How to get the best balance transfer credit cards
Balance transfer credit cards are already one of the best product on the financial sector, but there ways to get the best out of the best!
07:04 07 September 2013
The best way to hunt an interest reduction is by transferring your credit balance (the money you own to banks from loans or other payments) to another bank or financial institution which offers a better interest rate or even a two years interest-free period for new customers. However, as with any other financial product, there are more balance transfer credit cards out there, so here is what you need to know before taking one.
- first of all, make a list of the different balance transfer credit cards available in your UK region;
- compare the different products you listed and highlight the balance transfer credit cards that you find most interesting;
- Find out if the lenders of the highlighted products are trustworthy. This can be done by asking your friends or searching the Internet forums;
- Look beyond the products' promotion period. Some balance transfer credit cards may come with a catchy promotion, but their interest rate can increase in time above the current interest that you have;
- In case you didn't know, like any other product, the balance transfer credit card comes with a fee for actually transferring your balance to another credit. So take that into consideration when you search for the best offer out there;
- Hunt for promotions. Since a balance transfer credit card means that you transfer all of your credit to another bank or financial institution, many of them will want to attract as many clients as they can with big promotions, so keep an eye open for that.
These are the most important things to take into consideration before searching for the best balance transfer credit card on the market, so pay close attention to each one of them.