ADVERTISER DISCLOSURE
AcclaimVisa.com is an independent, advertising-supported web site. AcclaimVisa.com is compensated by the credit card issuers whose offers appear on our site. This compensation can impact how and where credit products appear on our site, including, for example, the order in which they may appear within product listings. AcclaimVisa.com does not offer, review or present all available credit offers.

Clinch a good deal on balance transfers

[Monday, November 29th, 2010]

Cardholders end up in messy situations due to the lack of discipline when it comes to paying off their monthly dues on their cards. Paying off regularly every month is the ideal scenario failing which one would end up paying the penalty or the extra interest rates every month. Under such situations one would want to opt for a balance transfer to a card which has lower interest rates or a card which has 0% APR. While doing so, one should opt for a card which has really rock bottom interest rates.

There are many issuers who would offer a 0% balance transfer deals wherein some deals come with a longer grace period, which could be up to 15 months. Some other card companies offer 0% interest on balance transfers as well as on purchases for a period of one year. However, before making a choice it would be wise to use a balance transfer calculator and see just how much of a saving can be made by doing the balance transfer to a card with the so-called ‘low interest rates’.

A card which charges no fee for a year or more than a year and a one that comes with 0% balance transfer offers could result in some decent savings. But the balance transfer fee itself which could be anywhere between 3 to 5% could wipe out the benefits of the savings. For instance, for doing the balance transfers on an amount of about $5000 the 3% fee would be $150, which could be pretty high.

In order to do the balance transfers one needs to qualify in the first place. Here the credit scores are taken into account. The credit scores should range between good to excellent in order to qualify.

One should ideally look for a low rate credit card with no balance transfer fees. Out of the 33 cards that were surveyed it was found that at least 25 of them do not charge any fee on balance transfers.

In order to get the maximum benefits out of balance transfers it is advisable to pay out as much as possible and carry forward only a minimum balance. To avail the maximum benefits one has to clear the maximum on the balances during the low-rate introductory offer period. By adopting some of these measures one can easily come out of messy situations without much of a hitch. But a word of caution before choosing the card would be to read the fine print.

Copyright © 2006-2017
AcclaimVisa.com.
All Rights Reserved

AcclaimVisa.com is an independent, advertising-supported web site. AcclaimVisa.com is compensated by the credit card issuers whose offers appear on our site. This compensation can impact how and where credit products appear on our site, including, for example, the order in which they may appear within product listings. AcclaimVisa.com does not offer, review or present all available credit offers.

All the credit card information presented without warranty and can change. To confirm the terms and conditions click the "Apply Now!" button and review the current information on a secure credit card terms page. AcclaimVisa.com can be compensated by the credit card issuers when visitors apply for a credit card through this website.

* The acclaimvisa.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. acclaimvisa.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the acclaimvisa.com website are property of their respective owners.

Disclosure: Not an access card.