Are Credit Card Balance Transfers Still a Viable Option?
Card issuers are desperate right now — that’s the bottom line. They’re looking for as many ways to goose their profits as possible and they’re changing their policies across the board. In the past, many of us have used free balance transfers as a way to consolidate our credit card debts and reduce the amount of interest that we had to pay. But with all the recent changes, this may no longer be the best choice for many us. These sweeping policy and fee changes taking place in such a short period of time have simply made it too expensive for many of us. Those of you who might be planning to apply for a new card with the intention of using the balance transfer feature will now need to be extra cautious about the terms and conditions of many of these offers. You need to have a full understanding upfront of all the costs and that’s if the balance transfer will even be possible at all. In particular, watch out for the changes that will take effect right after the introductory period expires
