Balance Transfer – This card is not like the other

Balance Transfer - This card is not like the other

As another way to get your business, many card issuers offer balance transfers. This can give you some leverage as a consumer and an opportunity to save some interest. Most credit cards offer 0% APR for 6 to 12 months with no transfer fees. This is sometimes referred to as the “teaser rate.”

A balance transfer can be a good way for you to consolidate debt. You can take your outstanding balance on one, two, or more cards and transfer it to a card with a lower rate. Once approved, you would have all your payables on one credit card and essentially have taken two or more interest rates and transformed them into one lower rate.

If you want to carry a balance, look for the credit card that offers the best interest rate or the lowest annual fee. However, if you intend to pay for the credit every month, then look for the one that offers the lowest interest rate. Take note of the new rate after the introductory offer is over. Is it going to be more than what you have now? Are there any other fees involved? Make sure. Also, does the introductory offer apply to balance transfers and purchases?

You can choose the credit card that offers the lowest annual percentage rate (APR). APRs could either be a “fixed” or a “variable” rate. Fixed rates do not fluctuate as the name suggests, but are higher.Variable rates change depending on economic trends. I usually avoid anything that’s variable, but you should explore your own options carefully. This should be considered when deciding whether or not to carry a balance and for how long.

Other factors involved in your decision for a balance transfer might be the rewards (reward points) or cash back a card offers. You may want to look into something you purchase often, like airline miles or gas rebates, if you drive more than usual. Other cards even offer cash back for paying home utilities and a mortgage, like the Citi® Home Rebate Platinum Select® MasterCard®. There is much competition for your money, and if you take time to explore your options, you can turn some disadvantages on your present credit card balance your way.

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