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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

Get 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.

Which Balance Transfer Card Is Right For You? Here’s How To Decide

[May 22nd, 2017]

Paying down debt is one of the best things you can do for your credit score, your financial life, and your peace of mind. But if you have significant credit card debt, it can feel like a burden that will never go away. You just keep chipping away at it, and it climbs higher and higher.

That’s often because of high interest rates, which cause your balance to keep rising even if you’re no longer making charges to your card. No matter how much you pay toward your balance, it seems you’ll still owe something more in interest every month.

If you’re stuck in this vicious circle, you can transfer your balance to a zero-interest balance transfer card and pay it off much faster. But how do you know which one is right for you? There are so many on the market, it’s hard to decide which one to apply for. Here are some guidelines to help you choose.

How long is the promotional period? Every balance transfer offer, no matter how good, will come to an end at some point. The question is, when? Some offers last only six months, while others last for a year or more. In general, the longest offer is the one you’ll want to go with.

What’s the ongoing APR after the promotion ends? Once that 0% rate goes away, how much will you pay on any leftover balance? The lower the better, obviously – but remember, your goal is to pay off the debt before the introductory rate ends, anyway.

How much is the balance transfer fee? Most offers will have a balance transfer fee, but this shouldn’t stop you from applying. A 3% balance transfer fee is worth paying, if you have a lot of debt. However, some cards don’t have a fee at all, and some cards charge more than 3%. Check and see what you’ll be paying to transfer your balance, before you make a final decision.

What are the perks? Once you’ve finished paying off your balance, it’s nice to have a new credit card that gives you cash back, miles, or other rewards for making purchases. You might as well find a card that you’ll want to keep, and use, in the long run.

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