The 7 Rules of Credit Card Balance
Transfers
Credit card balance transfer is a great way
of consolidating your credit card debt, and also finding a way
of avoiding the terrible burden that debt can bring. Transfer
offers are in high demand and many credit card issuers
highlight their balance transfer features up front as part of
their overall advertising package. These days the credit card
companies are in heavy competition with each other to get your
business.
But have you ever considered the dream ticket
of always having an interest free credit card at all times, no
matter what the circumstances? Well here is a check list of
seven things you must do in order to get the best out of
it.
- Always make sure that your credit card
balance transfers are carried out on time and with no
overlap periods from one card to the next, which will cost
you money in nasty interest charges. Make allowances for
delays in the post when notifying banks and credit card
companies by mail, and also note that different banks will
move at different speeds when responding to
requests.
- Make sure that 0 balance transfer credit
card offers are always current and available at the time
you apply. There's no point in making a mental note of an
offer and then applying for it after it has
expired.
- Interest free balance transfer credit
cards must be exactly that; be careful and look out for any
hidden charges in the small print. A 0 APR credit card
should be exactly what it says it is.
- The type of card to transfer balances
from is crucial. Store cards tend to have a higher rate of
APR than normal credit cards, so consider transferring all
these balances on one or more low interest card. You can
end up saving a substantial amount of money. Proper use of
the credit card balance transfer feature can be useful and
convenient, and a vital way of avoiding credit card
debt.
- Trust your source. A low interest credit
card or 0 interest credit card should be easy to identify,
preferably from a source where you are able to make
comparisons between different types of card. Ideally you
should deal with a source which is impartial and which does
not promote one credit card or bank over another. Also,
your source should provide easy to read and understand
comparative charts to help you make such decisions swiftly,
without undue pressure, and without any fear of being
misled. A financial brokerage website would be ideal for
such a purpose.
- Keep a note of the exact date of when
your 0 interest period finishes, and apply for your new
credit card balance transfer at least two weeks before that
date.
- Try and ensure that your interest free
credit card balance transfer facility is flexible and
quick. At present it is the norm to put details of your
credit balance transfers in writing at the time of
application. Bear in mind that both parties need to know
what is going on at the same time. Make it easy for
everyone, including yourself.
Gordon Goodfellow is an Internet technologist
who lives and Works in London. His credit card sites
automatically alert customers when their interest free period
is up. http://www.credit-card-transfers.co.uk
and http://www.credit-card-transfers.com
| Reprinted from www.valuablecontent.com
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