BALANCE TRANSFER CREDIT CARDS    

EVERYTHING YOU NEED TO KNOW ABOUT PERFORMING A BALANCE TRANSFER :

What exactly is a credit card balance transfer?
A credit card balance transfer is simply moving a balance from one credit card to another. The main reason for doing a credit card balance transfer is to take advantage of a super low interest rate from a new credit card company and close the higher interest rate card from the old credit card issuer.

The competition is heavy among credit card companies. We work hard to bring you what we believe is the best value, the best terms and conditions with the best interest rate and best balance transfer credit cards available that will save you more money in the long run.

A balance transfer credit card allows you to transfer a high interest credit card balance onto another card at a lower interest rate. Over a period of time a balance transfer credit card can save you a lot of money. Choose a credit card with a low introductory APR of 0%, which will stay at 0% for a certain period of time. The terms of a balance transfer credit card will differ, so be sure to read the conditions and terms for the card you are interested in obtaining.

While searching for the credit card that is ideal for a balance transfer, choose a low interest credit card offer preferably with an introductory offer of 0% but remember that these credit cards usually will offer a low introductory APR that changes to a higher rate at a specific time. Your introductory APR credit card may be introduced at 5% interest for 6 months and then change to 10% thereafter. In other words, purchases made during the first 6 months will carry a 5% interest rate and purchases made after the 6 month period will be charged at 10% interest including any balance that carries over from the first 6 month period.

Larger purchases are made many times on a credit card introductory offer with a low APR allowing more time for the balance to be paid off. It is advisable many times to include other credit card balances and make just one transfer. And, of course always read the terms and conditions's to avoid any misunderstandings, or penalties when doing a credit card balance transfer.

Why should I consider a balance transfer credit card?
• To pay down a larger portion of a credit card balance where more money goes to the principle rather than the interest.

• Consolidation of bills at a good interest rate, making sure to transfer the balance of your most costly card first. When making a credit card balance transfer most credit card companies will include several checks for this purpose. At this site you are able to transfer balances in just a few simple clicks. You can calculate your savings at anytime during the application process.

• Change the due date of your new balance transfer credit card to correspond to your "payday". I you have direct deposit on the first, arrange to have your due date on the 10th or whatever date that will work for you so you won't insure a late fee which could possible negate that 0% APR you just acquired.

• At the time of your balance transfer you may want to consider including balances for your spouse or a friend, or consider other options during the 0% introductory offer.

What should I consider when applying for a 0% balance transfer?
• Consider the rate of interest after the introductory rate ends. Make sure you have enough time to pay down your balance before the introductory period ends-you'll save more money this way.
• When doing a balance transfer credit card, make sure you understand the terms, conditions and fees, if any.
• If there are fees on associated with your transfer-make sure it's worth your while to transfer. Many of our cards do not incur monthly or yearly fees, but like we always say - remember to read the fine print.
• Be sure to read all conditions, rates, terms, etc and understand them BEFORE you go forward with the balance transfer credit card.
• Keep up with the date your interest rate ends (mark it on your calendar) then make a determination of what you should do before that time arrives.
• Consider more than one credit rds with balance transfer if one company only offers you a low limit when you actually need a higher limit, but don't get over-extended.
• Fast, easy and secure and a card that will save you money in interest.

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How do I save money every month on my new balance transfer?
Transfer ALL your credit card balances to your new low interest card to achieve maximum savings. And remember, depending on the card you choose, you'll be earning points, cash back or rewards when you use your new card for purchases.

Which types of balances can I transfer?
Most any brand of credit—personal loans, bank cards, department store credit cards, charge cards and gasoline credit cards.

Will I earn points or rewards on my new balance transfer card?
In most cases, points, rewards, etc. are generally not earned on the amount being transferred, but as you use your new card, you will begin to earn rewards, points, cash back, etc. whatever the case may be.

What should I do once I have my new card?
• Pay as much as you can each month so you can make a real effort to get your balance to zero. No more making just minimum payments.
• Don't be late or you may lose that low APR. Make payments as you get extra money. You don't have to wait until you get the statement. Make extra payments if you can.
• Check the balance on your old credit card in case you have a "credit" – if so ask for the credit to be applied to your new account.
• Keep on top of your credit card debt. Use your credit card wisely.

What is "debt-to-income ratio? and how does it affect my balance transfer rate?
Debt-to-income is exactly as it sounds—How much debt you have versus how much money you have coming in. Most lending institutions feel that it is acceptable to have 25% of your income as debt. We believe it should be more like 10 to 15% and of course ideally—zero.

What is "potential debt"? and how does it affect my balance transfer credit card?
Some people make the mistake of applying for a new card with no intent of ever using it. They have a false belief that since they were able to qualify for a new card and attain a high credit limit that this somehow improves their credit rating and/or makes them more attractive to banks and lenders. When in actuality it shows the bank or lender that they have the "potential" of charging a large balance which in the eyes of the lender decreases their debt to income ratio as described above.

Are there other benefits?
Yes. Not only are you saving potentially large amounts in interest charges, with your new card you'll be earning points, cash back, rewards or airline miles each time you use your new card for purchases.

Should I bother reading all that print you can hardly see and all those * (asterisks)?
YES! Always read the fine print to avoid any surprises which could easily turn into more money out of your pocket. Keep track of your credit rating and your credit score. Also, don't just glance at your monthly statement, examine it for possible charges not made by you—protect yourself from identity theft.

Also, make sure the credit card company you are working with to get your new balance transfer card is trustworthy – don't let them talk you into using blank checks that usually carry a higher APR.

What do I look for when getting a balance transfer credit card?
Look for a low interest rate. Ideally, 0% APR and a low interest rate after the introductory offer expires. Also look for a credit card with a "grace period" (the time between your date of purchase and the date when the interest begins being charged on that purchase).

Are there any other fees or charges I should know about?
Although many of our cards are fee-free, be aware of the ways that fees are charged, such as:
• Fee for cash advances
• Late payments
• Exceeding your credit limit
• Flat fees whether you use your card or not
• Balance transfer fees

Consider all the fees, but if you have a high balance on your old credit card, you will still be better off in the long run with a 0% rate credit card balance transfer over the next 6 months to 12 months.

How can I be more more financially savvy after my transfer is complete?
While credit cards are a wonderful way to buy something now and pay later, it is easy to lose track of just how much you have spent and when you get the bill - you are shocked. Keep a record of what you buy on your credit card and don't overdo it. A good practice is not to charge any more in one month's time than you can pay for the following month. If you carry a balance you will be paying finance charges and your debt can grow very rapidly. Before you know it, your minimum payment only covers the interest—consider a balance transfer credit card at this time. Be responsible and don't get yourself over-extended. You could ruin your credit rating, which could impact your entire life with a negative report. A negative report will make it difficult to finance a car, a home, get good insurance, or even in some cases may affect your employment.

If you just can't pay off your credit card balance before the introductory offer expires, you can always apply for a new card with a low rate of interest and transfer your balance once again. We're not advocating "offer to offer" jumping in order to save interest, but that is a possibility if you need more time to pay off your balance.

How do I actually perform the transfer?
• Click the "apply" button above.
• Fill out the application—have your social, amount of income and phone numbers ready to enter.
• As part of the application, you will be asked if you would like a credit card balance transfer—simply enter your old credit card number and the amount you would like to transfer to your new card.
• Remember to read terms and conditions—a balance transfer is a binding contract between you and the card issuer.

Are there balance transfer credit cards for bad credit?
Yes, there are a few good ones. Check out our bad credit cards section on the left menu. You will find extensive information and FAQ's for bad credit.

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How do I close out my old higher interest rate credit card?
• Send minimum payment to old company promptly
• Sign up for the new low-rate card
• Complete balance transfer credit card form
• Continue to make minimum payments while balance is pending
• Receive notice of balance from new credit card company
• Call old company to verify balance transfer
• Get zero balance from old credit card company
• Close old account (Ask old credit card company include statement to any credit bureau that the account was closed upon customer's request. To insure the account is closed, cut your credit card up and mail it to the card issuer.

Why do you only list a few balance transfer credit cards?
There are hundreds of cards that offer balance transfers. We cut through the clutter of marketing tease to bring you only the best values. We monitor, research and review only the best deals for our customers, saving you time, hassle and money. We work hard to bring you only the best and most current 0% balance transfer cards. We monitor the balance transfer credit card market on a daily basis to insure you are selecting from the best offers currently available in the USA.

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We encourage you to always read the fine print. © /F 2007