How to use a Balance transfer card
ByRead this and quickly learn how you can get a 0% balance transfer card and quickly get all your credit cards paid off.
I used to hear about balance transfer offers every day as a way to consolidate all of my credit cards and make one low payment. It has been months since the last time I got one of these offers in the mail. It used to be that you could get a credit card, which provided a low interest rate when you transferred all of your other cards and a this low rate would remain in effect throughout the life of the balance. The problem with this is that the credit card companies who did this lost a lot of money.
How balance transfers work
When you obtain a new credit card with the intent of transferring the balance of all of your other credit cards to it understand that they will give you 0% interest rate but only for a certain period of time, generally somewhere between six months and 12 months and you may have to pay a fee, sometimes 3% for the privilege of having this card. The way to use this card is with the intent of making the same payment that you are making before only now the payment is entirely applied to the balance instead of the high interest rate which sometimes would reach as much as 29.9%.
Be careful
Be sure and read all of the fine print on the application and understand that if your payment is five minutes late you could be paying as much is 29.9% interest on the entire balance. It might not be a bad idea to send your payment a week early by taking your payment to the post office and getting a tracking number for your envelope. That way if there is any dispute about when they received your payment you have a tracking number. I have known several instances of credit card companies holding a payment and not posting it until after the due date.
Jimmy says, this can be a great program if you’re careful and you use the program for the right reasons.
Whoa Jimmy?
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Balance transfer card can be a great way to reduce your credit card payment and pay off the balance and if you have anything to add on this subject please share with our readers in the comments.
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