After you compare a variety of balance transfer credit card offers, it’s time to make a final decision.
Which one is best for you at the present time? Which one will allow you to improve your financial situation?
Once you apply and receive your credit card, it’s time to get down to business. At that point, you need to take these steps:
- Transfer your balance. This is why you opened a balance transfer credit card in the first place. You need to transfer your current high interest balance to this credit card. Although you’ll pay a fee for doing so, it’s better than the interest you’re being charged every month.
- Pay down your balance. Simply put, now that you have no interest charges, you want to pay down your balance as quickly as possible. Remember, this is not going to last forever.
- Watch the clock. Speaking of lasting forever, your zero percent rate will expire at some point. Generally speaking, this happens after 12 or 18 months. At that point, you will be charged monthly interest on your remaining balance (if there is one).
As you can see, these are some of the basic steps you can take after selecting a balance transfer credit card. Along with these, do your best to avoid adding more debt to what you already have.
There are a lot of balance transfer credit card offers to choose from. While each one is unique in some way, the basics are pretty much the same. This is why you need to take the steps detailed above.
Have you used a balance transfer credit card offer in the past? Did it work out just as you planned? Share your thoughts and advice in the comment section below.