Credit Card Balance Transfer Applications
By Jason Gluckman
A balance transfer is an easy way to escape the high interest charged on credit cards. Card companies, therefore, get large number of credit card balance transfer applications. Many people look upon this opportunity as a means of ending their debts. However, they are mistaken.
The monthly payments are still to be maintained. The only difference is that a zero or low interest rate could be enjoyed only for a stipulated period. This period varies from six months to a year. The interest is restored to the normal level after this period.
People with an outstanding balance on their credit card accounts make the most out of the balance transfer offers. A credit card balance transfer offers you the option of transferring either the whole balance or part of it. An initial time period of low or zero interest on the new card can be enjoyed by the customer. During this period, you can make considerable savings to decrease your debt. People often make the mistake of spending money lavishly during this period owing to the lower interest. Some credit card companies offer you the chance to transfer your existing loans and overdrafts to the new account. Offers like this attract many people to credit card balance transfer offers.
Credit card balance transfers have many drawbacks, too. You have to consider many things before proceeding with a credit card balance transfer application. Some companies charge a transaction fee for transferring the account, which can be as high as four percent of the balance amount. Any delay in monthly payments can lead to a sudden rise in interest rates. Credit card companies usually advertise low interest on balance transfers prominently. However, they may not specify the hidden costs attached. The major terms and conditions are usually specified in small print in the credit card balance transfer offer. Many people fail to read this information and go ahead with credit card balance transfer application to their disadvantage.
Balance Transfers provides detailed information on Balance Transfers, Credit Card Balance Transfers, Card Credit Interest Balance Transfers, Interest Free Balance Transfers and more. Balance Transfers is affiliated with Guaranteed UK Credit Cards.
Article Source: http://EzineArticles.com/?expert=Jason_Gluckman
A balance transfer is an easy way to escape the high interest charged on credit cards. Card companies, therefore, get large number of credit card balance transfer applications. Many people look upon this opportunity as a means of ending their debts. However, they are mistaken.
The monthly payments are still to be maintained. The only difference is that a zero or low interest rate could be enjoyed only for a stipulated period. This period varies from six months to a year. The interest is restored to the normal level after this period.
People with an outstanding balance on their credit card accounts make the most out of the balance transfer offers. A credit card balance transfer offers you the option of transferring either the whole balance or part of it. An initial time period of low or zero interest on the new card can be enjoyed by the customer. During this period, you can make considerable savings to decrease your debt. People often make the mistake of spending money lavishly during this period owing to the lower interest. Some credit card companies offer you the chance to transfer your existing loans and overdrafts to the new account. Offers like this attract many people to credit card balance transfer offers.
Credit card balance transfers have many drawbacks, too. You have to consider many things before proceeding with a credit card balance transfer application. Some companies charge a transaction fee for transferring the account, which can be as high as four percent of the balance amount. Any delay in monthly payments can lead to a sudden rise in interest rates. Credit card companies usually advertise low interest on balance transfers prominently. However, they may not specify the hidden costs attached. The major terms and conditions are usually specified in small print in the credit card balance transfer offer. Many people fail to read this information and go ahead with credit card balance transfer application to their disadvantage.
Balance Transfers provides detailed information on Balance Transfers, Credit Card Balance Transfers, Card Credit Interest Balance Transfers, Interest Free Balance Transfers and more. Balance Transfers is affiliated with Guaranteed UK Credit Cards.
Article Source: http://EzineArticles.com/?expert=Jason_Gluckman
posted by Orce Dimitrov at
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