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Balance Transfer Credit Card: Tips On Choosing 0% APR Offer

Picture of credit score If you are in bad credit card debt and you wish to get out of it immediately, it would be best for you to do a balance transfer credit card. This is one of the best and most convenient way of paying off your debts and improving your Credit Score. Most people who have incurred big credit card debts would tend to borrow money from family and friends just to pay off their debts. If you think about it, this is a wise move however you will find it hard to recover from your debts. If you wish to get out of a bad credit card debt, balance transfer credit card is your perfect choice. However, you should be wary in choosing a balance transfer credit card. Although this may be a good idea, it is still highly recommended that you look for a credit card that will fit all your needs.

In order to help you with this, here are some balance transfer credit card tips that you should take note of:

  • The first thing you should look for is a card that offers 0% APR on BOTH purchases and balance transfers. You may find it easy to look for credit card companies who offer low interest rates but you will have some problems looking for ones which offer 0% rate. Do not settle for credit cards like that. In the event that you choose a credit card which does not have a 0% rate, doing a balance transfer will be useless.
  • Once you have found a perfect o% APR credit card, it is advised that you stop making any more purchases. This is to stop you from incurring more credit card debts. It would be wise for you to settle all your debts first before making new ones.
  • Make a plan. After choosing a 0% APR credit card, your next step should be to plan ahead of time. Ensure that you have the capacity to pay off the balance in full before the 0% intro APR of your balance transfer expires.
  • Know what fees will be charged to you. When you have a credit card, you also have to think of the other miscellaneous fees that comes with using your credit card. This may include an annual fee (if your credit card company charges any), Balance transfer fee, late payment fees and many more. Since you are doing a balance transfer, it would be best that you focus on the balance transfer fee. Most companies offer a 3-5% transfer fee every time you make a balance transfer.
  • If you have a great credit score, it is just right that you go for cards which offer an introductory rate that is just offered for a few months. However, this is not advisable for people who do not have an excellent credit score.

Enjoy a successful balance transfer with the help of these tips!