No Fee Balance Transfers With Zero-Rate May Save You Money

2008-09-29 10:57:08

( Financial )



As you are facing tough economic condition, you want to save on your daily expenses. You may want to start checking on how you can save on credit card fees. If you have accumulated balances on your current plastic card, you may transfer your balance to another card which offers no fee balance transfers. In addition to no fee balance transfers feature, you would also want a card which does not charge an interest rate for a certain period of time.

The problem with no fee balance transfers credit card is that it is almost becoming extinct. Majority of the credit cards in the market these days would charge for a one-time balance transfer fee especially if companies are also offering a zero-rate introductory period. You can still find a handful of credit card companies offering these products. However, you need to spend time to shop over the internet or to call your local banks.

If you find the combination of a credit card with no fee balance transfers and an introductory period of six to twelve months when you do not have to pay for any interest on credit card purchases, then make sure that you read the fine prints. While this offer is enticing, it would be to your advantage if you think twice before you fill out the application form. You may get trap if you do not care to know the drawbacks of this type of credit card deal.

If you are going to transfer a huge amount of balance to the new card, then you will have to pay off this balance before the end of zero-rate introductory period. After the introductory period expires, you might be charged with a higher interest rate on your outstanding balance. This would wipe out any savings you get from no fee balance transfers and zero-rate.


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