Balance transfer credit cards have become increasingly popular over recent years, with more and more people realizing that they could actually save a small fortune in interest by being savvy and transferring high interest credit card debt onto an interest free balance transfer card.
However, before you can start enjoying the benefits of this process you need to actually find a suitable balance transfer card, which can be quite a challenge in the current financial climate. As most people know, getting finance of any sort has become more difficult since the onset of the global financial crisis with financial institutions exercising far more stringency with regards to extending finance to consumers.
Despite the problems that have been experienced in the financial sector, there are still some very competitive balance transfer credit card deals around from a number of credit card providers. In order to find these competitive deals it is important for borrowers to do their research and compare the different cards available. The tips below should help you to get the best deals when it comes to credit card balance transfers:
Always compare balance transfer deals from a range of providers: It is important to remember that the credit card market is still a competitive one, which means that you will get different deals from a range of providers. In order to boost your chances of getting the best deal you need to ensure that you compare the balance transfer cards and offers that are available with the different providers, as aspects such as the interest free period and the balance transfer fee can vary.
Check the balance transfer fee on 0 percent balance transfer cards: When you transfer existing credit card balances onto a 0 percent balance transfer card you will generally be charged a fee, which is usually a percentage of the amount that you are transferring. You should make sure that you compare the percentage from one provider and card to another, as this can vary.
Compare the interest free repayment periods: Another thing that can vary from one 0 percent balance transfer card to another is the amount of interest free credit you will receive within which to clear your transferred balance without paying any interest. You should therefore make sure that you compare the term of the interest free credit from card to card so that you can make a more informed decision about which card to choose.
Though the banks and credit card companies are tightening their belts there are still some great deals to be had out there. Do your research and you could soon be saving yourself a lot of money!
Jennifer writes about credit cards, utility bills and other financial stuff. She loves to write poetry and prose but her work as a financial blogger keeps her busy writing about nothing but debt consolidation and tax reduction.
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