The 7 Rules of Credit Card Balance Transfer
Credit card balance transfer is a great way of consolidating
your credit card debt, and also finding a way of avoiding
the terrible burden that debt can bring. Transfer offers are
in high demand and many credit card issuers highlight
their balance transfer features up front as part of their
overall advertising package. These days the credit card
companies are in heavy competition with each other to get
your business.
But have you ever considered the dream ticket of always
having an interest free credit card at all times, no matter
what the circumstances? Well here is a check list of seven
things you must do in order to get the best out of it.
1. Always make sure that your credit card balance transfers
are carried out on time and with no overlap periods from
one card to the next, which will cost you money in nasty
interest charges. Make allowances for delays in the post
when notifying banks and credit card companies by mail,
and also note that different banks will move at different
speeds when responding to requests.
2. Make sure that 0 balance transfer credit card offers are
always current and available at the time you apply. There's
no point in making a mental note of an offer and then
applying for it after it has expired.
3. Interest free balance transfer credit cards must be
exactly that; be careful and look out for any hidden charges
in the small print. A 0 APR credit card should be exactly
what it says it is.
4. The type of card to transfer balances from is crucial.
Store cards tend to have a higher rate of APR than normal
credit cards, so consider transferring all these balances on
one or more low interest card. You can end up saving a
substantial amount of money. Proper use of the credit card
balance transfer feature can be useful and convenient, and
a vital way of avoiding credit card debt.
5. Trust your source. A low interest credit card or 0 interest
credit card should be easy to identify, preferably from a
source where you are able to make comparisons between
different types of card. Ideally you should deal with a
source which is impartial and which does not promote one
credit card or bank over another. Also, your source should
provide easy to read and understand comparative charts to
help you make such decisions swiftly, without undue
pressure, and without any fear of being misled.
6. Keep a note of the exact date of when your 0 interest
period finishes, and apply for your new credit card balance
transfer at least two weeks before that date.
7. Try and ensure that your interest free credit card balance
transfer facility is flexible and quick. At present it is the
norm to put details of your credit balance transfers in
writing at the time of application. Bear in mind that both
parties need to know what is going on at the same time.
Make it easy for everyone, including yourself.
Gordon Goodfellow is an Internet technologist who lives and works in London. His credit card sites automatically alert customers when their interest free credit card period is up.