Card 0% Balance Transfer
Balance transfer credit cards allow you to transfer your existing balance on another card to a new card. This helps you to postpone the payment on your card and maintain your credit rating. Banks are willing to offer you a balance transfer card as they are keen to take you as a customer.
Usually, credit card balance transfers attract a higher APR than cash advances and purchases. This is because balances are overdue credits. However, in order to attract you, they will offer an introductory period where they will charge you an APR of 0% on balance transfers.
The best credit cards offering 0% balance transfers for 6 months are
All the above are 0% balance transfer cards. There are other cards which charge a low APR for credit card transfers. These are:
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– 3.9% Fixed APR on credit card balance transfers until 2010
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– Low introductory APR starting from 8.75% on credit card transfer for the first 6 billing cycles which applies to balance transfers processed within three months of your account open date
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– 7.25% APR on credit card transfers
For credit card transfers, most banks charge a transfer fee which is a percentage of the amount you are transferring. For instance,
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– 3.00% for each balance transfer made under this offer, with a minimum of $10 and a maximum of $75
However, some banks charge no balance transfer fee for the transaction. For example,
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– No balance transfer fee only if you apply through the online offer
If you want to transfer your balance from one credit card to another, you must see that the new card has a higher credit limit than the amount you are transferring. Another condition is that you can only transfer up to a maximum of 80% of the credit limit. For instance, if you want to transfer $8,000 then you must select a card with a credit limit of at least $10,000.
How To Choose a Balance Transfer Card
Choose balance transfer cards which gives you a long introductory period with 0% APR, preferably with minimum transfer fee. You can find a list of the best balance transfer credit cards on http://www.creditcardofferonline.com. Select the card that offers the best terms and apply for it online. It might take a couple of weeks for the application to be processed. So you must keep paying the minimum due amount on your existing card till you get the new card.
One point you need to remember is that frequent balance transfers might decrease your credit score.
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