Right now, millions of Americans are struggling to make their credit card minimum payments because they have accumulated large balances. Digging yourself out of the hole is difficult, especially if you are paying extremely high interest rates on you balance. One way that many people have successfully lowered their credit card balance is by using a balance transfer credit card.
The balance transfer credit card usually comes with an introductory rate of zero percent for up to 18 months. These cards are usually offered with 0% interest for 6, 12, 15, or even 18 months. Finding a balance transfer credit card is simple while finding a good balance transfer card may take a little work.
There are a few items that you should keep an eye out for when it comes to applying for a balance transfer credit card. First, choose a card that offers a reasonable introductory period. Choosing a card that offers no interest for at least a year is a good idea. Next, choose a card with a reasonable balance transfer fee. Avoid cards that charge excessive transfer fees. One final term that you should examine is the post introductory rate. Even if you plan to pay the card off, never settle for a 25% interest card.
Here are some great balance transfer credit card deals for August 10, 2010:
Try the Discover More card and enjoy 15 months of no interest and an interest rate as low as 11.99% after the into period. This card has no annual fees and offers cash back options if you are interested.
Grab the Citi Forward Visa card and take 12 months of no interest and a variable interest rate as low as 12.99% after the intro period. This card has no annual fee and also offers cash back options.
Author: John Zinsky
Comments on this entry are closed.