. These often come with bonus miles, some as high as25,000, just for signing up and making your first purchase. Some card offerswill give you the choice of using those miles to go toward your hotel room,meals, or other options. Other benefits include free gas rebates, a rebatetoward the purchase of another car, and rewards if you travel by car.
Cash Back Or Rewards
Some of the lowAPR credit cards currently available will provide a system where you can get arefund of a percentage of your purchases. These rewards allow you to get asmuch as a 5% reward for various types of purchases. The highest percentage cashback is typically for your purchases at the food, gas, and pharmacy stores.Most cards will offer a 1% up to 3% reward on all other purchases.
Another thing youneed to look for is whether or not there are any annual fees. These vary fromcard to card but could go as high as $150 or more. If you do carry a balance onyour credit card, this kind of fee could render the other potential benefitsalmost meaningless.