Balance Transfer Credit Cards

No doubt, everyone has ever heard about the advantages of balance transfer credit cards. This type of plastics can become a helping hand if you want to cut your debt. But before applying for a balance transfer, consider some points about balance transfers.

• Pay attention to balance transfer fee. Transferring you high interest rate balance onto a card with lower interests, you are to be charged a balance transfer fee. It is a one - time fee that usually makes from 1% to 3% of the entire balance you are going to shift. So learn, the fee before to sign for a card otherwise the “beneficial” balance transfer will cost you a penny.
• Annual fee. No doubt, it is more beneficial to apply for a no annual fee credit card. But if you find a suitable balance transfer card with a small annual fee, do not neglect this offer. Mind, balance transfer cards let you get rid of debt, an annual fee will hardly become a big obstacle.
• Ongoing interest rates. Lots of consumers neglect reading credit applications up to the end. If you are going to apply for a balance transfer card and do not want to end up with high interest rate debt, pay attention not only to promoting rates but to ongoing APRs as well. Make sure, that in case you fail to pay your balance within an introductory period, you will be able to manage your interest rates in order to reduce debt.