The Best Balance Transfer Credit Cards
How can you tell the best balance transfer credit cards?
Learn how to recognize the best balance transfer credit cards -- and where to find them.
If you're thinking of switching credit cards, but you already carry debt, you need to know the best balance transfer credit cards. Transferring your debt to a new credit card can be a great way to reduce your interest payments and buy yourself some time to make repayments. Even if you're not struggling to meet your monthly obligations, it can be a good idea to switch cards -- why pay interest you don't have to?
Of course, this only works if you find the best balance transfer credit cards. Otherwise, you're just switching your debt from one creditor to another, and what's the use of that?
Recognizing the best balance transfer credit cards
There are a few very obvious hints that can help you know a great balance transfer card when you see it. Anytime you transfer your balance from one card to another, that card should include:
-- No fees on the transfer. Believe it or not, some cards actually charge you for the privilege of switching your debt to their company.
-- A period of grace where you don't have to pay interest on the previous balance with the new card. Many credit cards offer a six month no interest balance period. Keep in mind, though, that new charges on that card will accumulate interest at the regular rate.
-- Good rates in and of itself. There's no point switching to a card that will give you a great deal for six months but be a nightmare after that.
So how can you find these cards? The best balance transfer credit cards require a high credit score, so be prepared to shop around if your credit history is somewhat tarnished. An online search will find you many sites comparing all sorts of credit cards, leaving you free to narrow down the results.
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