The True Value of Balance Transfer Credit Cards




Far too many people make the mistake of just looking at the interest rate offered for balance transfer credit cards. There are several other factors that play a critical role. These factors include the duration of the introductory rate, the actual rate offered during the introductory period, the rate to be imposed after the introductory period is over and finally, any and all fees.

Another key component to getting the best deal on balance transfer credit cards is your current credit score. If your credit history is solid, you're going to get a great deal. If you have poor credit, the deal you will be offered will not be nearly as good, if in fact, you're accepted at all by the credit card issuer.

We are all looking to improve our financial situation. Lowering expenses is an excellent place to start. As a matter of fact, I think it's the very first thing that should be looked at. If you are not in the position to immediately pay off high balance credit cards, then the next best move is to transfer your balance to a credit card that charges a lower interest rate. A 12 month 0% APR introductory rate credit card is definitely a desirable option.

Use that introductory rate to your advantage though. Don't view it as a free ride. Pay off your balance as quickly and aggressively as you possibly can. That's where the true value of balance transfer credit cards lie. But again, and I cannot stress this enough, read all the fine print so that you will know what rates you will be charged when the introductory period expires. Far too many people apply for balance transfer credit cards thinking that their financial debts are taken care of, only to learn that they are once again socked with high interest rates.

All credit card companies know that their real profits lie with those individuals that carry balances month after month. They love them. That's what keeps them in business. Don't enrich the credit card issuers, enrich yourself. You can do that by knowing all the stipulations associated with the credit cards that you are considering. You must also be diligent and disciplined so that you will not get caught unknowingly with high interest rates and unnecessary fees. Only then will you truly benefit from balance transfer credit cards.

Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Low Interest Rate Credit Cards, including assistance with locating the Best Balance Transfer Credit Cards. Get the information you are seeking now by visiting BestCreditQuote.com.


How to Compare Balance Transfer Credit Cards




Balance transfer credit cards are cards that allow users to consolidate their credit card debt. These cards work by allowing the cardholder to transfer the outstanding balance on all their cards to one single credit card. This results in lower payments and best of all, one interest charge instead of two or more depending on the number of cards you have.

When comparing balance transfer credit cards, be sure to carefully read the fine prints. Failure to do so can result in higher monthly fees as well as a higher interest rate (APR) than you expected.

The first item to compare on balance transfer credit cards is the APR. Some offer extremely low introductory APR but once the introductory period has expired their rates may end up being higher than a card that starts out with a higher APR. Most importantly, ensure that the introductory rate refers to the transfers as well as current balances.

Next check out how long the introductory APR you are offered will last. If you can pay off your balance during the length of the introductory period, a 0 or low APR is great even if the interest rate after the introductory period is high.

Are there balance transfer fees? This is an important question that needs to be asked as failure to do so may require that you come up with even more money. A balance transfer fee of anywhere between three and four percent (3%-4%) is possible. If you transfer a balance of six thousand dollars and pay a transfer fee of three percent (3%) you will need to come up with an additionally one hundred and eighty dollars ($180). At four percent (4%) on the same amount you will need to pay two hundred and forty dollars ($240).

Compare the penalties for late payment. A late payment can send a low APR card's interest rate way up, sometimes the rate can double or triple because of one late payment.

To compare balance transfer credit cards, Eric Wasselman recommends Find Credit Cards.


5 of the Best 6-Month Balance Transfer Credit Cards




Balance transfer credit cards are a popular tool for Australian consumers. For example, if you have a $500 balance with a 20 percent interest rate p.a. on your MasterCard, you can move that balance to another card, perhaps a Visa, and have less interest to pay on the original balance. This is ideal in today's economic times. This guide offers the best five balance transfer credit cards for Australians, based on interest rates, customer service, and card benefits.

St. George Vertigo MasterCard

St. George Vertigo MasterCard is great for transferring balances because it offers zero percent interest p.a. for six months. Money Magazine also awarded the MasterCard "Best of the Best" in 2008 for Cheapest Credit Card. St. George Vertigo MasterCard holds an 11.89 percent interest rate p.a. for regular purchases, and a $55 annual fee.

Citibank Clear Credit Card

Citibank Clear Credit Card, a Visa, also offers zero percent interest p.a. for six months on balance transfers. Purchases are assessed a 12.49 percent interest rate p.a. It also has up to 55 days of no interest. With credit limits of up to $20,000 and a $65 annual fee, this is a good bet for dollar-savvy consumers with good credit.

Bank West Lite MasterCard

Like most of its competitors, Bank West Lite issues MasterCards to qualified applicants with zero percent interest p.a. on balance transfers for six months. Cash advances are assessed a 20.49 percent interest rate p.a., while purchases are billed at 11.49 percent interest p.a. Up to three additional cardholders are allowed for free, and the annual card fee is $59.

HSBC Low Rate Visa Card

HSBC Low Rate Visa Card is another solid bet for Australians looking for a balance transfer credit card. Not only is there zero percent interest on balance transfers for six months, but also no annual fee for the first year. After that time period expires, the annual fee is $49. The card also features a rewards program good in more than 40 countries, and up to 55 days interest-free on purchases.

GE Money eco MasterCard

GE Money eco MasterCard not only enables customers to "go green," but also offers zero percent interest for six months on balance transfers. In addition, one percent of all purchases on the card is donated to organizations working to offset greenhouse gas emissions. The interest rate on purchases is 18.49 percent p.a., but the card is eligible for up to 55 days interest-free on transactions.

If he isn't busy hunting down discounts and bargains online, Mark Brown writes for CreditCardCompare.com.au, an Australian comparison site offering 0% balance transfer credit card including the popular Citibank Clear Card.


The Secrets Behind The Best Balance Transfer Credit Cards




Finding the best balance transfer credit cards isn't as easy as one may think. While all the major banks and credit card issuers offer balance transfer deals, not all of these offers are the same. Not by a long shot.

The great lure for most of these charge cards are the favorable interest rates being offered. Credit card companies such as Chase, Discover Card and American Express are very active in the credit card balance transfer market.

Now here is where they can and do differ. The interest rates that are offered are usually 0% APR, or well below the prime rate. These are always, without exception, introductory rates. They can last anywhere from 3 - 15 months.

That time frame is rather substantial isn't it? If you are looking for the best balance transfer credit cards on the market you must be aware of the length of this introductory period.

Credit card companies are in business to make a profit, not to take a loss playing interest rate arbitrage. These intro rates are simply designed to bring in new customers. And it works very, very well.

The issuers know that most people will not pay off their transferred balances before the introductory rates expire. They then charge the prevailing rate on the balance that remains.

What you want to look for if you are seeking to consolidate credit card debt is the longest introductory period that you can be granted. I suggest settling for nothing less than 12 months.

The terms and conditions of the various offers will be spelled out on the credit card application. Take the time to read and understand them. You also want to know what fees will accompany the charge cards you are considering.

Even the best balance transfer credit cards will have a balance transfer fee. It usually runs around 3% and there really is no way of avoiding it. But with that said you should never apply for a card that charges an annual fee.

Beat the banks and credit card issuers at their own game. Pay off your balance before the introductory period ends and save yourself a whole boatload of money. Use that extra cash to treat yourself to something special. You deserve it.

As a financial adviser, Morgan Hamilton dispenses helpful information and valuable tips regarding the credit card industry including information about finding the Best Balance Transfer Credit Cards available on the market. For more information on Credit Card Balance Transfers feel free to visit www.BestCreditQuote.com


Four Things You Can Expect From Balance Transfer Credit Cards




The most popular option for people who have high interest balances on their credit cards is to switch to balance transfer cards. While this method may sound simple, certain things are needed to be taken into consideration before signing on for a balance transfer credit card. To avoid any nasty surprise, below are four of the things you can expect once you start using your new card:

One: In essence, balance transfer cards allow cardholders to transfer from a high interest card to a low interest card. Note that you are still paying the same balance except, you do it without incurring interest, assuming that you plan to pay everything off within the introductory period.

Two: Did you know that this type of card have another important feature to offer? They enable cardholders to consolidate debt, which may be carried on different cards from various lenders, a single card at a lower interest rate. This means you have the option to simplify the way you are paying your debt each month and allow you to have more control over your credit utilization.

Three: Know that there are certain balance transfer cards that do business with different sources and not just on one card. Aside from balance transfers from credit cards, cardholders can also move vehicle loans, loans for appliance and various other types of balances on their card at no interest charge. To know more, call your card company's customer service to determine if they are offering such services.

Four: Various fees and charges is a way of life for all people who have credit cards. People with balance transfer cards are certainly not an exception. Certain charges will apply once you transfer your balance to another card. This fee is levied as a percentage of the total amount of debt that are being transferred.

For this reason, you must start calculating the cost of transferring any balances you have inclusive of fees and compare them to their interest free charges if you continue to have your balance in your old card and make timely payments for it. If you know you will end up paying more if you transfer your balance, then there is no reason for you to go through the process at all.

Want to know where to get the best credit card deals? Compare credit cards from top rated credit card companies only at http://www.thecreditcardguide.com.au/


Free Balance Transfers - Credit Card Renewals




The United States is $12,773,480,722,256.35 in debt, with the average person owing $41,454.98. Every opportunity to save money takes time and effort in today's economy, with credit card holders at the top with high balances and unpaid payments. One way out of this scenario is to transfer credit cards with high balances to one with free balance transfers. Credit card teasers make this offer with a 0% Introductory APR for six months on purchases and 12 months on balance transfers. Other cards make the same offer but have no annual fee, earning one point for every dollar spent while others add unlimited cash rewards.

The purpose of free balance transfers are to help people in debt consolidate their credit card debts onto one card, saving money on the interest of each card by transferring all of it to one interest free card. Each card makes its own introductory rate, with card holders with excellent credit able to get the best promotional rates. Once a customer's credit begins to slip, the interest rates will go up. One such example is the AT&T Universal Card. One late payment causes a zero interest rate to jump immediately to 28.49%. However, there are many cards to choose from that offers free balance transfers. It may vary in their interest rates, with several offers consisting of a fixed APR on transferred balances on specific time frames.

With so many cards to choose from, it is difficult to choose the perfect one. A person's credit rating will always influence by his choice of card and followed by the amount of transaction fees just as influential. But once a choice is made for the free balance transfers, make sure the credit lines of all the old cards are closed or it will be tempting to charge on them also. Also, watch for the tiny print that offer 0% since not everyone will qualify. A person who is under the impression they are paying 1.9% in interest may instead pay a rate over 10% because of missed payments or bad credit.

For more information's about Andre's article on free balance transfers credit card, you can visit his site at http://bankhelpsite.com/free-balance-transfers-credit-card-pay-off-your-debts-easily-without-interests/, where you can read about free balance transfers credit card


Balance Transfer Credit Cards - A Stress-Free Way




With the increased dependency on the plastic money, choosing the right kind of credit card company becomes extremely crucial for everyone. In the cut throat competition existing among the credit card companies, you are the ultimate winner. And balance transfer credit cards are an epitome of that only. It stands for really low interest rates or even 0% interest for some specific period like 12 months or so. It can make immense difference in the amount that you will later on pay for interest. The interest rate is a subjective matter and may depend on the company, who is offering the credit card. At present, a large number of credit card companies are offering 0% on all balance transfers. Here is all you must know about balance transfer credit cards.

Some of the balance transfer credit cards comes with low introductory rate, cash back rewards, 0% on purchase and many such benefits. A few other rewards could be frequent flyer miles, discount on motor fuels, restaurants, hotels and car rentals. You may have to pay some minimal fee for any such transfers. By transferring balance from a high interest card to balance transfer credit cards even for some fixed time period can save your ample money.

If you have been paying high rate of interest of balance transfer on your credit cards, then a little search can help you to find balance transfer services at cheap rates. All those individuals who are in the process of reducing their credit card debt will find the low introductory rates beneficial. You should always keep an eye to any sort of change in the interest rates, while transferring the balance. It is an easy way to simplify your finances by accumulating more than one credit card account balance in a single account without any inherent drawback. It will help you to gain control over your finances and save money with the whole lot of perks and competitive interest rates.

Charle Lawrence is associated with Cheap credit card. He holds a Master's in finance from Cambridge University. To know more about balance transfer credit cards, cheap credit cards online, credit card debt, prepaid credit cards please visit http://www.cheapcreditcards.me.uk/.


The Facts About Balance Transfer Credit Cards




Many people can find balance transfer credit cards quite tempting. An individual can transfer the balance off other credit cards to balance transfer credit cards, which offers perks like low interest rates, and incentives for transferring a balance. However, people should get all the necessary information before deciding to go with this type of credit card because this credit card can put any person in a worse situation.

Balance transfer credit cards usually offer a low interest rate or no interest rate. This allows the individual to have a nice grace period to pay down his or her balance without any added fee. An individual can be free from a large amount of debt by budgeting out a plan that will lessen the debt balance before a new higher interest becomes active. Balance transfer credit cards can be a blessing, if an individual is smart enough to maximize their advantages.

The main reason why many people use this type of card is that they want to consolidate all their credit card debt into one. This will make it easier to pay the balance and can also reduce the amount of monthly payments. However, people who do this can actually end up paying more. The reason for this is that even though balance transfer credit cards offer no or low initial interest rate, the interest will eventually increase. People have to realize that when they choose to combine all their debt into a single large sum, they can pay a lot more once the interest rates increases.

People can avoid this problem by making sure that they pay a significant amount of the balance before the interest rates go back up. They should also pay their monthly payments on time, so that they will not add to their balance. Staying on top of payments and setting a plan to pay off the debt is the best way to ensure that balance transfer credit cards help rather than harm. These cards are ideal for individuals who have an effective plan to pay off their debt. Balance transfer credit cards will allow them to deal with a single company, instead of dealing with multiple credit cards that have multiple interest rates, payment dates, and other fees.

Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Credit Cards. Get the information you are seeking now by visiting Balance Transfer Credit Cards [http://www.find-cards-now.com/categories/balance_transfer_credit_cards]


No Fee Balance Transfer Credit Cards




Looking for a 0% balance transfer credit card that does not charge a balance transfer fee? Chances are, you've had some trouble finding one. Over the past year, the number of credit cards offering no fee balance transfers has decreased dramatically. Additionally, the maximum fees have risen on many cards from $50 to $75. Fortunately, there are still a few credit card companies that offer no fee balance transfers. The trick is to find the right offer and to read the fine print.

The standard fee for balance transfers is 3%, with a maximum fee of between $50 to $75. Now, if you are transferring a large balance, let's say $5,000 the maximum fee of $75 amounts about 1.5% of the balance transferred. However, if you are transferring $5000 from three different cards, you will be charged 3% from each card. Thus, if you transfer balances from two credit cards with $1500 balances and one with a $1000 balance, your fees will amount to $120, or 2.4%.

Now, even with balance transfer fees, transferring $5000 to a 0% credit card from a credit card with a 15% interest rate will still save you over $600 over the course of 1 year. However, doing so with a no fee balance transfer credit card will save you about $750, or enough to buy a very nice dinner with a bottle of wine.

Clearly, moving balances from high interest credit cards to 0% credit cards is a great money saver. However, it is worthwhile to seek out a 0% credit card that offers no fee balance transfers, as the savings can add up quickly, especially when consolidating balances from multiple cards.

Now the hard part. Since credit card companies that offer 0% balance transfers aren't making money on interest, they look to get it from fees. Consequently, many companies bury the details of their balance transfer offers in the fine print. After looking over credit card offers from every major issuer, I was only able to find one company that currently offers no fee balance transfers. And the offer was buried very deep in the fine print. However, if you look hard, no fee balance transfer offers can be found.

For information and links to online applications to no fee balance transfer credit cards, visit www.SmartCreditChoices.com. SmartCreditChioces features online credit card applications from every major issuer. At SmartCreditChoices, you can compare 0% balance transfer credit card offers and apply online for instant approval.


Balance Transfer Credit Cards - An Overview




What Is A Balance Transfer Credit Card?

Simply put, a balance transfer credit card allows you to transfer your card balances over from your other credit cards. Through this transfer you can save money on the APR. If you can consolidate all your balance to a single credit card, you can easily keep track of your debt.

Why Should I Transfer My Balances To A New Credit Card?

Balance transfer credit cards, when used correctly, can help you save money. Most people keep a balance on one credit card, a separate balance on yet another, and pay a high APR to maintain both of them. Balance transfer credit cards have outstanding introductory APR's and the very best balance transfer credit cards will have a comparably lower ongoing APR as well.

Some of the best balance transfer credit cards offer an introductory APR of 0% for an extended period. Those people who are in a debt trap can take advantage of this offer. There are even some balance transfer credit cards which prolong the introductory ARR of 0% until you have paid off all the balance that you have transferred. Certain balance transfer credit cards have a fixed rate and the rate remains the same until you pay off the balance transferred. This type of card, often times lacks the introductory 0% APR offer.

Things to Remember

It is not difficult find a balance transfer credit card, and in fact, you might have already been receiving solicitations from several credit card companies. But finding the best balance transfer credit card can sometimes be a murky affair. Understanding certain key elements regarding these cards can help you to choose the best.

Most people fall for the introductory offer given by the balance transfer credit cards. But this is only for a specific period of time. The period of time offered on these introductory APR balance transfer cards is often times determined by your credit history. So while selecting a balance transfer credit, keep a close eye on the introductory offer. Make sure that the introductory offer will work in your favor.

In some instances, some credit card companies will require an initial balance transfer along with the application for the card. Some people might not be comfortable with such a demand. The best balance transfer credit cards provide flexibility on balance transfers that will allow you to transfer balances at anytime during the introductory period.

Some of balance transfer credit cards might have a fixed rate introductory offer which is not a 0% APR on balance transfers, but is very low, remaining constant until you pay off the balance.

Most balance transfer credit cards have a transfer fee. Make sure that the transfer fee does not negate the financial advantage you are trying to get from the whole process. This aspect should be considered seriously by people who are planning to transfer balances from two or more cards. There will be no transfer fees incurred with the very best balance transfer credit cards.

You should compare your existing card

For more on balance transfer credit cards, Robert Alan recommends that you visit CreditCardAssist.com


Subscribe to: Posts (Atom)