Other Free Encyclopedias » Online Encyclopedia » Encyclopedia - Featured Articles » Featured Articles: Cherry Office Furniture - How to Find Cherry Office Furniture to Email A Fax - How to Email a Fax

Credit Card Transfer Offers - Credit Card Transfer Offer Tips

balance percent cards months

Balance transfer credit cards are credit cards which let your transfer the balance of another card, or several credit cards, into one. This helps consumers consolidate all their debt onto one card, which makes it easier to pay and to keep track of. They can also help you save money on interest, as you can transfer the balance of one card to another with a lower rate. Many banks now offer initial 0% APR interest rates on credit card transfers as well.

You do have to maintain caution when choosing a balance transfer deal, however. There can be many rules and stipulations. Read the fine print to make sure that the offer really does what you think it does. Some banks and companies charge a transaction fee for transferring balance. This can be a little or this can be quite a lot, especially if you are not expecting it. Most of these transaction fees are a percentage of the balance, usually from three to five percent. Three percent on a balance of a few hundred dollars is not much, but three percent on thousands adds up quickly. The Discover More card has many good features, such as 0 percent APR for 12 months and no annual fees. But the transaction fee for the Discover More is five percent, which could cost you hundreds of dollars if your transfer amounts are high.

Remember to ask how long any introductory rates last, and what the annual percentage rate will be after that initial rate is over. Many cards offer 0 percent interest, but only for a few months. Then they can go up to more than 20 percent. You are not doing yourself any favors by transferring your balance onto a card with an even higher interest rate just because the initial deal is good. Ask about annual fees and late fees. Many cards have no annual fee, but some American Express cards, like the Platinum, Gold and Zyncs, have quite steep ones.

Finally, check to see if you are required to make any purchases within the first few months of getting your new card. Many card deals ask that you make a “statement credit” within a certain period of time. This essentially means you are going to be forced to buy something. The Citi Platinum Select Master Card requires a minimum of $30 in purchases within the first three months of getting the card. The Discover More card prominently advertises a $50 Cashback Bonus. However, you only receive this if you spent more than $599 dollars during the first three months with your new card.

Credit For People With Bad Credit - Credit Guide for People with Bad Credit - Types of Credit for People with Bad Credit, Secured Loans, Payday Loans [next] [back] Bags And Bows - Creative Gift Wrapping Ideas Using Bags and Bows - Dressing up the Plain Gift Bag, Creative Wrapping Ideas - Making a Picture Perfect Present for Your Next Party

User Comments

Your email address will be altered so spam harvesting bots can't read it easily.
Hide my email completely instead?

Cancel or