Knowing is Key for Balance Transfer Credit Cards
| April 1, 2010 |
As we move further into 2010, we are finding that many issuers are looking for cardholders that are fed up with their current issuers and looking to move somewhere else. Now more than ever we are seeing many issuers offering great incentives to have consumers transfer their balances to another card. Some of these incentives include great introductory rates as zero percent for up to twelve months and occasionally zero percent to up to fifteen months.
Even as balance transfer credit cards have become one of the preferred options for cardholders, there are a couple of details that cardholders must make sure they find on the application to insure they are getting exactly what they are looking for. While they may seem like they are something that cardholders would check before applying, you may be surprised on the number of people that overlook these important details that could be the difference between saving money or spending more when transferring a balance. These include knowing the following:
- The Balance Transfer Fee Associated
- The Length of Intro Period
- When Intro Period Ends (if applicable)
- Amount You Will be Transferring
- Any Details About Late Payments
When looking to see if transferring a balance to another card is the right move for you there is no better way than to actually do the math. On Bankrate.com you can find a balance transfer calculator that helps determine if you are in fact saving money and when you can expect for the balance to be paid off under your new interest rate.
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