If you carry balances on your credit cards, then you may want to strongly consider signing up for offers that are advertised through 0 balance transfer cards.
Typically, a zero percent interest rate offer can save you hundreds, if not thousands of dollars over the duration of a zero balance transfer offer.
It is important to keep in mind that not all offers from 0 balance transfer cards are created equally.
It is important to evaluate each card individually and make sure that you understand the credit card offer. I am going to discuss some important factors to consider before you sign your name to that credit card application.
First off, it is extremely important and beneficial for you to be aware of exactly how long the balance transfer offer will last. It is safe to say that most 0 balance transfer cards offer zero percent interest rates from anywhere between six to twelve months. Knowing how long the offer lasts is half the battle for you as a cardholder; the other half include insuring that you pay off your debt within that period of time.
More often than not, 0 balance transfer cards assess a transfer fee for each and every balance that is successfully moved from one card to another. It is quite common for many lenders to assess a fee that ranges from 1% to 3% of the transfer amount while other companies may just charge a fixed fee, such as $75. The interest rate is not important unless you plan on using the credit card for purchases after you pay off your balance.
O Balance Transfer Cards
Depending on your needs, you may want to consider 0 balance transfer cards that offer sign up bonuses, rewards bonuses, cash back or points, travel rewards or gasoline rebates. This way you can take advantage of all of the potential offers after you have paid off your balances that you transferred from credit cards that have higher interest rates.
So, I have compiled a list of the best 0 balance transfer cards, based on the criteria that I have outlined above for you to review. In order to find the best offer, take your time and compare the following information from the different offers.
The Discover More American Flag Card is a 0 balance transfer card that offers zero percent interest for a full twelve months with a 5% transfer fee. Interest rates for this particular card start at 11.99% and can be higher depending on the strength of your personal credit. On select items, you will be able to receive 5% cash back and 1% on all other purchases.
0 balance transfer cards such as the Discover More Card offer zero percent interest for a period of six months with an assessed transfer fee of 3%. Interest rates start at 11.99% and just like the Discover More American Flag Card, cardholders will be able to enjoy cash rewards of up to 5% on specific items and 1% cash back on all other purchases.
0 balance transfer offers from Citi Platinum Select MasterCard advertise being able to take advantage of a zero percent interest rate for six months. Additionally, this card allows for cardholders to make new purchases that will remain interest free for six months. The transfer fee is fixed at 3% and interest rates are variable with rates as low as 11.99%. In other words, the stronger your credit score, the better your fixed interest rate will be. Unfortunately, with this credit card, there are no rewards benefits for cardholders to take advantage of.
0 balance transfer offers are also available for college students! The Citi mtvU Platinum Select Visa Card is perfect as it offers 0% APR on purchases and balances for a period of six months. Your application and credit history will play a large role in whether or not you qualify for an offer such as this one.
There is also a unique student rewards program that rewards students based on good grades, consecutively making payments on-time and not exceeding the established credit limit. The rewards are intended to instill good habits as far as credit cards are concerned.
As you can see, most of these 0 balance transfer offers include some type of cash back or rewards program. This is exactly what makes them a nice option to use after your balance transfers have been paid off! Well, what are you waiting for? Don’t you have some offers to review and an application or two to complete?
0 balance transfer cards provide an allure for a lot of credit card users. Many people will quickly switch from a high interest balance card to a 0 balance transfer card without much hesitation or thought.
Were you aware that the wrong choice and incorrect use of 0 balance transfer cards can actually progress towards debt problems that are worse?
In this article, I am going to discuss some important information that should help you in making a decision on whether or not these types of credit cards are appropriate for you.
There are a variety of credit cards out there that promise 0% APR for cardholders. Don’t get too excited about these offers before you check into all of the information. The last think you want is to be stuck with a card that has an even higher APR than your current one just because did not check the regular rate and the length of the introductory period. As with any other credit card offer, 0 balance transfer cards can be beneficial to you if used in the correct manner.
It is also important to keep in mind that 0 balance transfer cards will only accept applicants with a good credit history. I suggest you check out what your credit score is with one of the three major credit reporting bureaus prior to completing any applications.
If you have a low credit score, your application will most likely be declined and as a result more damage will be done to your credit rating. A good idea for people that have a poor credit history is to seek out additional solutions to help eliminate any debts.
On one hand, there are several people with multiple credit cards that are under the assumption that the best way to benefit from 0 balance credit cards is to transfer all of their charges to the new card. This may not be the case for everyone!
Take note that each time you transfer a balance successfully, there is a balance transfer charge that is assessed. To avoid paying several extra charges, I suggest that you analyze each of your account very carefully to find out which ones have the highest rates.
It is an important priority to eliminate your highest credit card debts first; with that being said, these are the balances that you transfer to your card first. As soon as you are done completing your payments, you can then consider transferring the rest of your balances while the 0% interest still applies. Keep in mind that the 0% offer may not apply to new purchases that you make.
To sum it all up, 0 balance transfer cards are best used for paying off transferred balances. If you want to make a new purchase, you should consider your other options for payment such as cash or check rather than charging the amount to your credit account.
Here’s a concept, don’t buy the item unless you absolutely need it! You have to weigh the importance of what you are going to buy. It is always best to spend within your means, especially when you will be using a credit card.
After reading the above information, I hope that you are more educated on 0 balance transfer cards and understand how to properly use them. Remember, an educated consumer is a happy consumer!
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