Choosing the Right Balance Transfer Credit Card
With millions of credit cards available, settling down on one optimal balance transfer credit card can be a difficult task. Here are the issues you must address before committing to a card:
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What is the low introductory rate and how long does it last?
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What does the introductory rate apply to? Balance transfers? New purchases? Both?
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What is the rate after the introductory rate expires?
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What is the annual fee for the card?
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Is there a transaction fee for balance transfers? Is the fee for the initial transfer only or for every transfer? If its waived for the first transfer, does is apply to subsequent transfers?
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What are the late fees or fees for exceeding your limit?
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What does the rate jump to if you default?
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What are the ways in which you can default?
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How does the company transfer balances? By requesting such information as issuing bank, account number and balance and doing a wire transfer or by issuing you checks which you can use to pay-off the balances yourself?
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You will find the answers to most of these questions in the terms and conditions section for each card. Because it may take several weeks to process your application you may waste a lot of time by applying to a single card only. Apply to several balance transfer credit cards that appeal to you. If you receive offers from more than one, carefully read the terms and conditions again, answer the issues above, and choose the optimal card. Simply disregard the other offers by not activating them.
To make the comparison shopping process easier and save you valuable time, we have compiled a review of the best balance transfer credit cards available on the market. You are welcome to browse through the recommended cards, review them, and apply to as many as you like.
