3 Things You Shouldn't Do with a Balance Transfer Credit Card
Balance Transfer Credit Card Mistakes To Avoid
If you're thinking about getting a balance transfer credit card there are a few things you need to keep in mind. After all, the road to good balance transfers is littered with obstacles and distractions. How do you know the card you pick is a good one? Here are three things you should say no to...
No Fees
If a balance transfer credit card wants to charge you a transfer fee, take your business elsewhere. Some cards try to charge a percentage of your entire balance transfer. That can really add up. Stick with the cards that offer a low balance transfer rate and no fee for doing business with you.
No Rate Hikes
Try to find a balance transfer credit card that offers you a good rate for the life of the balance. Some cards increase your interest rate after a few months or a year. The best balance transfer credit cards, however, won't ever increase your rate. They'll let you pay the entire balance off at the low rate, no matter how long it takes.
No Annual Fee
Annual fees used to be the norm when it came to credit cards. That's no longer the case. The market is quite competitive and you should be able to get a good balance transfer credit card without subjecting yourself to an annual fee.
Remember, credit card companies need you to thrive, it's not the other way around. Wen you're considering a balance transfer credit card, say no to the above three factors. You'll be happier with your decision in the long run.
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