Balance Transfer Credit Card Intro APR
All balance transfer cards are different so you need to look at your choices carefully. The market for balance transfer cards is very competitive and almost all of your options will offer intro periods of 0% APR. That’s right, your intro interest rate on a balance transfer credit card will most likely be 0%. Make sure you read all of the fine print before choosing though. The reason it is called an “intro APR” is because it will expire at some point. After it does so you will start being charged interest again on whatever balance you have yet to pay off.
This is also something that you need to take into consideration before choosing which card is right for you. Some cards offer their intro APR for 6 months and others can offer it for 18 months or more. The card with the longest intro rate will give you more time to pay off your balance, but that doesn’t mean that it is your best option.
Balance Transfer Fee
Consolidate Credit Cards
Remember that the only reason that you are getting a balance transfer credit card is to get yourself free from the credit card balances that you currently have. It can be very hard to do that when a good portion of your payments each month are going towards interest. A balance transfer card can solve that problem by greatly reducing the interest you are paying for a certain period of time. If you let that time go by and you still haven’t paid off the full balance, then you will be back to paying a pretty high interest rate on what principle is left over.
A balance transfer card allows you to consolidate the credit card debt that you have onto one card, with one payment, with a lower interest rate. Making it easier to understand where your hard-earned money is going. It would be nice to be able to pay off your credit cards in full each month and not waste your money by paying credit card interest. If used correctly a balance transfer credit card can get you back to just that, and allow you to save or spend your money on the things you want.