Best Balance Transfer Offers

June 1st, 2010

The best balance transfer offers you can find are the ones that are suited to your own personal financial situation. There are a lot of really good offers for balance transfer cards being put out there by the various card companies, but you will have to decide which type of card would best to suit your needs.

Best balance transfer offers

If you are searching for the best balance transfer offers in order to relieve some of the debt you have on an existing credit card, there are a lot of different things you should be looking at before making a final choice. You should be examining the terms and rates for the balance transfer, and how you will be able to structure your payments.

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Here are the most important factors to consider when you are looking for the best balance transfer offers.

Introductory offers

Introductory time periods for a balance transfer offer at a 0% interest rate usually last about six months. Some cards with a slightly higher rate of interest offer this rate for as long as the balance is left on the card.

This gives you as long as you need to pay off the balance. In order to figure out the best balance transfer offer, you will have to examine your ability to pay off the debt according to your budget. If it is not realistic to pay it off within six months then you should look at a long-term balance transfer offer.

Rate of interest

While some cards offer a 0% rate of interest for six months, if you’re looking for an offer that lasts longer you should compare the rates of interest. Different companies offer various deals so it is worth your while to shop around and find the best one with the lowest rate.

Purchase rates

If you want a card that you can make purchases with while you are paying off the balance transfer you need to find one that has the same interest rate offered for the same amount of time as the balance transfer. If you can’t find a card that offers this, then you will have to get a separate card to make your purchases.

If you spend money on the card and it has a higher rate of interest on purchases, you will have to incur interest added to your purchase balance until your transfer balance has been completed. This will cost you a lot of money and is not worth it.

Rewards programs

You should not concern yourself with any rewards schemes if you’re looking for a balance transfer card. The purpose of the card is not to collect points, but to get your debt cleared up. If you find a good card that has a rewards program you can certainly choose it, but never make a decision for a balance transfer card based on a rewards program being offered.

The best balance transfer offers will give you a low rate of interest for the amount of time that you need to pay off your debt. When you find this card, you will know that it is the right one for you.

Editors Choice: Featured Credit Card Deals

	Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)