A credit card balance transfer is when the balance in one credit card account is transferred to another credit card account held by a different credit card company. If you are in good standing with your credit scores and/or considering consolidating your credit card debit or perhaps you just want to move your balance to a card with more suitable terms, then you might want to take of look at different balance transfer credit cards offers. Look for the ones that only offer 0% APR for a full 12 months. If you need to transfer more than $3000, it may be practical to have more than one balance transfer card. There are certain things that you should know before you make any type of balance transfer regardless of how inviting balance transfer credit cards offers may sound.
All 0% APR have a fine print clause that is easily overlooked and sometimes hard to understand. Some credit card companies use deception to lure customers into applying for balance transfer deals that aren’t as they appear. Any balance transfer credit cards offers which offers 0% APR up to 12 or 15 months may approve you, but may only grant you a 0% APR for as little as 6 months based on a review of your credit score. In consumers’ eyes this might be considered as false advertising and misleading due to credit card issuers promoting credit cards at 0% interest rates up to a certain number of months while allowing applicants to transfer balances, online, without fully understanding the conditions of this type of transaction.
Balance transfers on credit cards which offer 0% for 12 months can save you a good amount of money; however, a 0% rate for 6 months can provide little to no savings especially if there are balance transfer fees involved. That’s why consumers are strongly urged to wait until their credit card arrives in the mail before considering balance transfer credit cards offers online. This way they can have a closer look at the credit card terms and conditions to make sure the 0% APR covers the duration of time expected.
Another good reason to consider applying for 0% balance transfer credit cards offers is just in case of an emergency where you may need cash that’s readily available however make sure you’re able to put the funds back into your credit card account before the 0% special rate offer expires.