Balance transfer credit cards are the perfect solution for the borrower with lots of different credit card debts. With the many different types of credit cards to choose from today, it’s often difficult to choose the right one. You’ve been told to compare credit cards and to get the one that’s right for you and your lifestyle. One of the most important details to look for is a low interest rate. Many people today get credit cards without paying attention to the interest rate they’re being charged each month. Soon, they’re in debt over their head with credit cards.
Balance transfer Credit Cards are a good way to help lessen your monthly credit card payments. You can transfer the balances from your other credit cards to your new balance transfer credit card and make one monthly payment rather than many. However, there are still things to consider when choosing from the many balance transfer credit cards. As with all credit cards, check what the interest rate is on the balance transfer credit card. Some credit card companies offer a 0% introductory interest rate to entice you into signing up for their credit card. Then after the introductory period, they increase the interest rate.
When credit card companies offer you balance transfer credit cards, they usually make these offers for so many months such as 6 to 18 months. If you have good credit, they’ll often offer you a low interest rate even after the introductory period is over. You should also check what their fee is for transferring the balances to your new credit card. While some don’t charge any transfer fee, most of them charge a certain percentage, usually 3% of the balance. Most of them also have a minimum transfer fee of $5 to $10.When you apply for your credit card, find out all these details before you fill out the application. Once you have the card, it’s too late.
Balance transfer credit cards have a line of credit limit stating the maximum you can transfer onto the card. If you have $8,000 in credit card debt, it won’t do you much good to apply for a card with a balance transfer limit of only $1,000.
Balance transfer credit cards are very handy things to have around, but they don’t come without some exclusions, limitations and requirements. One of the requirements is that your monthly bill be paid on time. Failure to make your payment on time may cause the credit card company to increase their introductory rate to a higher rate. This rate can be very high, often 25% or more. If you go over their credit limit, they may also increase the rate. Because balance transfer credit cards offer you low rates and bonuses, you need to be sure you do not default on the agreement.
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