A credit card balance transfer is when the balance in one credit
card account is transferred to another credit card account held by a
different credit card company. If you are in good standing with your
credit scores and/or considering consolidating your credit card debit
or perhaps you just want to move your balance to a card with more
suitable terms, then you might want to take of look at different
balance transfer credit cards offers. Look for the ones that
only offer 0% APR for a full 12 months. If you need to transfer more
than $3000, it may be practical to have more than one balance
transfer card. There are certain things that you should know before
you make any type of balance transfer regardless of how inviting
balance transfer credit cards offers may sound.
All 0%
APR have a fine print clause that is easily overlooked and sometimes
hard to understand. Some credit card companies use deception to lure
customers into applying for balance transfer deals that aren't as
they appear. Any balance
transfer credit cards offers which offers 0% APR up to 12 or
15 months may approve you, but may only grant you a 0% APR for as
little as 6 months based on a review of your credit score. In
consumers’ eyes this might be considered as false advertising and
misleading due to credit card issuers promoting credit cards at 0%
interest rates up to a certain number of months while allowing
applicants to transfer balances, online, without fully understanding
the conditions of this type of transaction.
Balance transfers
on credit cards which offer 0% for 12 months can save you a good
amount of money; however, a 0% rate for 6 months can provide little
to no savings especially if there are balance transfer fees involved.
That’s why consumers are strongly urged to wait until their credit
card arrives in the mail before considering balance transfer
credit cards offers online. This way they can have a closer look
at the credit card terms and conditions to make sure the 0% APR
covers the duration of time expected.
Another good reason to
consider applying for 0% balance
transfer credit cards offers is just in case of an emergency
where you may need cash that's readily available however make sure
you’re able to put the funds back into your credit card account
before the 0% special rate offer expires.
