Do you have more than one credit card balance? Are you beginning to run into trouble in regards to how you manage your debt? Are you tired of all the finance charges dragging you down each month? . If you answered yes to one or more of these questions, it’s time to consider the benefits of a balance transfer credit card.
This is exactly what it sounds like. It gives you the power to transfer multiple balances to one credit card. So, in the end, you’re left with one balance.
Here are some frequently asked questions (FAQs):
- What is the fee associated with a balance transfer credit card?
- How long will the zero percent introductory rate last?
- What happens to your old credit cards once the balance is transferred from them?
- Are there any potential pitfalls associated with a balance transfer credit card?
- Does everyone qualify for a balance transfer credit card?
These questions should be more than enough to get you thinking. They may also be more than enough for you to realize that this is something you want to consider.
If you’re ready to take the next step in the process, here’s what you should do:
- Tally all of your credit card debt by card
- Compare balance transfer credit card offers, paying close attention to the available terms and conditions
- Learn more about the fees to ensure that it makes sense financially
Once you take these steps, you’ll find yourself with a final decision to make: will you transfer all your balances to your new credit card?
There are many reasons for doing this, including but not limited to:
- It’s easier to manage one credit card as opposed to multiple credit cards
- You only have to pay interest on one credit card
- The zero percent introductory rate could save you hundreds or even thousands of dollars
Final Thoughts on Balance Transfer Cards
These are the types of credit card questions you should personally address. Doing so will help you determine if it’s the right financial decision at the present time.
If you have additional questions, the best thing you can do is contact a credit card company to discuss your situation. As long as they offer balance transfer credit cards, they should be able to address your questions and concerns, provide more information on their products, and tell you what you need to do next.