CREDIT-CARD BALANCE TRANSFER STRATEGIES




* MAKE SURE THE NEW CARD'S LOWER APR IS GOOD FOR AT LEAST NINE MONTHS. Use those nine months to pay off that balance. Then if the APR jumps after those nine months, transfer to another card with an APR you can live with.


* LOOK OUT FOR TRANSFER FEES. Some lower-rate cards charge you a fee to transfer your balance -- as much as four percent of your balance! Shop those cards: www.lowcards.com<br />

* NO NEW PURCHASES! Transfer the balance, pay it off under the lower rate and leave that card alone!


* KEEP DEBT AT 30% OF AVAILABLE CREDIT. That will help you make at least your minimum payment, if not more. Late payments show up on your credit report for seven years, so be disciplined in paying them.


Source: WREG-TV Memphis



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Comment from: Robert Alan [Visitor] · http://www.creditcardassist.com/
The other important thing to keep in mind about balance transfer credit cards is to make ABSOLUTELY sure that you avoid late payments at all costs as this, often times, can you default the APR back into a much, much higher ongoing APR.

So avoid this nasty little surprise by automating your bill payment on your balance transfer card (online or through your local bank), if possible.

I'm speaking from personal experience on this one...
12th October 2006 @ 18:39

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