How to Compare Credit Card Balance Transfer Offers
If you carry a balance on your credit card, you may find it beneficial to transfer the balance to another card. This could help you consolidate different credit card balances onto one card, give you access to better terms and ultimately save you money. Before you transfer the balance, you should compare the features offered by the various balance transfer cards. Read the terms included in the credit card application to understand the different credit card features.
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Initial Interest Rate
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A lot of credit cards offer an initial low teaser rate for balance transfers. One important feature to examine is each card's initial rate and how long the card offers the benefit of this low rate.
After Introductory Period
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After the introductory period for the teaser rate ends, the rate goes up. You should compare what rates the different balance transfer cards offer after the introductory period.
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Fees
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Most cards assess a balance transfer fee, which is usually a percentage of the balance transferred. Some cards assess an annual fee as well. Both fees should be considered when comparing cards.
Other Rewards
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Some credit card companies offer rewards, such as cash back or airline miles, for using their cards.
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