Financial forecasts and advices

Balance Transfer Fees


Balance transfer fees consist of a percentage of the full amount that is financed and transferred to the card. The fees typically average around 3 percent of the amount transferred. The purpose of comparing cards is primarily due to the fact that some credit card lenders will essentially surrender the normal fees during the introductory trial.

Transferring the Balance on Credit Card Dates

Very few of the available balance transfer credit card offers will not require a transfer fee. The balance transfer credit cards that provide the most benefits are those cards that enable you to complete balance transfers during the entire introductory period. The cards that require you to start balance transferring upon receipt of the card do not allow the flexibility that the latter card allows. Be sure to read the terms and conditions, since you can look for clauses, stipulations and/or restrictions on balance transfers. The most important thing to consider is understanding, the types of balances transferable, before accepting the card.

The balance transfer credit cards nowadays have select programs that offer rewards. Comparing the cards will help you find the better cards that suit your needs. Look through the clauses when considering rewards balance transfer cards, since some card lenders will not apply the points to the balances transferred. Still, this could be the better choice!

Balance Transfers


When comparing the best reward credit cards, it makes sense to investigate everything, including the Annual Percentage Rate (APR) as well as any reward features that the card may offer. Potential cardholders should take into account the manner in which they handle their credit purchases. For instance, if the cardholder intends to make a large purchase using a credit card but plans to pay for the charge over the course of several months, then a low interest credit card will be a better financial choice over a reward credit card. If a cardholder plans on repaying the charge immediately (even if the card features a higher interest rate), reward credit cards might be a better choice simply because the interest rate will have no financial impact and will almost always provide a greater range of rewards than a lower interest card.

If it is your intent to take advantage of a reward credit card that features a 0% balance transfer offer, it might make sense to choose a card that offers 0% on purchases as well, if at all possible. The reason this may be an appropriate step is that when you take advantage of the 0% balance transfer card offer, many times the APR on purchases will be significantly higher comparable to other card offers. So if you make a purchase using that credit card during the life of the balance transfer your new purchases will be subject to significant finance charges until the purchases are paid off. This can result in significant interest charges before you can begin paying on the newly purchased item. If you are unable to locate a reward credit card with a competitively low ongoing APR, it would make sense to obtain a secondary card for new purchases with a low interest rate, which would make the card balances more cost effective and easier to manage over time. The ideal scenario for cardholders would be to use a card with a 0% balance transfer offer that extends to new purchases during the introductory period.