credit cards balance transfers
credit cardsbalance transfers
All across theUnited States, consumers who are smart with their finances are taking advantageof zero percent credit card offers, and for good reason. By signing up for a 0%intro APR credit card deal, consumers with credit card debt and a good creditscore can literally pay no interest on their lingering credit card debt for 12months or more.
Here are someimportant things to remember when taking advantage of zero percent intro APRoffers:
Many credit cardcompanies will offer you an interest free period as a way of introducing you totheir credit card. It is very important that you know and understand what theinterest rate will be once that free period is over. If you are forced to pay asignificantly higher interest rate after the free period you will likely windup with a much worse deal than you had intended. If at all possible try to payoff your total credit card balance before the interest free period comes to anend. Try to find a balance transfer deal that gives you at least 6 months 0%introductory APR so that you don't wind up making balance transfers too often.
Be sure that youread through all the fine print very carefully. A lot of the 0% balancetransfer credit card offers include a catch: if you use the new card to make apurchase while you are in the interest free period, the APR or AnnualPercentage Rate can often be quite high, even as high as 25%! Additionally,payments that you make on your new credit card with a low or zero percent introAPR will be applied to the transferred balance first, which often means youll get hammered withhigh interest charges for purchases and cash advances. A balance transfer canbe a really good way to help you save money over the long term, but if you needto make new purchases you will be much better served by using cash, a pre-paidcredit card, or your bank debit card.
Try to avoidusing the convenience checks. Many credit cards will include convenience checksalong with your regular credit card statements. A convenience checks is usuallyequivalent to a cash advance, and cash advances almost always carry the highestinterest rate. Sometimes a credit card will give you a good interest rate ifyou use their convenience checks for making balance transfers. Just be surethat you read the fine print thoroughly so that you fully understand the termsbefore using their convenience checks. There is good news about conveniencechecks. Some credit card companies will provide you with blank checks that arecovered under their 0% intro APR balance transfer offer. These blank checks canbe very useful as you can use them for whatever you want. A lot of consumersuse these blank checks as a method of obtaining an interest free loan, but theycan also be used to open a high-yield savings account or to purchase acertificate of deposit. Keep in mind that once the 0% introductory APR periodis over interest charges will begin to accrue so it is recommended that you payoff the balance before, or as soon as, the interest-free period ends. If youare not absolutely certain as to whether the checks you receive are included inthe 0% introductory APR offer then take a few minutes and call the credit cardcompany to ask. Whenever you call your credit card company, be sure to jot downthe name of the person you speak to in case the representative makes a mistake.
Don't get carriedaway with your credit card applications. Regardless of whether or not you areapproved or rejected, if you file too many credit card applications within ashort time period your credit rating could suffer a downgrade.
Many credit cardcompanies own multiple credit card brands. Before submitting an application fora balance transfer, be sure that you are dealing with a credit card companythat is different from the one you want to transfer a balance from. If you tryto transfer a balance from one account to another, and one bank controls bothcredit card brands, then your application will almost certainly be rejected.Remember that inquiries into your credit report may have a negative effect onyour credit rating; this is especially true if the inquiry results in anapplication being rejected. If you already have two different credit cards thathave been issued by the same bank or credit card company, you can usuallyconsolidate the balances into one credit card account. If you have questionsabout this call your credit card company to discuss consolidating your creditcards.
It is veryimportant that the account to which youll be transferring your balance has a high enough credit limit so asto avoid getting into trouble with fees. Some credit cards charge a fee for transferring balances, and if your new accounts credit limit isnt high enough, you may get hit with anover-the-limit fee after e.g. the balance transfer transaction fee is added in.When shopping for a zero APR offer, try to find one thatdoesnt charge a fee for transferring balances.If you go with an offer that does charge a balance transfer fee, then do yourbest to find out what your new accounts credit limit will be.
Always pay all ofyour bills on time. This may sound obvious, but it is very important. Creditcard companies will offer the best terms to applicants with the best creditrating scores. Having a high credit score will also minimize the chances ofhaving your application for a credit card rejected.
All the best 0%APR credit card offers can be found at http://www.BalanceTransfer.cc.Information about new business credit cards can be found athttp://www.BusinessCreditCards.cc