Choosing a Balance Transfer Credit Card
Tuesday August 14, 2007
If you're looking to lower your credit card interest rates, transferring your balances to another credit card might be the only option. These days, more and more credit card companies are luring customers with attractively low introductory interest rates.
A low interest rate alone isn't enough reason to make the switch. There are other things you need to know before transferring your credit card balance. Like, just how low is the introductory rate? How long does the rate last? Do you actually qualify for the rate?
Before you apply for a balance transfer credit card, make sure you completely understand the terms and conditions of the low rate. Otherwise, you might find yourself with a worse credit card rate than before.
A low interest rate alone isn't enough reason to make the switch. There are other things you need to know before transferring your credit card balance. Like, just how low is the introductory rate? How long does the rate last? Do you actually qualify for the rate?
Before you apply for a balance transfer credit card, make sure you completely understand the terms and conditions of the low rate. Otherwise, you might find yourself with a worse credit card rate than before.
Comments
It is definitely important for anyone considering a balance transfer to read the fine prints on: term length, APR, and balance transfer fee. Many people out there, as Suze Orman discussed on her show, are trying to take the 0% apr money and put it in the bank to collect interest. The truth of matter is though, that it might not yield as much profit as you might think. Check the calculator here: http://www.moneyeconomics.com/articleInterestArbitrageCalculator.php