What You Need to Know about Balance Transfer Credit Cards

Posted by: Lisa N. | Dec 30,2007

Balance transfer credit cards can help you save money. You can transfer balances from a high interest credit card to a balance transfer credit card with a low interest or 0% interest rate. Depending upon the amount of your balance, and the change in interest rates, this can mean thousands of dollars in savings. Before you decide which balance transfer credit card to use, make sure it’s the best deal for you.

 

Find out about credit card requirements before you apply. Low interest or balance transfer credit cards sometimes require that you use the card every month in order to keep the low or 0% interest rate. This can throw a kink in a careful plan to transfer a balance and then not use the new card.

 

Determine what will cause your interest rate to increase before you apply for a balance transfer credit card. Some low interest credit cards keep the same interest rate for balance transfers for as long as you have the card. But with other cards, your interest rate will increase when the introductory promotional period ends. Your interest rate may also increase if you make a late payment on your new credit card or on any of your other credit cards.

 

Compare and apply for balance transfer credit cards and low interest credit cards online. 

  

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