Tuesday, 12 June 2012

Zero Percent Balance Transfer Credit Cards

Tips For Choosing Zero Percent Balance Transfer Credit Cards

In my opinion, some of the best credit cards out there are those that allow you to get 0% balance transfers. If you're unfamiliar with these cards, I wanted to show you how you can take full advantage of them. Just because you're going to get 0%, doesn't mean that you're going to get it for the life of the card.

I wanted to list a few things that you must read into, before you sign over an application.

1. Read the fine print
Credit card companies love to mislead people here and there. This is why it's important that you read the fine print. How long is the APR on your balance transfer going to last? Is it going to last 6 months? 12 months? etc? Many will last a maximum of 12 months.

2. Be aware of penalties
Some companies will cancel your balance transfer if you miss a payment for example. Let's say that you have 12 month balance transfer. Let's say that your terms state that if you miss a payment, they can cancel on you. You're going to know these things.

3. Is there a fee?
Many people think that they can just sign up with their card, transfer a balance and they are done with it. What I have found is that there are cards that will charge you 2 or even 3% of the balance. What this means for you is that if you transfer over $10,000, you may have to pay $300 on that for a fee. Read or even ask about this. It's very important!

4. What is the max?
Let's say that you want to spend or transfer over $15,000 because of a car payment. You're going to want to make sure that you can transfer over this kind of money. What you can do is simply ask the credit card company to see if you can get approved for something like this.

There are a lot of balance transfer cards out there and you're going to find that this is what a lot of credit card companies will do to pull you in.

So, to recap what we just talked about, this is what you're going to need to do.
  • Read the fees - Make sure it's worth it.
  • Want the card for the future - Make sure it makes sense.
  • Look for reviews - Do other people like it?
See also to find some of the best zero percent balance transfer cards on the market today. See which one is going to work for you.

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