No Balance Transfer Fee May Be Your Ticket Awaty From Debt

2007-03-08 10:33:40

( Financial )



If you are looking for a way out of debt, a process called balance transfer could help you. Simply put, balance transfer means that you are transferring your debt from one credit card company to another. This is more superior of you get low or no balance transfer fee.

Moving from a high-interest credit card company to a zero interest one is most helpful. If you are savvy enough, this would make your finances more controllable. Moreover, you could pay your balance faster.

First, know the advantages and disadvantages of balance transfer. One way to do this is to check and compute for the balance transfer fee.

To get you in their business, several card companies might offer you a no interest credit for a specific amount of time. Compare the balance transfer fees they offer and opt for the company that offers the lowest, or if possible, no balance transfer fee.

Balance transfer fees may or may not be clearly stipulated in the contract you are signing. Read the fine print to be sure.

Be reminded that companies which offer no fee balance transfers can very well set a short time-limit for your balance settlement. If you are confident that you can pay quickly, settle for it and save more. If you can not meet their deadline, opt for the credit card with a higher balance transfer fee but can give you more time to pay. Ask you card company to be sure.

Teasers and advertisements are there to attract you, so do not get swayed too easily. A 0 balance transfer fee will be the best deal if, and only if, you are resolute and capable of meeting the underlying conditions.

Aside from the balance transfer fee, check all the other fees, especially the interest rates. As you well know, there are various fees collected by the card company, this might cause you more trouble in paying in the long run.

Take the time and patience to study and compare the different offers, after all, you would want to get rid of all those debts. It would require your utmost effort to do so.

Lastly, a no balance transfer fee can only help you up to a certain extent. Be responsible in using your credit card. Know your limits. This is probably the wisest way to get rid of your debts.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.