hey’re an alluring situation where they can make the
proposition. Like the maximum profit off of your
mythic sirens luring misfortune.
sailors to the rocks, credit card
companies offer nonstop mailings Not to paint all credit card
to perspective customers, trying companies in bad light, because
to get them to transfer credit they are some that are honest and
card balances. The credit card worth a look. To tell these good
sirens offer all sorts of lures, companies from the bad, look for
such as low introductory rates, the following in the fine print
rewards programs, even zero of an agreement. Check to see how
percent interest—yet beware! The long the intro rate will last. Is
rocks of bad credit can be deadly it just for four months before it
to a happy financial life. So to jumps up to a high variable rate,
protect yourself, be sure to or will you get 18 months at that
follow these steps to knowing low, fixed rate?
which credit card balance
transfer options are the best, Then logically, you’ll want to
and which are actually traps in check what the rate jumps to
disguise. after the introductory period is
over? Will it be only a leap of a
The first thing you should do few percentage points? Or will
when considering balance you be in the 20+ realm of
transferring is to read the fine interest rates? The difference
print of any offer. Therein lies could mean hundreds, if not
the true intent of the credit thousands, of dollars to you in
card companies—whether they’re payments.
offering fair ways to better
manage your debt, or if they’re Next, check what all the terms of
trying to get you into a the new card will be. Will there
be an annual fee, and if so, how credit card company could make a
high will it be? What are the killing off of your balance
late fees for the card, and the transfer. Some credit card
penalty for overcharging your companies, for instance, could
balance? And what happens if you charge as high as 4 to 5 percent
do one of these infractions? Will for a balance transfer. Depending
you automatically and instantly on how much you’re transferring,
lose your low introductory annual that can really add up to a huge
percentage rate? lump sum that is added to your
balance. That leaves you to ask
And the million-dollar question yourself—am I paying more for the
is: What are the balance transfer transfer than I’m saving?
fees? This is where a shady
About the Author:
Joshua Shapiro recommends Find Credit Cards to find balance transfer credit card offers. See http://www.findcreditcards.org/type/balance-transfer.php for more information.
