What To Look For In A Credit Card Balance Transfer

A great way to reduce your interest payments each month is to look at a credit card balance transfer. However not all transfers are as good as they sound and you should always be cautious when you are going to process a credit card balance transfer. I recently had a credit card balance transfer that worked out very well which was a relief because the previous one was a complete nightmare.

I am going to tell you about both because I think it is very important that when YOU carry out a credit card balance transfer you know what homework to do before you go ahead with that transaction. The first and the worse was around 2 years ago I had to renew some qualifications and to do so had to get some money quickly.

I had a credit card offer through the post for a balance transfer lower interest for 6 months, I jumped at the chance obviously. A few days later I received all the paper work and realized very quickly that only half of my previous balance had been transferred! Alarm bells ringing I called the new company and asked them what was going on.

I was told that although my credit limit on my new card was double what had been paid off the old balance, I could only use half of that credit limit to carry out a credit card balance transfer! The meant rather than putting everything on a card with a lower rate for six months I was now stuck with two cards and the original one was at the original rate! I eventually paid off these balances although it took a while but this was a major mistake on my behalf not asking if the whole balance could be transferred.

The second time was after I needed to fly to Australia for a funeral and I had to get my hands on the money very quickly. I purchased my ticket on the second card which I kept for the exact purpose that it was used, an emergency. When I got back I had a credit card bill waiting for me and when I opened it and saw what the projected interest on the money was I quickly started looking around for a better deal.

This time so not as to be caught out I found out that I could transfer 75% of my balance. It is important to remember that if you get an interest free credit card balance transfer then you need to make sure you don't use that card for anything else. The credit card companies are very clever and anything else you spend gets paid off first because the interest rate on the money you borrowed is higher so they make more money that way!

But with that said you should never apply for a card that charges an annual fee. Beat the banks and credit card issuers at their own game. Pay off your balance before the introductory period ends and save yourself a whole boatload of money. Use that extra cash to treat yourself to something special.

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Balance transfer credit card offers have been a popular means of literally transferring a balance from one credit card to the next. The primary reason that someone would enact a balance transfer is so that he or she could obtain a lower interest rate than his or her current credit card offers.

Balance transfers are relatively easy moves, provided that you find a balance transfer credit card that can accept you into the lucrative balance transfer program at a lower rate than your current company. There are a few essential items that you should know about balance transfers before you begin the process and "join the wave".