Once you come to the conclusion that a balance transfer credit card is the right financial tool for you, it’s time to take the next step in the process. This entails making a list of three to five offers that suit your wants and needs.
As you compare balance transfer credit cards, focus on these features:
- Balance transfer fee: It would be nice to avoid this fee altogether, but it rarely happens. You’re likely to pay anywhere from three to five percent of the amount you’re transferring.
- Zero percent introductory rate: Every balance transfer credit card offers a zero percent introductory rate, but the term can vary. While one card may provide 12 months of zero percent financing, another may stretch it out to 18 or 24 months.
- Customer service: Often overlooked, don’t lose sight of the fact that you may have various questions as you compare balance transfer credit cards in an attempt to make the right choice. Even after you have your card, you’re likely to have some questions. A top-notch customer service experience is a must, as you don’t want to be left out in the cold.
If you focus on these three details, you’ll find it much easier to compare features with the idea of choosing the right offer. While doing so, here are some questions you can ask yourself:
- What’s most important to me in a balance transfer credit card?
- Does it make financial sense to take advantage of a balance transfer?
- Is there any reason to avoid a balance transfer credit card for the time being?
- Are there other options that make more sense than a balance transfer?
When you combine knowledge of the most important features with answers to these questions, you’ll find yourself on the right track. It won’t be long before you’re choosing the right offer.