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Credit card balance transfer involves using a credit card to pay
off the amount outstanding on one or more credit/store cards.
The total debt then moves to one card.
The main benefit of balance transfer is a money-saving one.
In the competitive credit card market an increasing number of
companies are offering a 0% interest rate for a fixed period
on balance transfers made by new customers. This allows new
cardholders to make considerable savings in interest repayments.
Interest free periods vary and certain credit card issuers
extend the 0% interest rate offer to cover new purchases, it
is worth taking great care to compare balance transfer offers
well before deciding which one to choose.
Some companies offer lower than average interest rates on
transferred balances for the life of the balance transfer.
This may be good news for card users who are not planning
to pay back credit card debt in the short term.
Transferring credit card balances is usually a simple process.
Once a card application is approved it usually involves a phone
call to the new card issuer to transfer the balance(s) from the
other card(s). Many credit card companies also offer an on-line
service, making it even easier to transfer balances via the
Internet.
There is usually a ‘window’ of time after a new card is
approved during which balance transfers attracting the
promotional interest rate must be made.
A word of caution regarding balance transfers. Minimum monthly
payments still need to be made. Fall behind with minimum
payments and fines can be made and interest free offers
withdrawn. The same can happen if credit limits are exceeded.
In a market full of balance transfer deals, offers vary greatly.
It is important to double-check the details carefully before
signing on the dotted line. For example:
· Are there any additional fees to be paid when balances are
transferred?
· Do I need to make a minimum monthly spend using the new card
to qualify for the promotional balance transfer rate?
· How soon after my credit card is approved do I need to make
the balance transfer?
· What interest rate is charged on new purchases made using the
card? In particular, 'Balance transfer for life' cards often
put payments towards clearing the low interest balance
transfer and not the recent purchases that attract higher
interest
· Do I get charged interest on new purchases from the time the
purchase is made?
· What does the interest rate revert to after the promotional
period has finished
Before taking up a balance transfer offer, also take time to
consider the amount you need to move and how much you intend
to pay off and purchase each month. That way you can be sure
that you choose the right card for you.
To See the latest offers in detail in the UK at the moment
please visit:
http://www.1st-uk-credit-cards.co.uk/summary_by_Transfer_Rate.html
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