How to Find Your Balance Transfers Credit Card

It is not easy choosing a balance transfers credit card. Unless you go deep into the fine print, you will never understand what it is all about. Most of us opt for a balance transfer credit card only then we want to consolidate our debt or when you want to avoid paying high interest on our existing debt. A balance transfer card helps us achieve both objectives without any difficulty.

Paying one cent as interest on every four cents borrowed is just a way of committing financial suicide. Rather than paying 25% interest, it makes sense to opt for another credit card. High APR fees can choke your finances and starve you for funds. The primary issue is- do you have a good credit rating? If yes, then you can approach reputed card issuers for great balance transfer deals. You can save thousands in this process.

Just log on to the web and search for the right deal using reputed websites like Find-Cards-Now.com. Cards offered by reputed banks offering great deals at attractive interest rates will be available. Some cards charge 0% interest during the introductory period. On the other hand some cards charge a nominal interest rate.

The balance transfer market is dominated by the giants- Discovery Card and American Express. They play tough and offer great benefits to switch over to a new card along with a balance transfer option. However, do not get carried away by promises of 0% interest.

For starters, introductory rates do not last forever. No credit card issuer will ever lend money to you for free. At worst, the rate will last for three months and at best the rates will last not for more than a year. Some cards like the Advanta Platinum Business Card offer rates for even fifteen months. However such cards are rare.

People focus on finding out when the introductory rate will lapse. However they do not understand the real secrets of a balance transfer credit card. They do not keep track of the fees charged by various credit card issuers for offering the service. Credit card issuers throw in a 'no annual fees' promise as well when offering the card. However, they charge a fee on balance transfers which works out to around 3% of the amount transferred or $150 which ever is less.

Be prepared to pay $150 when you are transferring your balance from one credit card to another. Further, use online credit card calculators to arrive at a general estimate of your interest liability. Once you have determined your interest liability, compare it with your balance transfer charges to determine the exact amount that you save. Do this for every card and choose the card which offers you the best deal.