Category Archives: credit card balance transfer

Find A Credit Card Balance Transfer That Works

Credit card balances are at record highs, and a recent survey found that over 12 million Americans are still paying off purchases from last holiday season. Credit card balance transfer is when you take your balance from one credit card and move it to another one. Most people do this in order to get a lower interest rate and therefore to pay less. Some might even offer a 0 interest credit card during the introductory process.

When seeking to complete a balance transfer on your credit card it is best to compare several offers. Compare offers side by side in order to determine which card is best for you. Banks and credit card companies are extremely competitive and you will find offers seemingly to good to be true. Most times they are. Rewards credit cards offer rewards or incentives for use. Others may offer cash incentives to lure prospective applicants.

Even if you decide to transfer a balance from an old to a new card make sure that you make the minimum monthly payment on the old card. Balance transfer offers are not the same today as they were just a few years ago, but still there are good deals to be had if you are willing to investigate.

Getting the best credit card rates is dependent on one factor. Rates may be different and are determined by the individual creditworthiness of each applicant. Forget what else you have heard this is what determines what rate you receive.

Rules for maintaining your balance transfer introductory rate are among the most stringent in the finance world. For example, make one late payment and the rate may advance to a more traditional level. Fees are often associated with balance transfers as well and are often hidden in the agreement for credit cards with low introductory rates.

When you apply for a credit card balance transfer, regardless of which company you deal with, make sure you fill out the application properly and of course, always read the application over carefully before you send it in to check for any errors.

Credit Card Balance Transfers – Tips

Transferring your balance from one credit card to another has become an important financial strategy and a big business. There are sites on the internet devoted solely to listing the credit cards that would be good candidates for balance transfers. This makes sense, considering that even one or two percentage points on your card’s interest can make the difference between spending or saving hundred of dollars a year.

If you do it carefully, a smart balance transfer can be an extremely positive move for your budget. The most important consideration is interest rates. Of all your credit cards, which one charges the highest interest rate? That’s probably the one costing you the most, even if it carries the lowest balance, because interest charges multiply exponentially and minimum payments continue to increase, creating a snowball effect of charges that can take a very long time to pay off. That high-interest card is your best bet for an effective balance transfer.

Many people constantly keep their eyes open for good balance transfer deals. There are two ways to transfer your balances:

Stick with your current credit cards. If you cut out your highest interest credit card, you can transfer your balance to one of your other credit cards that has a lower interest rate. The advantage of this is that you don’t have to worry about new cards, new guidelines or fees, and new bills to pay. Your balance transfer will get rid of one card and lower your interest all at once.

Apply for a new card with a low introductory interest rate. Many cards have promotional introductory rates of 0%, and even if that rate only hold for a certain amount of time, you can do a balance transfer over to that low-rate card. At that point your best bet it to pay off the entire balance during that introductory period, because the last thing you want is for your new balance to incur higher interest rates once the regular rate of the new card kicks in. That would defeat the purpose of the whole balance transfer!

Remember, with credit cards, the thing that gets people in trouble is the interest rate, so it’s almost always a good move to transfer your balance from a card with a higher rate to a card with a lower rate. Even if that lower rate is limited to a certain period of time, your balance transfer makes it possible for you to pay off balances that otherwise might follow you around for years.

 

The Credit Card Balance Transfer Game

Do you do a lot of balance transfers and just can’t understand why you are not paying off your debt fast enough? Here’s the ultimate way to lock in a low interest rate on a balance transfer. First off before you do a balance transfer ensure the following.

1.You have a 0 balance on the card

2. You have not made any recent purchases or cash advances

3. Complete the balance transfer and figure out how long it’s really going to take you to pay off the debt.

They will offer you a 0% with 6 months or so to pay back in full before the interest rate adjust. They will also offer you something like 1.99% interest rate locked in for a year or so. How credit cards work is that they will charge the entire balance transfer at the 1.99% interest rate.

However if you made a purchase with the same card that you had the 1.99% interest on, the new purchases items or cash advance will now be at a higher rate. Here’s the key: Any payments you make at this point will be applied towards the lower interest rates. Do you see how important it is that before you start your balance transfer and during your balance transfer not to use the card again until it is paid off in full.

At one point in my life I was using credit cards for everything. To get reward points was one of my reasons to use a credit card. But the thing is you tend to overspend when you use credit cards. You feel no pain when you make purchases. I no longer believe in the use of credit cards. There’s a reason why credit card companies are in business and why they are so profitable!

Once you pay off your balance transfer don’t rely on the use of credit cards anymore. It’s just not the way to live. The tips that I gave you can help you lock in a low interest rate for a balance transfer so that you can methodically pay off your balance. Yes it’s true that you will have to pay at least 3% of your balance, but if it’s going to take you at least 6 months to pay off the debt it may be worth it for you to lock in the low rate.

 

Where Have All the 0% Balance Transfer No Annual Fee Credit Cards Gone?

If you listen to some consumers, you’d think all of the 0% balance transfer no annual fee credit cards have all magically disappeared from the market. Horror stories abound about people signing up for what they thought were these cards, only to be hit with high fees later. Believe it or not, these elusive credit cards do still indeed exist. It’s just a matter of knowing what to look for. Here are some tips to keep in mind.

1. How Long Is The 0% Really 0%?

The first thing you need to ask when looking for 0% balance transfer no annual fee credit cards is how long does the 0% interest rate last? After all, if it’s only a 6-month offer and you owe thousands of dollars, chances are you won\’t have time to pay it off before the “real” interest rate kicks in.

Which brings us to point number 2…

2. What’s the “Real” Interest Rate?

If the 0% offer isn’t good for the life of the balance, what does the rate go up to when the offer expires? If you\’re looking at a 22 percent interest rate after six months, you might be in worse shape in six months than you are right now. In this instance, the 0% balance transfer no annual fee credit cards can be your worst nightmare – not your best friend.

So how do you avoid the nightmares? By knowing what\’s out there. Which brings us to our other points…

3. Life of Balance Offers Do Exist

No matter what your credit card companies want you to believe, life of balance credit card offers are out there. However, 0% balance transfer no annual fee credit cards that offer a 0% interest rate for the life of the balance are very hard to find. Even if you do find them, you have to have excellent credit to qualify.

If your credit is less then perfect, this type of card isn’t going to be an options. That being said…

4. There Are Suitable Substitutions

If you don’t qualify for the 0% balance transfer no annual fee credit cards that offer a 0% rate until the balance is paid in full, opt for a low-interest fixed-rate card instead. A low interest rate of, say, 9.9% over the life of the balance is a lot better than a balance transfer of 0% that jumps up to 22% a few months after you transfer your balance.

5. Get To It

So now that you know what to look for, try to see if you can find some 0% balance transfer no annual fee credit cards that you qualify for. If you can’t, then opt for a low-interest fixed-rate card instead. Then, as your credit improves, try for the 0% balance transfer no annual fee credit cards again.

 

 

 

The Best Credit Card Balance Transfer Deals: Losing Your Debt The Best Possible Way 

Getting the best credit card balance transfer deal to a debtor is a great advantage. With the interest rates they get from regular credit cards, getting this kind of deal will help them save some money. For customers who completely pay their dues every month, this to them is a great deal as well. For those who lend money, best credit card balance transfer deals can also be of benefit to them. And because they offer deals that customers may find hard to resists, it now gives them a good market competition and at the same time, gives them the chance to increase their number of patrons. Compared to regular credit cards, balance transfer deals offer lesser interest rates, however the best offer is the one which offers interest rates at 0%.

 

How does best credit card balance transfer deal works?

 

Most of the times, best credit card balance transfer deals offer interest rates that are low during the first few months however those that offer 0% interest rates which goes on for more than a year are considered to be the best deal. The process involve is very easy. What you need to do is choose what you consider is best and sign up. You then have the pleasure of paying your credits at the lowest interest rates there could be, in as early as 30 days. There may be some administrative fee that you need to pay for processing the transfer which would be about 4% of the balance to be transferred which will be summed up to the outstanding debt you have.

 

The How to’s in signing up for the best credit card transfer deal

 

Maintaining a good credit score would be your ticket to getting a great balance transfer deal. More often than not, only people with good credit records are usually offered with this deal. Credit card companies would normally look into your credit standing so for those who consistently missed their payments, their chance to be offered the best credit card transfer deal is less. In order for people with credit violation records to sign up for the best deal available, making up with the low credit score they have would be their only option.

 

Are there other things I need to do just so I can avail the best credit card balance transfer?

 

Check your credit rating every now and then. Credit companies will check the payment history of the loans and credits you previously had before giving you the best deal. Aside from this, records of your credit standing will also be checked. Make sure that the information being shown in the record is correct and if it has an error, make sure that it has been changed. Try avoiding too many applications for a credit card because credit card companies will suspect you will not do anything good for their business.

0% Interest Credit Card Balance Transfers

Though most 0% interest credit card balance transfers are conducted by individuals, business can also take part in this balance bargain. Several credit card providers offer 0% interest credit card balance transfer to businesses. Let’s take a look at a couple of these business offers.

The first, a Mastercard, offers 0% interest credit card balance transfers for the first fifteen months. This interest rate applies only to the transfers – not to any purchases made during the introductory period. The annual percentage rate (APR) for the purchases is low however – a good 7.99 percent. The computation
for the APR is based on the average daily balance that includes any new buys. There is no annual fee, and this card offers a credit line up to $50,000. The grace period on this 0% interest credit card balance transfers offer is 25 days, and there is no setup or transfer fee.

This business credit card carriers a maximum late fee charge of $39, with a minimum of $15, depending on the balance at the due date. The fee for charges over the credit card limit also caps at $39. With this credit card offering 0% interest on credit card balance transfers, there are no travel, shopping or cash rebate offers.

Another of the 0% interest business credit cards offering balance transfers charges an annual fee of $75 and a $35 charge for any additional credit card issued on the account. It does, however, waive the first year\’s fee if the credit card application is completed online. Late fees never exceed $30, however, there is no grace period at all. There is also an annual $30 fee for the program that offers membership rewards. These rewards include reports on expense management, an everyday savings program for purchases such as gas and groceries, and savings with designated merchants in the area of hotel, auto rental, computer equipment and overnight delivery.

The third of these business 0% interest credit card balance transfers offers gives five percent rebate on when you fill up at your favorite gas station, and a six month introductory period for balance transfers only. The credit line with this card could be as low as $1000 or as high as $50,000, with an APR approximately 10-18 percent dependent on the business\’ credit worthiness. After the introductory period, the transferred balance carries a low 4.99 percent. That is a fixed rate and will remain until the balance is paid in full.