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How To Get The Best Balance Transfer Deals
If you’re trying to pay down credit card debt, then transferring your balance to a card with a 0% APR promotional rate is one way to wipe out your balance quickly. But you might find yourself confused by the plethora of offers out there.
It seems like most credit cards offer some sort of balance transfer deal, but in fact, not all of them do. The ones that tend to offer the best introductory offers are usually credit cards for people with good credit, rewards credit cards, and elite credit cards that may charge an annual fee.
There are a few ways to evaluate a balance transfer offer, if you’re looking for the very best one to help you achieve your zero-debt status sooner:
One thing to look at is how long the offer is good for. Some balance transfer offers are good for just a few months, and some last as long as 18 months, or even up to nearly two years. The longer you have the no-interest deal, the easier it will be to pay your debt off completely in the allotted amount of time. So in general, the longer the promotional period, the better.
Another thing to consider is what the APR will be when the promo rate expires. A card with a low ongoing APR is idea, in case you don’t manage to pay off the entire transferred balance in the time you’ve got the special rate.
Most balance transfer offers will have a fee associated with doing the transfer. Generally, this fee is pretty standard: either three to five percent of the balance you’re transferring, or a flat fee of between five and fifteen dollars, whichever is greater. If you find an offer with no balance transfer fee, snap it up, as these are few and far between.
One very important thing to know: once you have your new card and have transferred your balance, be sure you always pay the minimum due each month by the due date. If you pay late, you may revert to the standard APR and lose your 0% deal.
Good luck, and remember: you can do it!
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