Before
deciding on balance transfer cards, remember that the best credit card to consolidate debt is transparent and offers reasonable interest rates in relation to your credit score.
That means if you continue to make new
purchases on your balance transfer card, instead of paying down your debt, you will not even put a dent in the principal balance you originally planned to get rid of.
Another good reason to never miss a
payment on a balance transfer card, besides the impact to your credit score, is that it might cause you to lose your 0 % promotional APR..
The card's lender may also provide checks that
draw on the Balance Transfer Card's credit line so that you can pay off other revolving debt accounts and consolidate that debt onto the card.
Balances that are transferred are often covered by different fees, interest rates and terms than those applied to new purchases
made on a Balance Transfer Card.
If you are simply
concentrated on a balance transfer card then the Chase Slate is the better fit, however if you want the best of both worlds with a balance transfer period and a rewards program the the Discover IT card is the better choice.
Look closely at all terms and
fees on a Balance Transfer Card, including those for new purchases, to make sure that how you plan to pay down the consolidated debt and use the card will enable you to save money without incurring additional fees or interest.
Although a 0
on balance transfer card is not available in plenty and also not to all people, if you can avail of this offer, be sure to do so.
It's rare to see such high rewards
on a balance transfer card.
Because of this, making a purchase
on a balance transfer card could appear to skew your interest rate.
Make Sure You Qualify Like most of the best credit card offers available, the better your credit score, the more likely you are to qualify for a great offer
on a balance transfer card.