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Are Balance Transfer Credit Cards Right for You

One way to help reduce your credit is through the use of balance transfer credit cards. With the need for lines of credit increasing in a declining economy, a consumer can find themselves surrounding by several credit cards, each with a high balance.

These can have a negative impact on your credit score, and it can be difficult to ensure you can pay the minimums on each card every month. Thankfully, there are cards designed to help you consolidate your credit debt, which will allow you to make one payment each month.

When looking for the proper credit card regarding balance transfers, you must find one with a low interest rate. One that offers an introductory rate of 0% interest is best, as you will have up to 12 to 18 months to pay off the total amount of debt with no extra interest figured in.

If you owe a large amount and feel that you cannot pay it off within the time frame, opt for a credit that offers a rate of 4-5%. Anything lower than rates you are paying on your current credit cards will be beneficial to you.

Another consideration you need to make when browsing through the many balance transfer credit cards is the fee associated with each transfer. Some companies will allow you to transfer multiple balances for one fee, while others will charge the fee for each separate transfer. The first option will be the best choice, as the accumulation of fees can become expensive if you have several credit cards to consolidate.

As soon as you have chosen a card from the wealth of balance transfer credit cards available, you should begin to move over your balances and close the other cards. The faster you do this, the quicker the credit limits of the previous cards will be removed from your credit report.

Having one card on your credit rather than 3-4 (or perhaps more) will look better to other businesses when you try to purchase a home, car, or other large investment.

Balance transfer credit cards can be useful in helping to get yourself out of debt. Being required to pay one credit card bill each month will make it seem much easier than paying several, even when the total amount of debt is the same. Be sure that you choose a card with a low interest rate and balance transfer fee in order for the process to be beneficial to you.

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