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Sunday, 17 June 2012

Credit Cards Balance Transfer Offers

There is one major benefit of balance transfer offers - they can get you out of credit card debt, which is known to be extremely damaging to your credit score. The problem is that there are numerous options to pick from and you have little time since you want to get rid of the debt quickly. For this reason, you have to know exactly what you need and use a few small, but important tricks to get the best new credit card for you.

Figure out how much debt you have and how long it will take you to repay the principal before comparing balance transfer offers. If you think that you will need 12 months, then you may not be able to find a new card with 0 per cent APR for this period. In this case, you will have to compare interest rates and pick the best one. The good news is that longer-period cars that charge an APR higher than 0 usually have no transfer rate so you still save.

Check your credit score and recent credit history before you even consider balance transfer offers. You have to make sure that your application will not get rejected as this will further reduce your credibility as a borrower and lower your chances of getting rid of your existing debt. Furthermore, the lower your credit score is the smaller the balance transfer you will be offered. Ensure that any errors are fixed timely and try to make any improvements, if you can.

Collect as many balance transfer offers as possible. You can readily use a specialized website for the purpose, instead of checking with lenders separately as this will save you time and effort. You will certainly land on the best credit cards easily and super quickly.

Compare the lengths of the periods with 0 per cent or very low APR and ensure that they fit your repayment schedule. Compare the actual balance transfer fees as well. In most cases, they are no greater than 3 per cent, but usually bigger than 2 per cent. Check specifically for any other fees that may be applied. These include both one-time fees such as the application ones and any monthly fees.

Compare the penalty interest rates and fees of the different balance transfer offers that you consider. This is important especially if you have a big dept and a lot of expenses and the chances of defaulting are high. You can expect the penalty interest to be considerably high. If you miss a payment, you will be charged with a fee of $30 to $50 in most cases.

Check the interest rate that you will pay after the initial period and the compare the extra perks that you will get. The best credit cards have fairly low APR for the remaining period. You can expect benefits such as loyalty points and cash back rewards.

Last, but not least, check how long it will take for the transfer to be processed. The best balance transfer offers give you processing in a matter of hours. You would not want to wait for days during which interest is accumulated on your existing debt.

Comparing balance transfer offers is now made easy. You can visit www.creditcardflyers.com that offers balance transfer credit cards directly online. The premium service is totally free.

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