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0% Balance Transfer Credit Cards – Avoid The Traps

You do not have to look far when you are seeking 0 balance transfer credit cards, because everyone is offering them today. Understanding a few things about them will be a benefit before applying.

The current advertisement might tell you that you will not have to pay an APR on the amount you transfer to this new card, but that does not mean this is going to be the APR for however long you have this card.

This means you are getting an introductory offer on this card and they are suspending the APR for anywhere from 3 months to a year, but after that you will have an annual percentage rate. I know, all good things must come to an end.

Another thing you will want to be careful of when you are looking for 0 balance transfer credit cards are penalties. The 0% APR could abruptly come to a halt if you miss even one payment, because the credit card company could cancel your credit.

Read the fine print and find out what the credit card you are considering says about this. If this is the way you are planning to go, make sure you have the payments in on time every month.

Another thing you will want to look for is a fee. There are people who think that signing up with the new credit card and transferring their balance from the old card is all there is to it. All of a sudden they have 0 Balance Transfer Credit Cards and they are finished.

Well this is not always true. Check and see if they have a fee. Some credit card companies will charge a percentage of the amount you transfer to their card. If the balance you transfer is very much, you could have quite a fee to pay.

Find out what the maximum 0 balance transfer credit cards will allow you to transfer. Some have a limit and this would be nice to know before accepting this credit card and trying to transfer a balance that is larger than the one they will accept.

Do not just jump into a credit card offer because it sounds good. Why do you think they make them sound good? To get more customers and if you do not check out the offer you are accepting when signing up for this credit card, you may end up in worse shape than you were before.

Related Information:

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