Balance Transfer Credit Cards
Credit Card balance transfers – Must-knows and must-do’s
Balance transfer credit cards | Balance moving credit cards
Balance transfer credit cards allow cardholders to transfer their balance from Credit Card A to Credit Card B. Sometimes this can be costly without the cardholder knowing it but balance transfers can be quite beneficial and cost-effective depending on the terms and conditions. To ensure you get the best out of your balance transfer, here are some tips to help you get started.
Find out about the introductory interest rate: The “carrot” in this stick-and-carrot game often comes in the form of a very low or even zero introductory rates. Cardholders regularly look for good balance transfer deals because the lack of finance charges helps them lessen their credit card debt. This introductory rate period won’t last forever so do make plans and try to pay off your balance as soon as possible.
Ask if you qualify for the introductory rate: Don’t automatically assume that you qualify – instead try to request for a balance transfer if the terms are really attractive. It all boils down to how good your credit history is.
Confirm your balance transfer fees: Balance transfer credit cards do come with fees, usually a nominal flat rate or a small percentage of the balance transferred. Ask your friendly credit card consultant if there are ways to waive this charge.
What you stand to gain: Some banks hold road shows and set up promotional booths persuade credit cardholders to take up a credit card balance transfer with them by giving extra incentives in the form of promotional items. Cardholders are advised to read the complete terms and conditions to see if they are eligible for the gifts. Otherwise they may be tempted to sign up for a balance transfer only to find out that they cannot obtain the coveted gift.