What do you look for in a credit card? If you’re like a growing number of American consumers, you’re looking for a great balance transfer credit cards that include a 0% intro APR that allows time to pay down credit card debt. There is no shortage of these financial gems.
Editor’s Choice[card id=”969433″]
In order to qualify for our Editor’s Choice, a balance transfer card must have a “total package” for the consumer. That might include a first-year waived annual fee, a low APR or an especially impressive introductory period. With so many options, it’s become easier to find the best fit for any consumer. Our Editor’s Choice is chosen based on those considerations, as well as several others.
4 More Top Balance Transfer Credit Cards[card id=”971458″] [card id=”1005668″] [card id=”971463″] [card id=”768273″]
For some, opening a new credit card account for the sake of the balance transfer option might not be the best decision for his financial situations; however, they can be a great tool especially for those trying to pay down debt while also getting out from under another higher APR credit card. The discipline in remaining focused on the reason for choosing a balance transfer card is where you’ll find the reward.
Many Benefits Besides Balance Transfer Option
Fortunately, there’s been a shift in American economy and as we mentioned, it’s all about healthy competition. That can only benefit every card customer. Keep in mind that these credit card offers can sometimes come with even bigger perks than you realized. Not all of these types of offers will include a no annual fee, but there have been a few new card companies and banks that have completely dropped the annual fee from its offers. It’s another way to save as you go about the business of paying off those credit card balances. Today’s newer offers include a host convenience perks, such as emergency card replacement if you lose your card, rental car insurance and much more.
Balance Transfer Cards: Caution is Key
Here’s what you don’t want to do: apply for and receive a balance transfer credit card, and then decide not to transfer the balances after all. Not only have you done yourself a disservice, but you’ve also just added to your debt load. A healthy dose of discipline goes a long way.
Pay attention to the details. Break one stipulation, and you could find yourself with a rescinded intro period. That’s just one more reason why it’s so important to review the terms and conditions with any offer. Keep in mind that your credit history will determine what your APR will become after the intro period. You might want to request a copy of your credit report from the three reporting agencies just to be sure there are no errors. If there are, you should consider getting those errors cleared up before shopping for any kind of credit card or other financial product.
Here’s where you’ll really need to consider your choices: if the balance you’re transferring is coming from a long-since established credit account, you might want to consider not closing it and that’s especially true if it’s the credit card that you have the longest history with. The reason being creditors look at your overall payment history as much as they do your credit scores. That said, if it’s not a card you’ve had established for too long, you may want to close it after you transfer the balance. This is just one of those things that really have no right or wrong answer; however, the decision you make in terms of what to do with the card after it no longer has a balance can affect your credit.
Too many times, we see one great benefit to selecting a balance transfer credit card, but the truth is, you can’t dismiss the other compliance considerations – especially if one misstep means you lose those precious 0% APR months that come as a sign on bonus. Don’t forget to check the other fees, such as an annual fee, ATM fees for cash withdrawals and late payment fees. One final note: these days, credit card companies are really stressing their revamped customer service departments. Getting a friendly voice on the other end of a phone call can make all the difference. Don’t underestimate those assurances of one card company having the best customer service in the industry – it can go a long way.
Have you had any personal experience with Balance Transfer Credit Card?