subject: Applying The Best Credit Cards For Balance Transfer [print this page] People are currently affected by the economic recession. We are in the point where basic needs come over luxury. Managing your finances wisely is the best strategy to surpass the economic crisis.
Settling your credit needs to be first on your list. If you have an outstanding credit card balances, now is the time to take an action. Review your credit card situation and consolidate your balances. Those credit card balances should never be disregarded.
A great way to settle your credit card balances and save money is to transfer your credit card balances to a 0% balance transfer credit cards. If youre current credit card has 15% to 21% APR, transferring your credit card balance to a 0% APR balance transfer credit cards will give you a savings of $150 to $210 a year. The point is applying for credit cards need to be planned and considered.
When applying for a balance transfer credit cards , choosing your 0% APR credit cards should be considered. Make sure to apply for a 0% balance transfer credit cards which offers longer, and lowest balance transfer fees. To get the best 0% APR deals, maintain a good credit card standing. Your credit card standing needs to be excellent. This gives you the opportunity to shop for the best 0% APR credit card offers.
Most balance transfer credit card issuers charge 3% fee to the balance transfer. This means that after the 12-month 0% APR offer, you will be charged 3% on the amount of the balance you have transferred. If what you have is a 6-month offer, you will be charged 6% on your outstanding balance after six months. Be reminded that some 0% APR balance transfer credit cards charge the transfer fee at the end of the contract. So transferring a larger amount offers savings than transferring it into small amounts.
Meanwhile, there are 0% balance transfer credit cards which offer 0% APR on purchases. When you apply for a credit card and wants to avail of this additional feature, make sure that the duration of the 0% APR offer is the same for both balance transfers and purchases. The point is, if your 0% APR for purchases expire, the purchases would accumulate the standard interest rates which is 19.99% or higher. When this happens, paying your transferred balance will be difficult.
When you apply for credit card always remember that you can also use the option to transfer your outstanding balance into your checking account. This gives you the option to use your 0% APR credit card in purchasing things or paying other loans. When you apply for a credit card, make sure your familiar with the terms and conditions of your balance transfer deal.
Last but not the least, make sure to apply for another 0% APR balance transfer credit cards before your first one expires to avoid paying high interest rates at the end of the 0% APR period. When you apply for balance transfer credit cards, look through the card offerings of some of the major banks, including Advanta, Discover Card, Bank of America, Citicard, American Express, and Capital One.
