Balance Transfer Credit Cards

Compare Top Balance Transfer Credit Cards

Are you looking for a way to pay off your credit card debt with zero interest fees? If yes, then try balance transfer. Balance transfer is a popular technique used by credit cardholders worldwide to offset one credit card balance with another card that offers 0% or low interest fees.

When you transfer your credit card balance to another card, you don’t have to pay a high interest fee along with your card bill. The new interest rate is charged on the previous card debt. This means you save money on interest fees.

The best way to calculate your savings on balance transfer is by using a balance transfer calculator. It can help you calculate the amount you have to pay and the amount you will save.

Factors to Consider During Balance Transfer

Before you transfer your card balance to another card make sure that:

  • The credit limit of the card you are transferring your balance to is more than the amount being transferred. This is important because if your credit limit is more than the transferred balance then you will be charged the over limit fee. Furthermore you will also be charged with the default interest rate.
  • Pay off your balance before the balance transfer offer ends, otherwise your balance will revert to the cash rate or standard purchase rate which can be quite expensive. The promotional offer on balance transfer usually lasts for 6 to 12 months depending on the credit card company.

Does Balance Transfer Have any Impact on Credit Rating?

Indeed credit balance transfers that have a negative impact on your credit score if you don’t manage the transfer promptly with care. A high card balance shows that you are unable to pay off your debts which results in bad credit.

To ensure that your credit score is not affected badly by your balance transfer, you must do proper balance transfer calculations and pay them off as early as possible.

How to Select Balance Transfer Credit Cards?

Not all personal credit cards offer the facility of balance transfer. Therefore, you need to do good research to ensure that the card you apply for provides you balance transfer facility.

Once you find a list of balance transfer cards, then you should compare the interest rate, promotional offer time period, annual fee and balance transfer fee. Try to opt for the one that has 0% interest rate and 12 months or longer balance transfer time limit. This will allow you to keep your balance for a longer time and pay off your debt easily. If it lasts in 6 months than you will have to pay off the balance before the offer lasts to avoid additional charges.