How to Find the Best and Lowest Balance Transfer Credit Card for You
There’s no denying that high interest credit card debt can be challenging, and it’s not easy to get on top of the problem. Balance transfer credit cards provide a solution, and they do this by offering a low or 0% introductory interest rate on transferred balances. However, with numerous credit card options available, finding the best balance transfer card for your needs can be daunting. You need to find a lowest balance transfer credit card that works for you, without adding a multitude of credit card late fees into the mix.
Finding the Lowest Balance Transfer Credit Card That Ticks Every Box
When you are looking for the lowest balance transfer credit card, you need to consider what else it has to offer. There are a lot of credit card options out there, but they tend to have slightly different features. For example, it’s a good idea to look for cards that offer a 0% or low introductory APR for balance transfers. The longer this period, the better. This gives you more time to pay off your debt without adding more interest into the mix.
Most balance transfer cards charge a fee for transferring balances, and this tends to be between 3% and 5% of the transferred amount. Some cards may offer ‘no fee’ transfers as an introductory perk. The amount of debt you can transfer is subject to the credit limit of the new card, and this will differ depending on the card you choose. You need to make sure that the limit is high enough to accommodate your debt.
After the introductory period ends, the interest rate will return to the card’s standard rate. It’s important to understand what this rate is and aim to pay off your transferred balance before this rate kicks in. Otherwise, you could end up paying off a lot more interest than you intended to. This is especially important when you opt for a balance transfer card, as many of them have high interest rates.
As is the case with the majority of credit cards, even the lowest balance transfer credit cards have credit card late fees. Be aware of these fees and terms that might affect your use of the card. You don’t want to end up behind on paying off your debt, simply because you’re trying to keep on top of late fees.
The Benefits of Using a Lowest Balance Transfer Credit Card
There’s no shortage of credit cards out there, but finding the lowest balance transfer credit card is an effective way to kickstart your improved money management. By transferring everything onto one card – preferably one with a 0% or low interest rate for an introductory period – you can simplify your repayments and focus on paying off your debt. Rather than wasting money on accumulating interest, you can focus on reducing the owed balance. There are a lot of options, but choosing one with the lowest balance transfer interest and fees makes financial sense.
