There are many balance transfer credit cards that offer excellent rates, including Visa, MasterCard, and Discover. The Slate with Blueprint Visa by Chase may be one of the best. It has no balance transfer fee for the first 30 days your account is open. Also, there is 0% APR for the first year, and no annual fee.
Of course, you need to have decent credit to qualify. So this may not be the right balance transfer credit card for you. The key is to find one that works for your special situation.
For information about credit card balance transfers, use the credit card finder now.
Just because a credit card company offers a low transfer rate, does not necessarily mean you should choose them. You should go over your options before making a decision. Most people need to utilize a balance transfer at some point in their lives. It is a great way to reduce the amount of interest owed on other credit cards because you can eliminate your balance.
By selecting the balance transfer method, you can pay off your credit cards that carry much larger balances or higher interest. Depending on your limit or the amount you transfer, your credit card with the lower interest will now bear the weight of the loan. Nevertheless, because your interest is lower, your debts may be satisfied sooner.
Credit cards are an excellent privilege; however, you should continue to reduce your debt as often as possible. To help you manage this task, balance transfers may be worth considering.
What kinds of options are available?
Every credit card company has their own marketing strategies for you to explore. The first thing you should remember is the company you do choose should meet all of your expectations. Do not substitute quality service for what you may think is a good deal.
Take a few minutes to review the credit card company’s customer rating on the Better Business Bureau’s website. Make sure they rate high, a grade of a B or higher. A company that complies with the industry standards has excellent customer service and consistent financial growth will match these rates easily.
Understand what your financial obligations are and do some calculations on your own. Once you develop a budget, you should have a good grasp on the type choices to make. The balance transfer credit card options you select usually involve fees and this may be a way to market the credit card. Since some may charge to transfer balances and others may not, you may want to consider this.
Credit card companies may also package your balance transfer options with other features associated with the card, like the Annual Percentage Rate or APR, for example. Be very careful and review all of the information regarding temporary or introductory offers.
Generally, there are deadlines associated with these types of specials and although they are often mind-blowing deals, you can wind up paying more if you miss the timeframe. Don’t miss a good thing because you aren’t paying attention.
How does the process work?
To complete a balance transfer, you should have a minimum of one active credit card with either a high balance or interest, or both. You should also have a well-researched, low-interest credit card that has excellent balance transfer options.
Some credit card companies will allow you to complete the transaction online while others may require you to report to your local branch with a valid form of identification. You will be provided with an application to complete so make sure you have the exact amount of money you want to transfer from one credit card to another.
Once approved, you will be given confirmation and at that time, you will have the option of closing your active credit card accounts. Should you choose to keep the accounts open, you will resume separate financial responsibility.
Your credit card company may recalculate your interest rate if the transfer is over a certain amount. With all credit card agreements, there are specific limits involved. One of the main reasons for using the balance transfer option is to pay down your debt quickly. If there are stipulations that will prevent you from reaching your financial goal, you should know in advance.
How can I tell if this credit card company is secure?
One of the best ways to investigate the finances of a credit card company is to verify their status on a real-time basis. For example, you can use the information found on Standard and Poor’s website to continually track the progress of the credit card company in which you have interest.
They provide you with up-to-date stock information, financial trends, and strategic data from a neutral point of view. This allows you to gather the facts so you can determine if the company is financially sound.
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