Best 2015 Balance Transfer Credit Cards – Compare & Apply Online
Guide to Finding the Best Balance Transfer Credit Cards in 2015
For whatever the reason may be, many individuals find themselves carrying a credit card balance from month to month and incurring high interest rate charges. Many consider doing a balance transfer from one card to another to avoid some of the charges and keep some of their hard earned cash to pay the principle rather than the interest. Here is a guide to getting the best balance transfer credit card in 2015. Balance transfers allow some cash to be freed up as there is typically a lower interest rate than a standard credit card. Many people who have multiple credit card balances choose to have a balance transfer of all accounts over to one account. This allows both convenience as there is only one bill to pay. Many people also find this is a better way to pay off debt faster.
Virtually every credit card offers a balance transfer on new accounts. Many existing cardholders are also offered a balance transfer with reduced interest rates. All balance transfers are not the same. The interest rate and the amount of time offered vary greatly. There are also other nuances that some credit cards have. These are all important factors to consider.
Most cards offered by Citi offer a 0% APR on balance transfers for 12-18 months depending on the card being issued. Wells Fargo typically offers a 0% APR for 12 months. These are the two standard lengths of time offered by the vast majority of financial institutions. However, it is important to note the term length. Not paying off the card in time or failing to transfer the balance to another card can accrue some hefty interest charges. Most cards make the interest retroactive. This means that if the account is not paid in full by the end date, the financial institution can charge interest on the balance beginning on day one.
The majority of balance transfer promotions are 0% APR up to 9% APR, offers will vary based on the card company and the borrowers credit profile. This is where the similarities of banks end. Some allow this “free and clear” time; this means the balance can be paid without incurring additional charges. However, some other cards, may require a purchase on each credit card statement. There is typically no minimum purchase amount; many savvy consumers put a very small purchase on the card each month. This is so the issuers still receives some type of interest income. Thankfully, these clauses are becoming scarce as “no strings attached” balance transfers are becoming more popular.
When a balance is transferred, the financial institution will most like charge a transfer fee. It is typically a flat dollar amount in addition to a small percentage of the transfer. The percentage usually ranges from 2-4%. For those with large balance transfers this cost is well worth it. For those with only a few hundred dollars to transfer, many find the flat dollar amount is about the same as the interest that would be accrued on the current card and may not be worth the hassle. It is important to note that transfer fees and rates vary greatly; it is a good idea to shop around before deciding on a financial institution to do business with.
No matter what your reason for doing a balance transfer, it can save a substantial amount of money. Use this guide and a little research to receive the best offer to suit your needs. Be sure to read the fine print before signing up for any balance transfer.
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