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Managing Your Balance Transfer Credit Cards
If you are drowning in credit card debt, it will benefit you to learn something about balance transfer credit cards. Your minimum payments will never get you debt free, as long as that huge interest rate is tacked onto your bill every month. So, maybe it’s time to do something different.
The balance transfer cards offer you a way to transfer the balances of your credit cards to one card, for a much lower interest rate. Sometimes you can time it so that you actually don’t make a payment at all that month.
Read the small print on these card applications, however, because the interest rate is bound to change someday, and you’ll want to know when, if possible. Also, there is a charge to transfer your balances from each of your cards to this one. It is usually about three percent. You will have to do the math to decide if this is your best option right now.
Some cards will offer you zero interest on your transferred balances. That certainly seems too good to be true. The fact is, this is a great deal if you can pay it all off in time. Because there will eventually be an interest rate that kicks in, and sometimes you don’t even know what they will be. If you are late with any payments while your interest rate is zero, you can bet that at the end of the introductory period, it will go sky high.
Balance transfer cards are really great, if you are not in any financial trouble. If you are, they may be just prolonging the inevitable.
Be sure to cancel and cut up your other credit cards, as soon as you transfer their balances over to your balance transfer credit cards. This way you can’t be tempted with them anymore. And your credit report will look much better, too.
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