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How To Detect Whether You Are Making The Most Of Low Credit Card Offers With Balance Tranfers

Author : Brian Miller


No doubt you've gotten numerous credit card offers that advertise a low introductory rate. Many people throw away these kind of credit card offers and call them scams. In fact, a lot of people believe that the card's interest will simply jump up after the introductory offer has expired. While this is usually true, there are several benefits of these kind of cards that should not be ignored.

Make use of the Introductory Rate to your advantage

Based on Scott Bilker, owner of DebtSmart.com, consumers may transfer balances from a pre-existing card to a new card under a low introductory rate. This can help save thousands of dollars.

Although it will take you a while to transfer your cash, it's a great way to lessen your debt as well as your finance charges. At the time you transfer balances, you as well make the most of great interest savings. You should also take into account using low introductory purchase rates to finance purchases.

Do Your Homework

Always determine just what introductory rate is set at, and how long the introductory rate will last. You also need to know just what the rate hike is going to be as soon as the discount offer ends.

Also, note if there is a rate difference between purchases as well as balance transfers. If this is the situation, then only use the new card for balance transfers. Avoid creating purchases with the card to help you lessen finance charges.

You should develop computations with regards to your interest rates. Use a credit calculator to determine how high of a rate you need to use for balance transfers.

Always evaluate offers from several banks. Look for credit card offers which may have no expiration date, because you can make use of the great things about these cards as long as you own the card.

Tips on how to Improve Interest Savings

When you can get interest savings but your card charges an account balance transfer fee, in that case perform some mathematics to determine whether you'll lower your expenses in the long run. Don't knock a card out of contention simply because they have balance transfer fees.

Finally, keep track of your funds to make sure you're taking advantage of the smallest introductory rates. Make sure to make payments punctually. Balance transfers are among the most effective ways to reduce finance charges and keep interest levels low.


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Article Source:
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Tags:   finance, investing, money, credit cards

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Submitted : 2011-07-29    Word Count : 870    Times Viewed: 415