What do you need to know about balance transfer credit card offers?
Posted by | Posted in Credit Report | Posted on 05-01-2012
If you are a U.S. resident, chances are you have 2-4 credit cards. In fact, chances are, you probably have a credit card in your pocket right now! So, due to huge amounts of competitors in the industry, many credit card issuers have begun offering balance transfer credit card offers as a way to attract new customers to their credit card products. How to find the best card of this type?
The introductory APR and standard interest rate are the key points that consumers should really consider.
As a matter of fact, the low introductory APR is the main reason to request a balance transfer credit card. This rate lasts from the day people open the credit card account at the end of the introductory period. Usually the introductory APR is 0% and 3% and lasts from 6 to 12 months. Although introductory APR may be the most attractive at first when it comes to balance transfer credit card, this should not be the only reason to request this type of card!
Unfortunately, balance transfer introductory annual rates do not last forever! Like any product of credit card interest rates are the main way banks make money. Once the introductory period ends, customers will notice their interest rate will increase from the rate of introduction to the standard APR. Before choosing any card you should be aware of and agree to the standard rate on the account.
As with other types of credit cards, most credit cards balance transfers come with rewards programs. The rewards program allows consumers to earn points with every purchase which can then be redeemed against rewards provided by the issuer. Some credit cards can offer air miles and travel rewards, some may offer cash back rewards, some even offer gas rewards. When choosing a credit card balance transfer, it is important to compare the benefits that determine the overall benefit of a credit card account.
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