Choosing balance transfer credit cards
Taking advantage of the low introductory rates available on balance transfer credit cards can be a fantastic way to reduce your existing debt.
At Credit Card Applications, we will help you to decide on the right card for your needs. You’ll easily be able to compare the options available, as we present them in a clear and understandable way.
Why choose balance transfer credit cards?
Switching to balance transfer credit cards may be a good option if you have existing debt. You should be able to lower your interest payments this way. Introductory rates can buy you the time to repay your debt effectively.
Using balance transfer credit cards to pay off debt
By transferring your debt to one of these cards, you may be able to dramatically lower the interest you pay in the short term. Many cards come with an introductory 0% rate for a period of time.
If you’re serious about lowering your debt, you can use this time wisely to make regular repayments. If you are disciplined with your repayments, this can be a great way to cut your debt down to size.
How can I be sure a balance transfer credit card is right for me?
First of all, before you apply you should make sure that your credit rating will allow you to be approved for the credit card you want. It’s a fact of life that balance transfer credit card offers are targeted at those with excellent, so try to decide if you can qualify before you apply.
Factors to consider.
- APR on balance transfer
- APR on new purchases
- Length of time introductory rate is in effect
- What the rate will be after the introductory rate expires
- What the rate will be if you are late on a payment
If you have considered these factors before you apply complete a credit card application you have a greater chance of being happy in the long run.
Tips for success.
- Try to have an ‘exit strategy’ so you know what will happen after the introductory rate comes to an end.
- Use the credit from your new credit card to pay off high interest debt and not to rack up new spending.
- Make your payments on time (to avoid a rate hike)
- Stay under your credit limit.
Once you’ve selected a balance transfer card that matches your needs, carefully fill out only one or two applications. Our online application process is fast, so if for some reason you are not approved for your first choice, you can always apply again later.