Comparing balance transfer credit cards

Balance transfer credit cards look like a better option if you are paying more interest than you should.

09:05 23 October 2013

There are many balance transfer credit cards available and choosing the first offer does not mean it will be the best choice for you. The key to finding the balance transfer credit card ideal for your present situation is to search for several credit cards and make comparison of what they offer including the interest rates and fees that are to be charged for the balance transfer.

• Dig through the market for better offers

Check out several websites and make a note of all the interesting offers. Get rid of options that have bundled extras that you don’t need. Stay true to your original ideas.

• Compare the Issuing lenders

After browsing through the offers available related to your search, it is now time to compare the lenders of interesting offers you listed in the first step. Are they trustworthy? Are they reputable? If you know little or nothing about them try to research about them through reviews and ask around. If you find nothing to support your choice, discard them from your list.

• Compare the interest rate offers

Of course, the offers that you should find must be lower than what your current card charges you. That is the whole reason why you want to balance transfer in the first place, because your current cards charges higher interest. Based on this, you may obviously cross out the offers which charge higher interest rates.

• Compare the transfer fees as well as the annual fees

Now that you have refined your list to only a few, you need to compare how much transfer fee and annual fee are charged by each lender and further narrow down your list.

• If you managed to narrow down to two or three issuing lenders and you can’t take your pick, check out their promotional interest rate and how long they last. Likewise, also check their reward offers.

Balance transfer credit cards may not be the best option available but if this is the option you choose, make sure to compare so you can pick out the best balance transfer credit card to suit your needs.