As you learn more about balance transfer credit cards, it’s important to look past the primary benefit.
Many people turn to this type of offer because it allows them to transfer high interest debt to a credit card with a 0% introductory period (typically in the 12 to 18 month range).
While this gives you the opportunity to save a lot of money on the cost of interest, there are other miscellaneous features to consider. Here are some of the best:
- Rewards program. Are you able to earn points for each dollar you spend on your credit card? How about cash back? A good rewards program can be the difference between an average balance transfer credit card and one that really gets you excited.
- No fees. From an annual fee to foreign transaction fees, you always have to worry about these popping up and costing you money. There are many balance transfer credit cards that don’t have any of these fees built in. This allows you to focus on what’s most important to you: eliminating your credit card debt once and for all.
- Online account access, complete with extra tools. It’s nice to be able to track your progress via an online account. Adding to this, some balance transfer credit cards provide mobile apps, free FICO credit score updates, and much more.
These are not the only miscellaneous features to look for when comparing balance transfer credit cards, but they can definitely give you more of a reason to move forward with this type of offer.
By focusing on what’s most important to you, based on your current financial situation, it should become easier to make a decision that puts you in a better place now and in the future.