Low Interest Balance Transfer

2007-03-08 10:33:40

( Financial )



It is true. Low interest balance transfer rates are very tempting. But remember, you should read the fine print and never ever be late in paying your bill.

If you have an excellent credit score, low interest balance transfer or even zero interest balance transfers may by filling up your mailbox. These letters usually come with catchy phrases that guarantee that if you sign up for their balance transfer promotion, it will be the last time ever. Low interest balance transfer may be the answer to your prayers, but ask yourself if it is for real. You have to be extremely cautious. The first step you can take is to figure out how you can lock in the promotional rate.

First, clarify the deal that you are getting. Read the fine print. Some companies will offer you a really low rate provided you make at least two purchases per month. If this is the case, ask if there is a minimum amount you should charge on your card and if are willing to charge that amount.

Second, be very suspicious of the offer. Companies may offer a no interest balance transfer, but be wary. Some companies offer a very low rate just for the first 25 purchases. Then the normal higher rate applies to purchases afterwards.

Third, do not be afraid to negotiate with your current bank for a great deal. Make sure you tell them that a competitor is offering a lower rate and you would like to know if they can match it. Chances are, they will match whatever you are offered. Remember, it is their goal to get new business – and to retain what they have.

Lastly, always be on time when paying your bills. A late payment – even any of your utility bills – can increase your interest rate very fast.

Remember, a low interest balance transfer may be the answer to your prayers if you handle it right. It will definitely make your financial life a bit easier.


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