About balance transfers

In the most basic terms, a balance transfer is a way of moving a debt from one credit card to another credit card. Transferring a balance is often done to save money, as the new credit card may have a lower interest rate (APR) than the old credit card.

Occasionally, credit cards have promotional balance transfer rates that can last from 3-15 months. For example, a credit card may offer a 0% APR on all balance transfers for the first six months of cardmembership. Promotional rates do end, though, so be sure to completely understand a specific balance transfer offer before applying.

It is important to find out how long the balance transfer rate will last and if there are any one-time balance transfer fees involved. Example: A credit card may offer a 0% promotional APR on balance transfers but may also charge a one-time balance transfer fee of 3% of the amount transferred.

It is also important to check whether or not a balance must be transferred within a specified amount of time in order to receive the promotional rate. Example: A balance must be transferred within the first three months of cardmembership to obtain the rate mentioned in the specific offer.

Every credit card is a bit different and promotional offers often change, so be sure to thoroughly look over the terms and conditions for each specific credit card before applying online.

· Compare balance transfer credit cards now and apply online if you find a credit card that fits your specific needs.

Posted in Credit Cards, Personal Finance

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