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The 4 Common Stereotypes When It Comes To Best Balance Transfer Credit Cards | best balance transfer credit cards

Balance transfer credit cards provide an introductory 0.00% interest rate (APR) to you on the amounts you transfer from other lower credit cards to your new card. This introductory interest rate only applies to the transferred outstanding debt for up to as many months from the time you initially open the card up. This means that once your balance transfers over, you will pay interest on the full amount of the balance for that period.

Balance transfer cards are attractive in other ways, too. For example, if you have a large amount of outstanding debt, balance transfer cards make it much easier to pay off those debts since the interest rates are much lower and you have more available credit to use to make the payments. You can also save money by choosing a zero percent introductory interest rate on your new card, since after the introductory period your interest rates will likely be much higher. Many credit card issuers also offer special offers and reduced fees to new customers who will transfer their balances to their cards in the future.

All balance transfer cards require a balance transfer fee, which is applied when you make a new transaction and don't pay off the old transaction in full. Most cards require the balance transferred to be transferred from another credit card, so it is necessary to ensure that this second card has a zero percent introductory rate or no balance transfer fee at all. If you transfer the debt between cards, make sure that all of the transfers are made within 30 days from the date of the last payment or the date that the balance on the transferred cards was last paid in full. Otherwise you will be charged an extra fee. There are a few cards that don't require any transactions to be made within 30 days, but they are very rare and very limited in the types of purchases that they can be used for.

All balance transfer cards require that a minimum payment must be made at the start of the introductory period. This minimum payment amount varies by card, so it is best to read the terms of the different cards carefully before you apply. It is normal to expect your payments to start increasing after the third month. You can avoid this increase in your payments by paying the entire balance as soon as the introductory period starts. Otherwise you will have to pay an interest charge on the balance after the third month.

Some cards offer a grace period of up to three months after you have made your payment to open an account. During this time you do not have to make any balance payments. During the first month of the introductory period, you do have to make a payment in order to add a new credit line. However, you do not have to make a monthly payment. If you find that you are struggling with the payments, then call the card company and make arrangements to transfer your card debt to another introductory offer card.

If you decide to wait until the end of the introductory period, you should consider reducing your credit card balance. In many cases this will mean a transfer to an even lower interest rate card or even moving your card to a no-fee card with a low balance transfer fee. Once the introductory period has ended, you should keep your balance at the same level as it was when you started. If you reduce your balance, you may also be able to lower your interest rate. If you switch to an all-free card, you can benefit from transferring your balance to a zero-interest card with a longer introductory period.

When you are evaluating the features of a credit transfer card, be sure to factor in the credit utilization ratio. The credit utilization ratio is the percentage of available credit used by your debt vs. the total amount of available credit you have available to you. If you have a high credit utilization rate, this can greatly reduce your savings on interest charges.

Finally, it is important to look at any possible annual fees and charges. These can be substantial if you fall into the high-risk category for having debt. You will also need to consider other fees that apply to your account, such as shipping costs, application and maintenance fees. Many companies offer a low or no-interest period, after which your balance transfers to all-fees credit limit cards, which means that you will be charged an interest rate for the balance transferred. You may want to take advantage of the introductory period anyway to get a better deal.

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