Best 0% Balance Transfer Credit Cards
The best 0% balance transfer credit cards are mostly all alike. The places where people get into trouble with these cards are when they decide to use them to make purchases.
If you are going to use credit, then do it wisely. With credit cards there are several different types that should be in your spending portfolio. The 0% balance transfer cards are a great way to consolidate your debit. This is only an introductory period of usually 12 months or 12 cycles. Some are up to 15 months while others are as short as 6 months.
The appealing aspect of the 0% interest rate on transfers is that it appears to be a free loan. The catch is in the fees that are charged to actually make the transfer. The typical fee is 3% of the transfer amount. Knowing the different features will be the deciding factor if it is truly beneficial to make the transfer.
Take Citibank for an example. You can get their platinum card with a 0% interest on transfers for up to 12 months, but not on your purchases. They also have a Forward SM card that has a 0% interest on transfers and purchases but the time period is for only 6 months. But this card gives the customer a $100 bonus for signing up. The catch with both of these cards is that there is a 3% fee on all transfers. If you transfer $10,000 to one of these accounts, it will cost you $300 to do so. The interest rates at the end of the introductory period will be dependent on your credit score. Unfortunately, when consolidating your credit, it will have a negative effect on your credit score and the best interest rate you can possible achieve is the prime rate of 15%.
Simmons, IberiaBank, and Pulaski have the best 0% balance transfer credit cards because there are no fees attached to them when a transfer is made. Your bank rates will do nothing but climb as long as you continue to spend on credit.
Related Posts:
Comments
Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!
