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Tuesday, 26 June 2012

The Best Balance Transfer Credit Cards

The Secrets Behind The Best Balance Transfer Credit Cards

Finding the best balance transfer credit cards isn't as easy as one may think. While all the major banks and credit card issuers offer balance transfer deals, not all of these offers are the same. Not by a long shot. The great lure for most of these charge cards are the favorable interest rates being offered. Credit card companies such as Chase, Discover Card and American Express are very active in the credit card balance transfer market.

Now here is where they can and do differ. The interest rates that are offered are usually 0% APR, or well below the prime rate. These are always, without exception, introductory rates. They can last anywhere from 3 - 15 months. That time frame is rather substantial isn't it? If you are looking for the best balance transfer credit cards on the market you must be aware of the length of this introductory period.

Credit card companies are in business to make a profit, not to take a loss playing interest rate arbitrage. These intro rates are simply designed to bring in new customers. And it works very, very well. The issuers know that most people will not pay off their transferred balances before the introductory rates expire. They then charge the prevailing rate on the balance that remains.

What you want to look for if you are seeking to consolidate credit card debt is the longest introductory period that you can be granted. I suggest settling for nothing less than 12 months. The terms and conditions of the various offers will be spelled out on the credit card application. Take the time to read and understand them. You also want to know what fees will accompany the charge cards you are considering.

Even the best balance transfer credit cards will have a balance transfer fee. It usually runs around 3% and there really is no way of avoiding it. But with that said you should never apply for a card that charges an annual fee.

Beat the banks and credit card issuers at their own game. Pay off your balance before the introductory period ends and save yourself a whole boatload of money. Use that extra cash to treat yourself to something special. You deserve it.

You can go to www.creditcardcandor.com to compare and contrast the best balance transfer credit cards as well as apply for a credit card of your choosing over the internet.

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