You have a large credit card debt, and want to save as much money on the debt as possible. You have heard that balance transfer offers are a very effective way of dealing with credit card debt faster, but aren’t really sure of what to look for from balance transfer offers.
Well good news! We have put together a guide as to some of the most important things you should look for from a new credit card.
Low Rates – The lower the rate of interest you are offered, the less you will spend on the debt over the longer term. For that reason you want to look for a credit card that comes with the lowest possible rate of interest.
There are some balance transfer offers that carry a 0% rate of interest, although you do need to weigh up the pros and cons of the other card features, such as term of the low rate, and annual fees etc.
Long promotional period – Some balance transfer offers come with longer low rate periods than others. Some will offer a very low rate for a short period of time, whilst others will offer a slightly higher rate but for a longer period of time.
Working out how long you think it will take you to pay the debt off will help you decide what will suit you better.
Low annual fee – Another area you can save money with balance transfers is by finding a card that carries a low annual fee.
This is the fee that card providers charge customers for the privilige of using the service. Some credit card offers actually come with no annual fee for you to pay, and these of course will save you the most money.
Interest free days- A credit card that has quite a long period of interest free on purchases will allow you to spend on your new card if the need arises. This means you will have anywhere between normally 30-55 days without being charged interest on your new purchases.
These are just some of the features you should look out for when choosing credit card balance transfer offers. The key is to shop around, and try and find a deal that has as many of the positive benefits as possible.
Used correctly, credit card balance transfers are one of the quickest and easiest ways to save some money on your debt. Keep your eye out for the best deals as new offers appear all the time.
