|
The time has come again to transfer your
credit card balance to a new card so you can take advantage of the 0% rates and
long introductory periods. With so many credit card transfer deals to chose
from, which one do you apply for?
There are many good balance transfer
deals that offer additional benefits. Depending on where you frequently shop,
there could be rewards that are attractive to you, and by doing some thorough
research you’ll know which one is right for you.
When comparing credit card transfer
deals take into consideration the following points in order to choose the most
appropriate card for your situation.
- How long is the introductory period –
the longer this period is the more interest free payments you would be
entitled to.
- What rate does the APR revert to –
you do not want a huge increase in interest rates at the end of the
introductory period.
- Annual fees – some of these fees
could be quite high which would be added to the balance you have to repay.
- Balance transfer fee – the lower this
fee is the better, because you would have to pay it in addition to your
balance.
- Added benefits – choose a card that
gives you a bit more, e.g. if you use a lot of gas in a week; why not
apply for a gas credit card that
allows for balance transfers as well.
Below is a comparison table highlighting
the above points.
|
Card Name |
Introductory Period |
Revert APR |
Annual Fee |
Balance Transfer Fee |
Added Benefits |
|
|
|
|
|
|
|
|
Discover Gas Card |
12 months
Balance Transfers and Purchases |
10.99% - 17.99% |
None |
None |
-Cash Back
-Gas Cash
Back
-Unlimited
Cash Rewards |
|
Bank of America Cash Rewards |
12 months
Balance Transfers and Cash
Advance Cheques |
7.9% -
Platinum +
13.99% - Preferred |
None |
3% |
-Cash Back
on Purchases |
|
Chase Platinum Visa |
12 Months Balance Transfer
(subject to review) |
14.24% - Elite
18.24% - Premium
23.24% - Standard |
None |
3% |
-Rewards
for cash back, travel, gift cards or merchandise |
|
Total Rewards Credit Card |
12 months
Balance Transfers and Cash
Advance Cheques |
7.9% -
Platinum +
13.99% - Preferred |
None |
3% |
- Rewards
on Purchases Anywhere |
|
Blue From American Express |
0% APR for 15 Months.
4.99% for Life of Balance
Transfer |
12.24% - 19.24% |
None |
None at time of application |
- Rewards
program for travel and merchandise |
There are other features that you could
look at such as late payment fees, cash withdrawal fees, etc. But these fees
are normally standard across the industry. The main purpose of the balance
transfer should be to enjoy interest free payments while reducing your credit
card debt. The most important fees are shown in the table above.
Before submitting your application however, you should read the terms and
conditions just to make sure you know everything about the balance transfer
credit card offer. This avoids any unpleasant surprises in the future.
Once you decide on a rewards program
that would benefit you and have compared the different credit card transfer
deals on offer, you should have no problem choosing the right credit card for
your balance transfer needs.
|
