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Saturday, 2 June 2012

0 Balance Transfer Credit Cards

Zero interest or a 0 balance transfer credit cards are a great idea for most of the people, but let me tell you that there are pitfalls to each and everything. There are certain things that one should know before actually using such a card. Here are few tips to this:

1. Make sure that you know about the fees involved in transferring the card balance. A card with zero interest does not mean that the usage of the card is also free. Most of the companies make a lot of money just by offering a zero interest card as they charge the customer through transfer fee. Be already educated about the percentage fee which you might pay upon transfer and if there is a cap beware of card balance transfer that does not have a cap.

2. Find out whether the purchase you make using such a card are also zero percent interest as most of the times though transfer may be zero percent interest, but purchase can be costly. The best thing to avoid this is to have a separate credit card for new purchases.

3. The most important thing is to read all the terms and conditions before you actually want to use a card. Always read the fine print and be aware when exactly the 0% interest balance transfer deal ends.

4. The most common thing to be considered is that to avoid paying late as the companies do penalize their customers you if you ever pay late and then they raise your interest rate just because they pay late.

5. Make sure that you are avoiding transfer of your credit card often as this will affect your credit rating in future. There are credit companies who do not want to work with customer if they find that the customer will transfer money elsewhere as soon as the profit begins. It is a good idea to have a zero interest balance transfer as it is great in current financial conditions.

As all the companies offering such a card have different terms and conditions it is very important that you read all the terms and conditions before you actually accept the offer. If you are interested in such a card it is always good to know how the card works and how the card issuers make money through it as nothing comes for free. There are many people who are under an impression that by offering a 0 percent credit cards banks do not make money but they get more customers, but the truth is that the credit card issuers receive money on each and every transaction made by the customer.

The transaction fee varies from card to card as well as it also depends on the type of transaction. Generally the transaction fee is up to 1 percent per transaction. As aforementioned in this article as the terms and Conditions do vary from company to company few of the terms and conditions are common. The most common is that if the customer pays late then the zero percent offer ends and the regular interest starts. So make sure that you are aware of each and every condition before you use such a card.

Visit moneyinthewallet.com to compare 0 Balance Transfer Credit Cards and apply for best credit card that suit your needs today.

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