Before You Apply For A Balance Transfer Credit Card
When you make a credit card balance transfer, you transfer the balance from one credit card to another. Balance transfers can end up being costly, if they’re not done right or done using expensive credit cards. So, before you transfer a balance or even sign up for a balance transfer credit card, answer a few questions.Is there an introductory interest rate?A lot of credit cards offer low or zero percent introductory interest rates for balance transfers. The introductory interest rate will reduce or eliminate monthly finance charges on your balance transfer for a certain period of time. The absence of a finance charge makes it easier for you to pay off the credit card balance.How long is the introductory period?Typically, introductory rates last from six months to a year. A longer introductory period will give you more time to pay off your balance without receiving the full finance charge.
