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3 Steps to Finding the Best Balance Transfer Credit Cards

Looking for the best balance transfer credit cards? You're definitely not alone in your endeavors. Millions of consumers carry credit card debt, and they often turn to low-interest balance transfers to help alleviate the toll on the monthly budget. The problem is, not all of these cards are created equal. How do you find the best ones? Here are three easy steps to follow...

1. Do Your Homework

First things first -- you need to do your homework. Find out which balance transfer credit cards are available and what terms are being offered. When researching cards write down important information including the introductory interest rate, how long the rate is good for and what the rate will be when that period is over. You'll also want to make note of any balance transfer fees and annual fees.

2. Assess Your Situation

Once you know which balance transfer credit cards are available and you understand the terms they offer, you need to assess your debt situation. The card that's right for you will be largely determined by how much money you owe and how long it's going to take you to pay that debt off.

Add up every single penny of your credit card debt and then figure out exactly how much you can pay towards that debt each month. Using a credit card calculator, you should be able to estimate how long it will take you to pay that debt down at various interest rates. Keep that information handy -- you're going to need it for step three.

3. Compare Carefully

Once you have all the above information, it's time to make apples to apples comparisons with each of the balance transfer credit cards -- and make sure you do so carefully. Remember, just because card A has an introductory rate of 0 percent for 12 months and card B has an introductory rate of 8 percent for six months, it doesn't automatically mean card A is right for you.

You need to look at the long-term benefit of the card you're choosing, as well as your personal financial situation. If you've only got $1,000 in debt and you can pay it off in 12 months or less, then card A is definitely a good idea. If, however, you have thousands of dollars in debt and card B offers a lower long-term interest rate, then that's the card you should go for.

Finding the best balance transfer credit cards isn't always a walk in the park, and it does take some work, but the long-term financial benefits are well worth the effort.

About Author Sean Masterson :

For more tips on the best balance transfer credit cards, saving money and avoiding getting taken, check out, a website that specializes in providing credit card tips, advice and resources. <a href="" target="_blank"></a>

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Article Added on Tuesday, April 28, 2009
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