Balance Transfer Credit Cards, Best Cards for Balance Transfer & Top Balance Transfer Card Offers

Balance transfer credit cards are designed to help people consolidate their credit card debt onto one card, thus saving money on interest charges

Balance transfer credit cards have become very popular in recent years. The idea is simple enough. You just transfer the balance of a high interest credit to a low or no interest credit card. But there are several factors you need to consider before you do this.

First, how is your credit rating? If your credit is poor or shaky, you probably won’t qualify for a low enough interest rate to make the transfer feasible. Assuming the new company will even accept you for a balance transfer credit card. However, if your credit is good, you could save thousands of dollars in interest charges and allow you to pay off large debts fairly quickly making the same monthly payment as before. If you can qualify for a 0% interest introductory rate balance transfer credit card, that’s will save you even more money since the entire payment would go to reducing the principal.

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Second, you need to determine how much you will be allowed to transfer. You want to be sure that you transfer as much as possible from your highest interest credit card to the balance transfer credit card as the new company will allow. Even if this is only part of the balance, it can save you a considerable amount of money over time.

Third, you need to determine what additional fees are involved in the transfer. Unless otherwise stated, there are almost always transfer fees involved…usually in the neighborhood of 3% of the amount transferred up to whatever the bank has stated as the maximum fee. The maximum fee depends on the bank but usually is around $100. Although most banks do limit the maximum transfer fee so people won’t be discouraged from transferring large balances to a balance transfer credit card, not all banks limit the maximum fee. Be certain you check to be sure.

These balance transfer credit cards can make it possible for you to become debt free if you use them to your fullest advantage by paying as much as you can during the 0% or low introductory period.

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