Did you know credit card companies attract customers with various luring and tempting offers?
It is because these firms see their own benefit in this.
This they achieve by providing them with either zero percent interest or low percentage rate on their cards.
These balance transfer offers on the cards will aid in saving money for such a situation that are unforeseen. But these might be costly directly and take away from you all your savings.
Prior to deciding to purchase these types of credit cards, all the possibilities and effects should be though is of and hence, you would end up having appropriate and most suitable offers. Some of the factors which you need to consider are.
APR on Balance Transfer
Applying for new card to transfer your balance? Search for the ones which offer 0% APR on both balance transfers and purchases. It provides the elasticity to shift the balances and also to buy with 0 APR in the offer period.
You are also required to check cash advances and direct deposits. Want to apply just to transfer balance? Then search for the cards that provide lowest APR for balance transfer. If this card gives low APR just for balance transfer, shift balance from your other higher APR credit cards but don’t make purchases from this card.
The reason being that you would be charged regular APR on this card in cases you shop using this card. In case you don’t want to apply for a new card, use the one with low APR balance transfer.
You will be given two types of balance transfer offers. Either you may transfer balances with 0 or low APR for a fixed time period or transfer balances with fixed low APR till you fully pay off the balances. You may check about these and your account online.
Time Period of Offer
Want to completely have the benefits of these balance transfer offers? Choose the credit cards which provide low balance transfer APR for long time period. In case you require time to repay your balances which you have transferred beyond the offer period, it would get your interest payment reduced.
When searching for these transfer offers you may choose a card having low purchase APR, but this low APR varies based on the prime rate.
APR Normal Purchase
Choosing card for balance transfer with lowest purchase APR would be more beneficial for you. It would reduce your interest payment, in case you are unable to completely repay the transferred balance in the transfer offer time period. This prime rate utilized to know APR may be known online.
Want to own a credit card with best offers as visa credit card offers? Owning it is not at all difficult, you just need to keep certain considerations like the aforesaid in your mind. Be aware and thoroughly check about the factors like annual fee, time period at which offer ends or making payment in time.
These factors which you will consider will not only help you in availing bets offers but will also save your hard earned money.