What you need to know about Balance Transfer Credit Cards including the best 7 with fantastic offers.
Paying off the debts on your credit card can be a difficult thing to do sometimes especially when it has a high-interest rate. However, if you are looking for a safe way of quickly erasing your debt with a lower interest rate without taking a loan, then you need to use one of the numerous Balance Transfer Credit Cards.
Balance Transfer Credit Cards are different from conventional credit cards in that they allow you to transfer your outstanding debt from one credit card to a new one which most often than not has a lower interest rate for a specific period.
Most times, customers with huge debt use a balance transfer credit card not only because of the zero or a very low promotional interest rate but also to get benefits like cashback, bonuses, or points based on purchases made.
Issuers of Balance Transfer Credit Cards do this in a bid to attract new customers. However, while some charge a balance transfer fee which is typically between 3%-5%, others do not as long as you pay up your balance within the agreed time.
Note that, the promotional interest rate won’t last forever, most times issuers of balance transfer credit cards give customers 6-18 months where no interest will be charged on the balance transferred.
Also, the amount you can transfer from one credit card account to another depends on the credit limit you have on your previous card.
Applying for Balance Transfer Credit Cards.
Issuers of balance transfer credit cards put some factors into consideration before they can issue one out to you. One of them is your credit score. If you have a good or decent credit score, you are likely to get one quickly but if you have a low credit score, you might be considered for one nonetheless but it will come at a price expectedly – a high-interest rate.
When applying for this type of credit card, you need to be careful so as not to run into further debts. Remember the purpose of getting this card is to conveniently pay off the debts from your previous card. So, it is advisable to be frugal with your balance transfer credit card especially in terms of making purchases with it because to be candid, most balance transfer credit cards come with enticing offers.
7 Balance Transfer Credit Cards you can try out!
This card comes with quite a handful of benefits. It is the only card that rounds to the nearest points on every purchase you make and it has no limit. Other features include;
It also shares similar features to the previous two cards. It has no annual fees and it also comes with a 0% introductory APR for the first 18 months from account opening on purchases as well as balance transfer.
This is one of the finest Balance Transfer Credit Cards. It is rather 5.0/5.0 by its users. It has a 0% APR for balance transfers made in the first 60 days as well as billing cycles for anything you buy with the card.
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