Saving Money with the Credit Card Balance Transfer
When selecting a new credit card, the credit card balance transfer offer is tempting. You will be able to get rid of your high interest credit card for something with a lower interest rate or an introductory 0% interest rate. Either of these options allows you to save money as opposed to what you are paying right now.
It is important to keep in mind that even if you are transferring to a lower interest rate, most cards will charge a fee for a transfer. This could offset the benefit of transferring the funds from one account to the other. There are some which offer no fee balance transfer credit cards, but these are uncommon. If you can find one of these attached to a card with a lower interest rate, you will be able to save money by transferring your money.
The most common of the credit card balance transfer offers is the offer for a 0% APR introductory rate. These are typically only for the first 1-2 years that you have the card. Keep in mind that whenever you make a 0% balance transfer that the balance will carry longer if you are making purchase with the card. This is because new federal regulations mandate that all purchases which have interest applied to them have to be paid before 0% balances can be.
To find which credit cards offer a 0 balance transfer, you can do a simple search online through the search engines. You will find offers from Chase, Citi, Discover and Capital One. These cards will allow you to transfer your balance to the new card. Cards like the New Slate from Chase will allow you to transfer money to the card without a balance transfer fee. You will have 15 months on this card to pay off the balance at which time the APR will go to 11.99%-21.99% variable. Pay attention to the individual requirements for each card to determine which is best to suit your needs. Avoid the temptation to apply for multiple cards as this can have a negative credit impact.