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.