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Sunday, 17 June 2012

Balance Transfer Credit Cards For Fair Credit

If you owe a balance on your credit card, or several credit cards, you may be able to get lower interest rates for a while that help you pay down your debt, thanks to cards that offer balance transfer for fair credit. Many credit cards offer great deals on balance transfers with low interest or no interest for a limited time, but it's hard to find those great deals if you have made credit mistakes. Some cards, however, special in cards that offer balance transfer for fair credit.

Chances are your rate won't be as low as it might have been if you had good credit, but as long as it's lower than what you're currently paying, you can make it work for you. While the idea of being able to convert those high-interest balances to a card that offers balance transfer for fair credit has its appeal, there are pitfalls you need to watch out for.

What will the interest rate be on the card that offers balance transfer for fair credit? Obviously it's lower than your current rate or you wouldn't even be considering it, but how much lower is it? When you figure in the extra you'll pay in transfer fees (up to $75 per transfer) will you really be saving money?

Let's say you've done the math and you will be saving money, even after transfer fees. Now you need to look at how long the introductory interest period is. You won't get that lower interest rate forever--if you carefully read the agreement you'll see exactly when it reverts to a "regular" interest rate. Is the time period of lower interest on the card a long enough period of time to make it worth the hassle?

If it is, then what will the interest rate be when that period runs out? Is it still lower than your current cards? You might be shocked at how quickly and how high the interest will go up on a card that offers balance transfer for fair credit, so be sure you have the facts before you sign up.

You can visit www.smartcreditchoices.com that has many credit card offers including 0% APR credit cards, balance transfer credit card offers and much more.

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