The credit card industry has very fierce competition and it is not a new thing that top credit card companies are always competing to offer the best balance transfer deals to attract customers. Performing a search on this will return lots of Discover, Visa and MasterCard. Using the credit card comparison tool allows you to find the card with the most attractive balance transfer offer that suit your credit score.
You must know that credit card companies are constantly improving their cards as well as coming up with new card with attractive perks. A good balance transfer card will feature perks such as zero annual fee, balance transfer, rewards points and cash back. Zero annual fee only applies during the promotional introductory period which can usually last from 6 months to 18 months. Many cards now offer zero balance transfer fee and no interest charge when you perform a transfer during the introductory period.
The rewards and cash back you will get vary across different balance transfer cards. You will usually get to earn cash back on rotating bonus categories. The drawback of using a rewards card for balance transfer is that they tend to have higher interest. If you want to reap the full benefits of the card rewards, you must make sure the balance is always paid in full by the due date. Otherwise, you will be charged the normal APR rate and this will make the rewards not worth it anymore.
If they increase the sign up bonus after you sign up, the best thing to do is to dial the hotline and ask them to match the offer. Most of the time, the representative will agree to match the offer. If your FICO score is above average, you will find plenty of credit cards with a reward rate that is higher than 1.5%.
If you have been loyal to the credit card company, you can call them and threaten to cancel the card if they are not giving any loyalty rewards. Often, when you contact the credit card company li this kind of situation, they will be willing to waive the annual fee and some will even reward you with rewards offers.
In conclusion, you will be able to save a lot of money in interests if you are able to find a good balance transfer card and transfer your credit card debts to it. Before applying, don’t forget to read the fine print. Often, the best card is not the one with the lowest interest because there may be other fees. So, make sure you find out all the fees and do the calculation to see whether it is worthwhile for you to use the card for balance transfer.