Looking For The Best Balance Transfer Deal
There are plenty of ways a balance transfer can help you regain control of your financial situation. You can benefit from saving money, paying less interest and finally repaying your credit card debt as well.
So how do you go about getting a balance transfer and how do you find the right offer to suit what you need?
What to Look For in a Balance Transfer Credit Card
Most people automatically assume that, in order to get the best deal, they need to find the lowest possible rate and then apply immediately to start saving money.
This isn't always true. There are circumstances where finding a slightly higher rate could actually save you more money in the long run, and this comes down to understanding how to find a balance transfer deal that is exactly right for your personal financial situation.
Your debt level won't be the same as anyone else's. Your income isn't the same as anyone else's, and your particular debt reduction strategy won't be the same either.
So just because someone else had great success with one particular balance transfer deal, it doesn't mean you will automatically.
Look for a credit balance transfer deal that offers a very low interest rate and then look at how long that low rate will last for. Chances are, it will only extend for 6 months or so.
If you honestly believe you can repay your entire credit card debt in six months, then go ahead and apply for that 0% balance transfer offer that lasts for six months.
However, if you know your income just won't stretch far enough to completely pay off your whole credit card debt in this time, you might want to look for a deal that lasts for a longer amount of time.
Payment period offers are available in 12 month or 15 month options. If you still don't realistically believe that you can repay all of your debt in this time, perhaps consider a 'lifetime balance transfer' deal instead.
Sure, the interest rate might look a little higher than the really short term deals, but remember that you'll be enjoying that really low rate for however long it takes you to pay it all off. You won't have to worry about your interest rate sky-rocketing up to the standard purchase rate once a six month deal ends.
Instead, you stand to benefit from paying less interest on your debt for a longer time. It also gives you the time you need to repay your debt once and for all without the added costs.
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There is an interesting point about the best balance transfer credit card offers with 0% APR is that you get away with no interest payments on balance transfers for a certain period of time. Depending on the offer itself or your current FICO ratings, this can range from three months to even an entire year. Such deals can be used by financially astute individuals in two different ways.
Do you have a good credit score? Then you can use this to your advantage by applying online for a credit card that has zero interest balance transfer. You can find the best credit card offers online
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