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Consolidating Credit Cards: How to Effectively Use Balance Transfers
Copyright 2006 Edward Vegliante
The practice of transferring the balance of one credit card with
a high interest rate to another credit card with a lower interest
rate is a fairly common way to consolidate debt, but very few
people know how to make effective balance transfers.
The goal of
balance transfers is very simple: to save money. If you are not,
then you are probably not utilizing balance transfers
effectively.
The following factors will determine how and when you should
make balance transfers so that you maximize the benefits.
Credit History
If you have a poor credit history, then you have a lower chance
of securing a credit card with a low interest rate.
Credit card
companies base their decisions upon consumers' credit scores and
collection accounts, so it will help if you are familiar with your
credit report. That way, you aren't applying for several credit
cards at once, thus planting those applications on your credit
report.
Those with high credit scores can usually obtain a credit card
with a low APR (annual percentage rate) or even a 0% APR. Many
credit card offers include 0% interest on balance transfers for the
first six-to-twelve months, which can save you hundreds of dollars
immediately.
Credit Card Balance
A high credit card balance will make it more difficult to
execute a single balance transfer. Most credit cards have limits on
how much debt you can transfer at one time; sometimes the limit is
as high as $10,000, while others might be as low as $2,000. Do your
homework before applying for credit cards and find out what the
balance transfer limit will be. That way you aren't obtaining a
credit card for which you will have no use.
Balance Transfer Fees
Many credit card companies charge fees for balance transfers,
which are typically around 3% of the transfer amount. Although most
credit cards have caps on the fee amount for a balance transfer,
you should always read the terms and conditions to make sure.
Compare the fees that credit card companies charge, and choose one
that offers a low or no balance transfer fee.
Debt Management
Sometimes, it isn't the credit card that's the problem.
People
who lack the ability to effectively manage debt will not reap the
rewards of balance transfers. Even if you take debt from several
different places and put it into one account, you are still going
to owe the money. Keep a folder that contains all of the
information you have about your credit card debt. Research balance
transfers carefully, and when you have chosen the right card, begin
to manage your debt.
Decide how much of the debt you will pay off
each month, and stick to that, no matter what other problems or
temptations might crop up in your life. Balance transfers won't
help if you never begin to pay off the debt.
Balance transfers can be valuable tools if you know how to use
them effectively. Pay careful attention to your debt and do proper
research on the management of that debt.
While credit cards can
ultimately be your best resource for debt management, they can also
cause a wealth of problems if you are not prudent in your
solutions.
------
To find Balance Transfer Credit Card Offers click
.credit-card-surplus.com/balancetransfer.
php
. Ed Vegliante runs .credit-card-surplus.com , a credit
card directory enabling the consumer to compare and apply for
credit cards.
[ Comment, Edit or Article Submission ]
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