Credit Card eZine - News and Articles about Credit CardsGet even more information on credit cards? Read our Credit Card eZine. The section is regularly updated by our specialists. Learn all the financial tricks. Know the pitfalls and hidden bonuses. Find out how to transfer balances and accumulate points. We will tell you about the latest offers on the market.Get your credit card education and make the most out of your plastic. Credit Card Deals: Understanding Balance Transfer Fees2008-07-15
Balance transfer credit cards are ideal when it comes to heavy balances. Shifting your high-rate balances to a card with much lower rates is a good idea. However, when choosing the right balance transfer card you should take a closer look at balance transfer fees, as they can be pretty hefty. These days, it can be troublesome to find a card with no balance transfer fees. Due to a tough economic situation, creditors have pulled such credit offers from the market. However, it doesn't mean that you cannot find an offer with fair terms. With a wide variety of balance transfer cards on offer, you can always make a good deal! Before applying for any card, there are many important disclosures to look for. When it comes to balance transfer plastics, it's a balance transfer fee that should be considered, as generally balance transfer cards come with low interest rates. A balance transfer fee is a fee charged for transferring a balance from one card to another. Generally, this fee amounts to 3% for each balance transfer made on the card. Let's face it, with a fee of 3%, for a $10,000 transfer you will pay $300 in balance transfer fees. If you are going to shift a larger balance, get ready to pay a higher balance transfer fee. Weird as it may seem, but you can negotiate this balance transfer fee down, or at least ask for a capped fee, if the card comes with an uncapped one. Just like with any credit card, it pays to be choosy when selecting a plastic with low interest rates on balance transfers. It's recommended to do some online research and compare cards' features. You can compare credit card offers and read the fine print. And pay attention to the new trends. The cases are not rare when credit terms may change with a blink of an eye, so make sure you fully understand terms and conditions of a card. Once you know what kind of cards on offer, try to waive or lower a balance transfer fee. By all means, there's no guarantee that credit companies' reps will meet you halfway, but there's no harm in asking. Use some weighty arguments, like the years of credit loyalty to this company and on-time credit payments. Just keep in mind that you've got a wide choice, and if your request is denied, you may try another company. You can also try to get to get a balance transfer fee capped at the amount you think reasonable. Actually, this works. For a company, it's better to get some profit off you rather than none. So, you may negotiate about some reasonable capped fee, and this could save you a pretty penny. As you see, it's not that difficult to negotiate the terms on your cards as it might seem at first glance. Keep in mind, communication is the key when it comes to credit card matters, and it's very essential to be persistent and calm when talking to the company's reps.
jacqueline hilson,
I HAVE GOT BAD CREDIT. I WAS TOLD IF I GET A BAD CREDIT CARD TO GET MY CREDIT HISTORY GOOD IF I MAKE MONTHLY PAYMENT ON TIME. JUST BUY LITTLE THING.
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