bharatbhasha.com
Free Articles  >>  Business And Finance >>  Page 3377  >> 

Balance Transfer Credit Cards Four Ways To Benefit When You Transfer A Balance





Got credit card debt? Transferring your debt onto a card with a lower interest rate may sound like the perfect solution...and it can be. But the secret lies in paying attention to the details when you apply for a balance transfer credit card. To benefit as much as possible with one, try following these tips.

Check the Fees

When you're looking for a balance transfer credit card, pay extra attention to the fees involved in the transferring process. Many will charge a certain amount for bringing the balance from a different card onto the new one. This amount is usually expressed in the form of a percentage rate. So if you are transferring $2,000 and the fee is 3 percent, you'll have to pay $60 for bringing the amount onto the new card.

In most cases, the balance transfer fee will be relatively small, and you will still save a great deal of money in the process. This is because balance transfer credit cards grant you a certain amount of time during which there is no interest charged to the balance. This gives you a chance to pay off the amount you owe without having to worry about extra charges.

Back Away from Purchases

Having a new credit card may make it tempting to start buying new things. With a balance transfer one, however, you'll want to avoid shopping with it. This is because while you will usually get a very low rate, or even a zero percent interest rate, on the balance, you will be charged a higher rate for the new purchases. So stay away from the mall, and focus on paying off that debt.

Pay it off during the Introductory Period

This is one of the best ways to benefit from a balance transfer credit card. Find out how long the 0% APR period lasts, which is the amount of time that no interest will be charged to your transferred balance. Then take the amount you owe and divide it by that timeframe. Say you have a $6,000 balance that you bring over to the card, and you have 12 months of zero percent interest. By paying $500 each month for a year, you'll wipe out the debt. During that time, you will also save hundreds of dollars in interest.

Learn from the Past

If you need to transfer a balance, there's probably an underlying reason that explains why you need to do so. You may have fallen into debt problems, or perhaps you had an emergency come up and needed to dip into your credit cards. Whatever the reason, it's important to evaluate how you got where you did. Then form a plan to help avoid falling into debt problems in the future. You may want to build up your savings, or focus on paying off the balance on your cards every month.

Balance transfer credit cards can be a great way to get rid of debt. But they can work against you if you don't use them to your advantage. So pay attention to the details, set up a plan, and work to pay off that balance. You'll be out of debt and into a better credit future in no time.
About Author Ed Vegliante :

Click The Following Link To Find Balance Transfer Credit Card Offers Ed Vegliante runs the website <a href="http://www.Credit-Card-Surplus.com" target="_blank">http://www.Credit-Card-Surplus.com</a> , a directory enabling the consumer to compare and apply for credit card offers online.


Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/118487


Article Added on Friday, March 6, 2009
LD
Other Articles by Ed Vegliante

Gas Rewards Credit Cards Save You Money At The Pumps
Gas prices breaking your budget? Switch to a cash back credit card rewards plan and save 2% to 5% on all your purchases at your favorite gas station. For credit savvy consumers that can make a difference in real dollars and cents. Branded gas company cards can cost you By using a major credit card offered by Visa, Mastercard or American Express for your gasoline purchases you can save a lot of money over a branded gas company card, such as Shell, Amoco, Citgo or Exxon. Usually these gasoline...

Apply For a Credit Card A Step by Step Guide
If you need a new credit card, going online is the first step toward getting one. Websites on the Internet will give you a wide variety of cards to choose from, a quick application process, and offer you valuable information along the way. Here's a step-by-step guide to help you apply online for a credit card. Search the Internet Looking online for a credit card is like opening up your mailbox and having it stuffed full of credit card offers. There are so many to choose from that at first...

0 APR Credit Cards The Pros and Cons
A few years ago, credit card companies started offering a 0% APR feature to attract more customers. APR stands for annual percentage rate, and it represents the interest rate that is applied to the balance you carry. With the 0% APR feature, you won't be charged any interest for an initial period of time. Getting this type of card may be helpful, but it's important to understand what's all involved. Here's a look at the pros and cons of this type of credit card. Pros of a 0% APR Credit...

Cash Back Credit Cards The Deal is in the Details
Cash back credit cards: do they really work? The simple answer is yes; the longer answer is that in order to make the most of them, you'll have to pay attention to the details. If you can stay on top of your credit card payments, and use the card wisely, you will definitely benefit from a cash back credit card. The key is to look at the fine print. Here are some tips to help you get a good amount of cash back. Check the Percentage Rates When cash back cards first began, banks usually offered...

Advanta Business Credit Cards A Closer Look
The credit card wars continue to heat up and that spells “good news” for consumers. Despite rising interest rates, many issuers are continuing with their popular 0% introductory APR plans, giving new card holders a great way to save money and pay off their debts. One issuer, Advanta, has thrown the gauntlet down and is now offering an extremely low APR on balances until the debt is paid off. Let’s take a look at three Advanta offerings to find the one that has the best advantage for you and...

Chase Platinum Credit Card Chase Extends Promotional Period
Consumers looking to obtain a new credit card may just want consider the Chase Platinum Visa card. The Chase Platinum Visa card has been in existence for a long time, but just recently some strong improvements have been made by the J.P. Morgan & Chase Co. making the card a strong competitor in a highly competitive market. Is the Chase Platinum Visa card right for you? Please keep reading to find out for yourself. Extended Introductory Rate In the credit card business, all the top cards...

0 APR Credit Cards How Can They Do That
During the days when the federal bank interest rates were at its lowest, back in 2002 and 2003 to be specific, countless credit card providers offered 0% APR credit cards to many consumers. Needing only to pay the outstanding balance, smart consumers were able to charge up to their limits without incurring monthly interest charges. The question that some people were asking when these cards were at their peak of popularity was this: how do credit card providers make money off of this type of...

Citi Credit Cards A Look At The Top 4
With all of the credit card offers available to the public, consumers often have a difficult time choosing the one that’s right for them. Citibank, one of the leading credit card companies in the United States, has a variety of cards from which to choose. I will now highlight four Citi offers for those trying to decide which card is the right one for them. I picked the following Citi credit card offers to highlight based on their popularity on my website, www.credit-card-surplus.com. Read on...

Bank Of America Credit Cards A Look At The Top 3
You probably know Bank of America from its commercials on better banking. They are one of the major players in commercial banking and lending. Well, you know you can enjoy their “Higher Standards” through a variety of products, including mortgages and checking/savings accounts, but did you know they have an uncommonly large pool of credit card options? “B of A” is one of the countries top credit card providers, and their Higher Standards certainly extends to this product line as well. This...

How To Take Advantage Of Rewards Credit Cards
Want to save on travel, pick out free merchandise, or receive checks in the mail? These are just some of the bonuses companies offer through rewards credit cards. With a little planning, you can make the most of your rewards credit cards. How Rewards Credit Cards Work Companies offer a vast array of reward plans. Yet the basic principle of all rewards credit cards is the same: you receive “rewards” for using the cards. For cash back cards, companies offer a certain percentage, such as 1%,...

Click here to see More Articles by Ed Vegliante
Publishers / Webmasters
Article ID: 118487
DELINK URL from Authors Bio
REMOVE Article
Tell A Friend
Leave A Comment!
Download this article in PDF
Report Article!
Search through all the articles:


129 Users Online !
Related Articles:
Latest Articles:
 
Business And Finance >> Top 50 Articles on Business And Finance
Category - >
Advertising Advice Affiliate Programs Automobiles
Be Your Own Mentor Careers Communication Consumers
CopyWriting Crime Domain Names DoT com Entrepreneur Corner
Ebooks Ecommerce Education Email
Entertainment Environment Family Finance And Business
Food & Drink Gardening Health & Fitness Hobbies
Home Business Home Improvement Humour House Holds
Internet And Computers Kiddos and Teens Legal Matters Mail Order
Management Marketing Marriage MetaPhysical
Motivational MultiMedia Multi Level Marketing NewsLetters
Pets Psychology Religion Parenting
Politics Sales Science Search Engine Optimization
Site Promotion Sports Technology Travel
Web Development Web Hosting WeightLoss Women's Corner
Writing Miscellaneous Articles Real Estate Arts And Crafts
Aging


Disclaimer: The information presented and opinions expressed in the articles are those of the authors
and do not necessarily represent the views of bharatbhasha.com and/or its owners.


Copyright © AwareINDIA. All rights reserved || Privacy Policy || Terms Of Use || Author Guidelines || Free Articles
FAQs Link To Us || Submit An Article || Free Downloads|| Contact Us || Site Map  || Advertise with Us ||
Click here for Special webhosting packages for visitors of this website only!
Vastu Shastra

India Hosting Services Provided By AwareIndia







Company IDS