Balance Transfer Offers
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By Marcus Smart |
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Free Online Credit ReportTaking charge of your own credit is an important step to ensuring a strong financial future. Something ..... Many people who have decent credit may find a number of mailings that contain balance transfer offers. One of these offers is an almost too-good-to-be-true deal from a major credit card company that boasts an amazing 4.99 percent interest rate. This is among the most enticing balance transfer offers out there today but you should proceed with caution.
The first thing you need to know is whether or not the 4.99 percent interest rate is fixed. You could easily find yourself facing higher interest rates in the future if you don’t read the fine print. Many times this interest rate explodes after time.
Another popular credit card company is offering an even sweeter deal. You may have seen a letter urging you to forget the other balance transfer offers and take this astonishing 3.99 percent offer. This same creditor may even send you a letter offering balance transfer offers that have zero percent interest for the life of the balance.
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These offers seem way too good to be true especially when we consider that most credit cards have an average of eighteen percent interest tacked on to your monthly balance. What do you have to lose' In order to determine exactly what you have to lose, you may want to consider what you have to do to maintain those low interest rates on your balance transfer offers.
Sometimes the creditor requires you to make purchases to keep that attractive interest rate. This can cause you to rack up debt that you normally would not. For example, one card has zero interest balance transfer offers but you have to make a certain number of purchases on that card per billing cycle to maintain that zero interest rate.
Some people think that they can get around this by making ridiculously small purchases with their credit card that has the balance transfer offers. However, you may have a set number of dollars required for the purchases so it is a good idea to investigate before jumping into a rash decision.
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You also have to make sure that you pay your creditors on time. A payment that is as little as one day late can make those low interest balance transfer offers disappear in a flash. Many credit card companies even jack up your rate if you are late on your utilities as well. One lapse of payment can wreck havoc on your financial situation.
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