Ask the Right Questions When Applying for a 0 Balance Transfer No Fee Credit Card
- Author Laura Ginn
- Published June 27, 2013
- Word count 721
If you are considering applying for a 0 balance transfer no fee credit card, there are a number of factors to bear in mind. While the mention of a 0% interest rate might be enticing, the low rate offered should not be your only consideration. There are a number of factors that can influence whether transferring your entire credit card balance to a new card is actually a good idea or not. By paying attention to additional factors, you can make an informed decision regarding your credit card status.
How Long is the 0% Offer Valid?
This is one of the key factors to bear in mind. Just because a credit card company is offering a 0% interest rate on balance transfers, accepting that rate might not be in your best interest if that rate is only good for three months. You need to read all of the fine print on any credit card offer to ensure that the low rate does not expire in a very short period of time. If you will only be free of interest charges for three to six months, switching your existing credit card balance to a new card might not be advisable. If your interest rate is going to be significantly higher once your 0% rate expires, you might be better off sticking with your current credit card company.
Will a Transfer Fee Be Applied to Your Balance Transfer?
This is another extremely important question to answer. For those lacking experience with balance transfer credit cards, the concept of having to pay a fee to transfer debt from one card to another could be a foreign concept. While not all charge card companies impose a balance transfer fee, some companies do impose this fee and call it a variety of different names. One company might label this fee as a balance transfer fee while another might chalk it up to an administration fee. Just because you think you are signing up for a no fee for balance transfers credit card, if that fee is simply labelled as something else, you might still be incurring an unexpected charge. Prior to accepting a new credit card, make sure you that all promises are in writing so that you are not met with unexpected financial surprises.
What is Your APR Going to Be After Your 0% Grace Period?
Before you agree to accept a new credit card promising you no balance transfer fee and an introductory interest rate of 0%, determine exactly what your interest rate will be once your grace period has ended. Some credit card companies will offer rates as low as 12.9%. Others can have interest rates as high as 24.9%. Having such a wide disparity in interest rate offers can make deciding upon a 0% interest rate card a difficult decision indeed. While you might initially be enticed by not having to pay any interest on your current credit card debt, your enchantment with your new card might start to wane when you suddenly have to start paying a significantly higher rate. If you understand what your eventual interest rate will be before you sign up for a new card, you can make an informed decision that suits your needs now and into the future.
Is Your APR Guaranteed?
Once you know what your interest rate will be after your 0% offer ends, find out how long your new annual percentage rate will be applicable to your account. If interest rates climb from 0% to 12.9% to 24.9% within the course of a year, you will want to take this information into account prior to completing your balance transfer. By having the appropriate knowledge in advance, you can make a financial decision that you can live with over the long haul. While some individuals might mistakenly assume that their new non-promotional rate is guaranteed for a year, this is not necessarily the case. By asking the right questions in advance, your decision to accept or decline a 0% interest rate card can be an easier decision to make.
These are just some of the factors to pay attention to when you are considering a 0 balance transfer no fee credit card. If fully understood in advance, accepting an offer of 0% interest can be a wise decision indeed. By paying attention and conducting a little investigative digging, your financial future can be brighter because you paid attention to the details.
Laura Ginn knows that it would be a mistake to just blindly apply for the first credit card you come across without checking out the terms and conditions first. If you are looking for a 0 balance transfer no fee credit card check out the information offered by uSwitch.com and make sure you find the best deal for your situation.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- GoPDF An Online PDF Editor Releases Mobiles Apps Compatible with iOS & Android: A Faster Solution for PDF Editing
- The Best AI Logo Generators in 2024
- How to prepare for a house clearance, a few tips from experts
- Adapting to Rising Parcel Rates in 2024 with Business Central and Order Ship Express
- Not All LED Lights Are Created Equal
- Zoviz Launches New Solutions Day by Day to Users as An AI Logo Maker
- Campervan Maintenance: All You Need to Know
- Fighting the Silent Epidemic: Safeguard Your Child's Future with Vitamin D Screening at KinderCure | Dr. Garima Mengi
- 5 Inspiring Stories of Women Who Achieved Gorgeous Lashes with Careprost Eye Drops
- Is Your Finance Strategy Ready for ERP Software?
- A Beginner's Guide to Starting a Career in Web3
- The Vital Role Of The Courier Industry: Connecting People, Businesses, And Communities
- Learning From Successes And Setbacks: The Importance Of Post-Bid Analysis In Professional Bid Writing
- Music And Identity: Exploring The Role Of Music In Shaping Culture And Identity
- Demystifying Dental Myths: Separating Fact From Fiction
- Expert and Little Known Tips for Limestone Floor Maintenance
- Explanation of how to improve the quality of low-resolution videos
- Do Compelling Marketing Pictures Unlock Sales Potential?
- Combining Science and Aesthetics: The Practical Benefits of Veneers
- These are my thoughts about the audience, topics, and purpose of my writing.
- Enhancing Child Health with Mindfulness: Insights from KinderCure’s Dr. Garima Mengi
- Blast Off into Adventure: 15 Must-Read Science Fiction Books!
- The Journey to Self-Love: Embracing Your Inner Worth
- Is Laser Eye Surgery A Permanent Fix?
- Gaslighting Tactics Exposed: Strategies for Combatting Psychological Abuse
- The Remarkable Role of Cellulose in Weight Management
- Advanced Rolfing Fort Worth Dallas & Power Yoga
- Advanced Rolfing Fort Worth Dallas Is The New #1 Paradigm Pain Manager
- 5 Powerful Benefits Of Certified Advanced Rolfing In Fort Worth: Discover A New Level Of Well Being
- 7 Life Changing Benefits of Advanced Rolfing Fort Worth Dallas You Need to Experience