 How to Avoid a 0% APR Balance Transfer Mistake
A 0% APR balance transfer provides a great opportunity to save money on interest. However, there are three pitfalls one must avoid to insure a 0% balance transfer doesn't become a balance transfer mistake.
- Continue to make payments on your old credit cards until your new credit card has completed the balance transfer: It can take anywhere from a few days to a few weeks for a balance transfer to clear with your old credit card company. Until it has, don't neglect bills from your old credit card.
- Pay your new balance transfer bill on time: Obviously it is important to pay one's credit card bills on time. However, with a 0% introductory rate it is even more so. Why? Because the fine print states that a late payment can void the 0% APR balance transfer offer. In other words, if you miss a payment, you lose your special balance transfer rate.
- Don't run up a bill on your old credit card and waste money paying interest on new purchases: Getting a credit card that offers a 0% APR on balance transfers and purchases is a good way to avoid this pitfall.
If you avoid these three pitfalls, you are prepared to maximize the savings a 0% balance transfer credit card provides.
Recent Smart Balance Transfer Bloggings
Beware 0% Balance Transfer Checks: Although balance transfer checks aren't flooding mailboxes like they used, some companies that continue to send out balance transfer checks are letting them bounce, causing unsuspecting users to penalized by 200% interest rate increases. If you're thinking about using a balance transfer check, think again. The play is to transfer balances online.
0% Balance Transfers for 12 Months: After months of declining 0% introductory periods, 0% balance transfers lasting for 1 year have started returning to the market. However, these offers are generally reserved for consumers with good credit and carry balance transfer fees.
Getting a 0% Balance Transfer Credit Card: Here are some tips to find good 0% interest balance transfer deals, avoid getting your credit card application rejected and help you understand the changing landscape of the credit card industry.
Credit Companies Don't Want to Offer 0% Balance Transfers: It should come as no surprise, but credit card companies are growing increasing unwilling to offer consumers money saving 0% balance transfer deals. However, recent improvements in the economy may be leading to increased balance transfer lending to customers with very good credit profiles.
Editor of Smart Balance Transfers in the News: In an article which appeared in the Christian Science Monitor, our editor discusses increases in balance transfer fees as well as the need for credit card companies to make it easier for consumers to compare credit card offers online. *Important Disclaimer: See credit card applications for complete terms and conditions. While Smart Balance Transfers makes reasonable efforts to maintain accurate information, all credit card information is presented without warranty. When you click an "Apply" button, you can review the credit card terms and conditions on the issuing company's website.
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