Best Credit Card Transfers

May 14th, 2010

Searching for the best credit card transfers offers can sometimes be a little confusing. The low rates and various introductory terms can sometimes make it difficult to know which will be the best balance transfer to suit you.

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Finding the Best Credit Card Transfers Offers

The object of a low rate balance transfer is to hopefully reduce the amount of interest you pay on your outstanding credit card debt. This can have the benefit of reducing your monthly credit card repayments, lower the amount of interest you pay on your debt and make it much easier to reduce your balance more quickly.

However, finding the best credit card transfers to suit you can sometimes be more difficult than it looks.

Should You Search for the Lowest Rate?

Most people have been conditioned to search for the lowest interest rate possible when searching for the best credit card transfers. There are credit card lenders offering interest rates as low as 0% for six month on balance transfers, which seems like it might be the best option on the surface.

However, it’s important to be realistic about your expectations of your balance transfer.

If you know that it’s going to take you much longer than 6 months to repay your balance, then you could end up paying far more interest in the long run. This is because once the introductory period expires after 6 months, the interest rate will revert to the regular purchase interest rate, which is often much higher.

If you still have a balance when the 0% rate reverts to the higher amount, you could be back at square one again.

Short Term Vs. Long Term Balance Transfer

For those customers with higher levels of credit card debt to repay, you could find that opting for a longer term balance transfer option could be a better way to save more money over the long run.

For example, there are credit card providers offering low rate balance transfers that retain the low interest rate for however long it takes you to repay that balance. This means you know your rate will remain low no matter how long you take to pay it all off. It won’t revert to a higher rate and you’ll still be saving money.

Yet, if your balance amount seems easy enough to pay off in 6 months or 9 months, then a shorter term balance transfer could be the best credit card transfers option for you.

Just be realistic about how much you can comfortably afford to pay off each month and you’ll find it easier to sort through which offers will be right for you.

Editors Choice: Featured Credit Card Deals

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