What should I look for when choosing a balance transfer credit card?
Curious about Balance Transfer
When choosing a balance transfer credit card, there are a few things to consider:
1. Interest rate: Look for a card that offers a low or 0% interest rate on balance transfers for a promotional period.
2. Balance transfer fee: Most balance transfer cards charge a fee for transferring a balance, usually around 15% of the transferred amount. Look for a card with a lower fee.
3. Credit limit: Make sure the credit limit on the new card is high enough to accommodate the balance you want to transfer.
4. Promotional period: Look for a card that offers a long promotional period for the low or 0% interest rate on balance transfers. This will give you more time to pay off your balance without accruing additional interest.
5. Rewards and benefits: Consider any rewards or benefits that come with the card, such as cash back or travel rewards, as these can add value to your overall credit card usage.
6. Credit score requirements: Make sure you meet the credit score requirements for the card you are interested in, as some balance transfer cards require good or excellent credit.
Empower Creators, Get Early Access to Premium Content.
