Are you interested in taking advantage of a balance transfer as to improve your financial situation?

While this is a great decision for many people, it may not be the right choice for you at the present time. For this reason, you need to compare the pros and cons, while focusing heavily on your particular situation.

Here are three reasons why a balance transfer may not make sense for you:

  • The fee. Are you comfortable paying the fee associated with a balance transfer credit card? This is typically in the one to three percent range of the balance that you transfer. So, a fee of $100 to $300 would accompany a $10,000 transfer. Are you willing and able to pay this?
  • You won’t be able to make progress during the zero percent period. The primary reason to opt for a balance transfer credit card is the ability to secure a zero percent interest rate for an extended period of time, such as 12 to 18 months. However, this is only beneficial if you will be able to make progress during this period. If you don’t eliminate your balance by the end of the period, the zero percent rate will change into something much higher.
  • Bad credit. Unfortunately, it can be a challenge to secure a balance transfer credit card if you have bad credit. While there are some offers that cater to consumers with less than ideal credit, these are few and far between. The only way to determine if you qualify is to compare your options and apply for the offer that best suits your situation.

There is no denying the many benefits of a balance transfer credit card. When you also take into consideration the points above, it’s easier to understand your situation and the steps you should take.

What are your feelings on using a balance transfer to ease some of the pain associated with credit card debt?


Having trouble finding a balance transfer card? We would love to show you more balance transfers, however banks control which cards are allowed on certain pages. We recommend that you view balance transfer credit cards at CreditWeb for more options.

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