Balance Transfer Credit Card Offers – Join the Wave
October 26, 2010
Balance Transfer Credit Card Offers – Join the Wave
Balance transfer credit car offers have been a popular means of literally transferring a balance from one credit card to the next. The primary reason that someone would enact a balance transfer is so that he or she could obtain a lower interest rate than his or her current credit card offers. Balance transfers are relatively easy moves, provided that you find a balance transfer credit card that can accept you into the lucrative balance transfer program at a lower rate than your current company. There are a few essential items that you should know about balance transfers before you begin the process and “join the wave”.
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What Is a Balance Transfer?
A balance transfer is a simple strategy that many people use in order to obtain the most appealing interest rate. Quite literally, a credit card balance transfer requires that you take the balance on your current credit card and roll it into a balance transfer credit card program with a competing credit card company. It is important to note that while many credit card companies offer appealing balance transfer credit cards, you should first ensure that you are eligible to perform a balance transfer and lock in at a low rate before you initiate the procedure. If you have a low credit score, you may not find a credit card company that will offer a balance transfer credit card to you until your score increases.
How Balance Transfers Effect Your Credit Score
Whether you think it’s fair or not, if you frequently switch from one balance transfer credit card program to the next, you will not proceed unnoticed. Credit card companies will eventually catch on to your migrant tendencies and thus, decrease your credit score and increase the available rate for you. Therefore, if you are a chain user of balance transfer credit cards, you run the risk of negatively effecting your credit score in the long-run. Credit card companies will be weary of an individual that has a history of performing balance transfers, and therefore, may lock you into a higher interest rate to ensure that they do not lose money by taking you on as a client.
When Not to Initiate a Balance Transfer
If you are lucky enough to be locked in with a credit card company at a good interest rate, then it is a bad idea to engage in a balance transfer. Like any other balance transfer, a credit card balance transfer will most likely clear your credit card account with your original company and, thus, lock you into a relationship with a new credit card company. That new company may raise your rates to a level that is higher than your previous company after the initial low interest rate trial period. Therefore, before you initiate a balance transfer, it is important that you read the fine print on the company offering the balance transfer credit cards.
It can feel like finding a pot of gold when you find a balance transfer credit card that offers a low interest rate and other incentives to encourage you to make the switch. However, as with anytime you engage in a balance transfer, it is essential that you do ample research into exactly what the new credit card provides. Chances are good that any company that offers balance transfer credit cards is using the tried-and-true credit card balance transfer strategy to get a quick influx of clients. Educate yourself so that you can make an informed decision about your own balance transfer possibilities.
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I have good credit and want to transfer some of the balances off my traditional cards to some cards that offer 0% interest for at least a year on balance transfers. Thanks in advance for your help.
Best answer:
Answer by dm_dragons
Almost all credit cards will offer 0% from time to time. Just search online and many offer some filters to get the exact kind of card you are looking for.
I’d recommend starting with Bank of America. I recently got a 0% Mastercard that lasted for 15 months! That’s sort of rare to get a 0% for that long, but if your credit is that good, it’s possible.
What do you think? Answer below! transfer fee. Help!?
I read in a magazine that there is credit card offers that do offer 0% Balance Transfers AND $ 0 Balance Transfer fee. The credit offers I’ve seen offer 0% BT, but have a fee. Please help!
Best answer:
Answer by Doctor J
Hi Susan. The credit markets have changed dramatically. I haven’t seen this type of offer for a while now.
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Tags: mastercard, current company, low credit score, good cards, roll it, USDTaking Advantage Of 0% Balance Transfer Credit Card Offers
October 26, 2010
Taking Advantage Of 0% Balance Transfer Credit Card Offers
If currently carry a balance on your credit cards, chances are you are spending hundreds, if not thousands of dollars a year on interest. How much money you waste every year will vary based on how much credit card debt you have, but, according to studies, the average American household carries approximately 00 in credit card debt. At a modest interest rate of 12%, this would translate into 0 a year in interest expenses. If the interest rate is higher, say 16%, carrying a balance on your credit card could be costing you over 00 a year in interest!
0% APR balance transfers provide an excellent solution to consumers who carry debt. With one of these offers, you can enjoy an entire year without interest to help you pay down your current debt and prevent compounding interest from moving your credit card balances into the stratosphere. Here we will discuss the benefits of 0% balance transfers.
The best type of 0% offers are for no fee balance transfers. Buried in the fine print of nearly all credit card applications is the balance transfer fee. This nuisance fee applies to 3% of all balances transferred. Over the past year, balance transfer fees have risen quite a bit. Generally, the maximum dollar amount does not exceed – per transaction. However, a few sneaky companies have put no limit on fees.
Fortunately, with a no fee balance transfer, you can avoid these fees. In some instances, the fee to transfer a balance can add up to 0 or 0 on an 00 balance transfer, depending on how many different cards you need to transfer balances from.
Because there are a limited number of no fee balance transfer credit cards on the market, the next best option for balance transfers is to find a credit card that offers a 0% APR on purchases and balance transfers for 1 year. While the number of these offers is becoming somewhat limited, finding a credit card that offers 0 APR balance transfers as well as a 0 APR on purchases is easier than finding a no fee balance transfer credit card.
To select the best balance transfer credit card, begin by looking at the dollar cap on fees for each transaction. This can be especially helpful if you are simply transferring a balance from one credit card. For example, if you have an 00 balance on a single card, your maximum balance transfer fee will be to , or around 1% of the transaction.
The effect of balance transfer fees grows when you have many small balances on multiple cards, as each card you transfer will be counted as a single transaction with a 3% fee. For example, if you have one credit card with a 00 balance, two credit cards with a 00 balance and a third credit card with a 00 balance, your total balance transfer fee will be 5 or 2.4% of the balance.
Even though paying a balance transfer fee isn’t the most pleasant of experiences, the savings you can reap with 0 balance transfers more than offsets this annoying fee. For example, if you are transferring 00 from a single credit card with a 15% interest rate, your total interest savings, including fees, will be close to 00. Now, even if you have to transfer balances from multiple credit cards, and thus pay multiple fees, you will still be saving over 00 on interest. Plus, this doesn’t even take into account the amount of money you will save with your 0% interest rate on purchases.
Aside from 0 balance transfers, there is one last type of balance transfer offer. This is the fixed APR balance transfer. For some people, it may be worthwhile to use 0 balance transfers for a number of years, transferring your debt from one company to another until the balance is repaid. However, there is always the chance you may not get approved for a 0% rate in the future. If you would prefer to avoid this risk, a fixed APR balance transfer may be right for you.
With a fixed APR balance transfer, you pay a set rate until your balance is repaid in full. For example, a typical fixed APR balance transfer offer will provide a 5.99% interest rate for life. A few credit cards offer no fee fixed APR balance transfers, but the majority do not. Thus, if you opt for a fixed APR balance transfer over a 0 APR balance transfer, your interest rate in the first year will be closer to 8.99% with fees. However, if you know it will take you many years to repay your balance, the long term rate of 5.99% can provide great savings and the security of knowing your interest rate won’t be going through the roof anytime soon.
Overall, the best option for consumers looking to lower their credit card interest rates is a 0 APR no fee balance transfer. However, since these offers are difficult to come by, the next best option is to find a credit card that offers 0 APR balance transfers and a 0 APR on purchases as well. Lastly, consumers looking to pay down their debt over the long term may want to consider a fixed APR balance transfer. However, as with any type of credit card, always look for one with low or no balance transfer fees.
This article was written by Jay Mayweather for Smartcreditchoices.com,, who offers 0% APR balance transfers and no fee balance transfers and compare current 0% APR credit card offers from every major card issuer. Article reproductions must include a link pointing to http://www.smartcreditchoices.com/.
I transferred a balance from Capital One to Citi because my interested on capital one was recently increased. The only issue is I still use that card and pay it all off every month since the interest on that card is 23.99% How can I pay the balance transfer off at the same time while not paying interest on the other charges that I put on that credit card?
Best answer:
Answer by Avatouir
http://www.moneysavingexpert.com/site/the-money-man-gmtv
I use this site whenever I need to know anything. It’s Martin Lewis’ official website. You know, the guy that writes for one of the major tabloids(either the Sun or the Star I can’t remember) and has appeared on Tv several times with tips on consumer rights, how to deal with unfair bank charges etc. I find it very useful and you’ll find a far better answer than I can give
What do you think? Answer below!
I am in a slight amount of debt ( 4,000 on two cards)
I cant deal anymore with 23% apr!! i havent even spent 8,000, i just am paying all these finance and interest charges…any ideas what I should do? Which credit card is best to transfer this balance so i can pay it off with 0% apr in 1 year?
Best answer:
Answer by kelco
Virgin credit card are 0% for 18 months
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Tags: limited number, consumers, no fee balance transfer credit cards, Major, capital one, fee balance transfers