Balance Credit Cards

LOW BALANCE TRANSFER CREDIT CARDS : CAVEAT EMPTOR?

 

Offers for low balance transfer credit cards are flooding in from credit cards companies nowadays which make us wonder if these offers are for real. What keeps nagging inside your head is , if these credit cards with low interest rates will bring in such little income, then why bother to advertise vigorously at all ?

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  1. Balance Transfer Credit Cards | Compare No Balance Transfer ...

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Articles

LOW BALANCE TRANSFER CREDIT CARDS : CAVEAT EMPTOR?

 

 

­Offers for low balance transfer credit cards are flooding in from credit cards companies nowadays which make us wonder if these offers are for real. What keeps nagging inside your head is , if these credit cards with low interest rates will bring in such little income, then why bother to advertise vigorously at all ?

 

Common sense would tell us that there is more to a low balance transfer credit cards than meets the eye. Credit card companies are not charitable institutions. So, saying that they are offering a deal that will not earn them money is something for the Marines. And the real truth is, the credit card companies are banking on the possibility that the consumers will miss the fine print and end up bleeding dry with a smile on their face. Consumers should be careful every step of the way all through the duration of the low interest period.

 

To start with, consumers must understand that to transfer from one credit card to a low balance transfer credit card they will be asked to pay a transfer fee of about 3% of the card’s balance. Conversely enough, low balance transfer credit cards do not promise low interest payments on current or future purchases. If used for current purchases, the credit card holder will have to pay regular interest rates with which balance the basis for the new computation of interests will accrue.

 

The bottom line therefore, is to avail of the offers and use the low balance transfer credit card to pay for your previous balances and not for new purchases. Pay your bills on time to avoid the universal default clause. And always remember that jumping from one credit card to another will hurt his credit rating. Caveat emptor.

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