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Transferring balances from one or more credit cards can help you consolidate your credit cards. Many credit card companies offer incentives if you transfer your balance of another credit card. This article will review the pros and cons of balance transfers.
One of the ways you can save money with your credit cards is to do a balance transfer. This is when you take balances from one or more credit cards and move them to a new credit card. Most people do balance transfers as part of a special offer (usually 0% APR for a limited time) for opening a new credit card. Here are the two main reasons that someone might do a balance transfer:
What to look for when doing a credit card balance transfer
You want to get the best deal when doing a balance transfer on your credit card. This means that you should consider the following features when choosing which credit card to transfer your balances to:
Credit card balance transfer warnings
Even though you have an initial period for the APR, there are circumstances in which your introductory rate can be revoked. Make sure that you take special care to avoid these problems:
Another thing to watch out for is too many inquiries into your credit. You usually have between four and eight weeks to apply for a balance transfer after the offer comes in. You should not apply for the first offer you receive. Wait a couple of weeks to see if you get a better offer. This is because too many inquiries into your credit for the purpose of trying to get a new credit card can damage your credit score. If you find a better offer, you may be denied because you have already looked into lesser offers.
If you carefully consider the balance transfer offer, you should be able to make a good choice that will save you money in the long run.
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