How to Choose the Best Balance Transfer Credit Card

For good reason, this is a topic that has been discussed many times in the past.

If you’re carrying high interest credit card debt, if you’re looking for a way to save, a balance transfer offer may be the right decision for you.

Of course, there is more to this than meets the eye. Most importantly, you need to do two things:

•    Understand your current situation, including how much debt you have.
•    Find a balance transfer credit card that suits your situation.

With these two points in mind, here are five steps to take as you search for the best balance transfer credit card offer:

1. Know the Qualifications

Why apply for a balance transfer credit card that you don’t qualify for? It’s best to stick with the offers that suit your credit score and financial situation, as this will save you time on your search.

2. Focus on the Introductory Period

In other words, answer this question: how long does the 0 percent APR last? The longer the better, as this is the period during which you won’t be charged interest.

3. Know the Balance Transfer Fee

Unfortunately, you won’t find that it’s free to transfer your balance from one credit card to another. There is a balance transfer fee to take into consideration.

You need to know how much you’ll be charged, as this will help you make a decision on whether or not you move forward.

4. Review the Other Details

There’s no denying that you’re most interested in the ability to transfer your debt to a 0 percent interest credit card. But have you taken the other details into consideration?

For example, you need to know if there is an annual fee. If you don’t think about these miscellaneous details, you could end up in a bad spot at some point in the future.

5. Choose an Offer with a Low APR

What’s the APR after the introductory rate expires? This is a key question, because you know the 0 percent rate will come to an end at some point. When it does, the resulting interest rate is what you’re stuck with for future purchases.

Conclusion

There are hundreds of balance transfer credit card offers to choose from, so keep an open mind as you begin your search.

If you follow the steps above, you should end up with a credit card that suits some or all of your needs.