Artisans in Oaxaca Mexico: Vacation Travel

Being Smart With Your Credit Card Balance Transfers

There are a few mistakes that people make when it comes to finances that are completely preventable. For the most part, these mistakes are made out of ignorance, and education on the matter is something that is definitely lacking in today's society. Unless a person is interested in the subject, it is rare that they encounter the information on credit cards that they need... at least not until after they've already gotten started with their credit.

One of the biggest mistakes that people make is not shopping around enough for credit cards. APR rates can vary drastically from company to company, and if you haven't done your homework, you might end up with an interest rate that's unreasonably high. Weighing the interest rate against any benefit that a card might offer is very important, but what it really comes down to is this- if you are not going to be able to pay off the balance on your credit card each month, you need to be looking for the lowest rates you can find to avoid paying a phenomenal amount more than a purchase is truly worth.

Many people also get sucked in by deals with catchy titles such as "0% Balance Transfer!" and other such offers. Now, if you are looking to perform a balance transfer, credit cards that offer some sort of initiative on this are certainly a great place to start. In general, there are two different ways in which a credit card can handle balance transfers- one, they can offer you no fee balance transfers which allow you to transfer existing balances onto the card without paying any kind of percentage fee, which is usually about a 3% charge. The second is to offer a period of 0% APR.

It is important to be careful when you choose to accept such a deal from a credit card company. Read the fine print closely- some cards offer an interest-free period for balance transfers while charging normal interest rates for any purchases made directly on the new card. If you plan to use the new card to pay off the old balance first, that's fine, but as most people start using their new card right away, it's important to look for a card that offers a period of time (usually about 6 months to a year) in which there is no interest charged at all, on new or existing balances.

Another common mistake is to not fully read and understand all the fees, grace periods and other terms or scheduling. Cash advances often come with higher service fees and interest rates--you don't want to find this out the hard way. While making the minimum payment is hardly the idea- this stretches out the payment timeline and tacks on as much interest as can actually be added- it's usually much better than being late. Late fees can be as high as $30, even if you are only a day late. If you pay online, be sure you know when payments are posted as this will determine when you actually need to pay your bill in order for it to be on time.

Written by Melissa Bryson. Relieve debt with no fee balance transfers. Credit card balance transfer available with 0% balance transfer and no annual fee at SmartBalanceTransfers.com.

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