The Quest For the Best Balance Transfer Credit Card
Balance transfer credit cards may not be the most popular credit card category in the market.
But they are certainly the most underrated category of credit cards.
Most people often choose to go for rewards or cash back cards for their everyday needs as they are not comfortable with the concept transferring their debt balances.
A good balance transfer credit card allows you to transfer your high interest debt to a lower interest debt and save thousands in the long run (depending on the balance and the transfer rate).
Debt transfer credit cards usually work the best for the larger amounts, but thankfully credit card companies have offerings for different segments of this market, allowing most people to consolidate and get rid of their debts in the long run.
There are many offers out there that can look intriguing on the surface but end up costing the consumer more in the long run.
I faced the tough decision of choosing the right card when I could not afford my high interest debt any more.
That's when I decided to go on a quest to find the very best credit card that is out there for this category.
Here are a few factors to look at in order to find the best balance transfer credit card: oTransfer rate: you would want to get a significantly lower rate on your balance after you have completed the transfer.
Always check the transfer APR to make sure you are not getting yourself in trouble.
oIntroductory Period: Make sure you find out for how long your transfer APR lasts.
Some companies put a cap on the number of months that you can receive the low APR.
If so, you want to make sure you can pay your debt by the time your introductory period is finished.
oBalance transfer fee: credit card companies are in business to make profit.
Make sure you read the fine print and check the terms and conditions for any balance transfer fees.
Also keep an eye out for the maximum amount that you can be charged for a single transfer.
oBalance transfer cap: Make sure you understand how much you are allowed to transfer to your new credit card.
You may need two or three credit cards to cover your debt.
oAnnual Fee: preferably, your new credit card will not have an annual fee.
But don't let the annual fee put you off.
Sometimes you can get the best deal by paying $100-$200 annual fee.
Do your math and find out how long it will take for you to pay up your balances.
oOther Rewards: make sure you don't miss out on other rewards such as cash back.
Some of the best transfer cards come with a rich set of rewards as well.
After carefully examining all the above factors, I came to the conclusion that Advanta Life of Balance credit card was simply the most reasonable balance transfer credit card that is out there (especially if you have huge balances).
Advanta offers you the chance to transfer your balances from other credit card and lock them with the rate of 2.
99% for the life of your balance.
In other words, there is no introductory period.
But there is also a maximum that you can be charged per transfer, meaning that you are protected from paying a fortune for transferring a large debt to your Advanta life of balance credit card (there is also no annual fee).
Depending on your balance, other credit cards may work better for you.
But for large balances, you would want to lock in a low rate for the life of the balance, and the Advanta card allows you to do just that.
But they are certainly the most underrated category of credit cards.
Most people often choose to go for rewards or cash back cards for their everyday needs as they are not comfortable with the concept transferring their debt balances.
A good balance transfer credit card allows you to transfer your high interest debt to a lower interest debt and save thousands in the long run (depending on the balance and the transfer rate).
Debt transfer credit cards usually work the best for the larger amounts, but thankfully credit card companies have offerings for different segments of this market, allowing most people to consolidate and get rid of their debts in the long run.
There are many offers out there that can look intriguing on the surface but end up costing the consumer more in the long run.
I faced the tough decision of choosing the right card when I could not afford my high interest debt any more.
That's when I decided to go on a quest to find the very best credit card that is out there for this category.
Here are a few factors to look at in order to find the best balance transfer credit card: oTransfer rate: you would want to get a significantly lower rate on your balance after you have completed the transfer.
Always check the transfer APR to make sure you are not getting yourself in trouble.
oIntroductory Period: Make sure you find out for how long your transfer APR lasts.
Some companies put a cap on the number of months that you can receive the low APR.
If so, you want to make sure you can pay your debt by the time your introductory period is finished.
oBalance transfer fee: credit card companies are in business to make profit.
Make sure you read the fine print and check the terms and conditions for any balance transfer fees.
Also keep an eye out for the maximum amount that you can be charged for a single transfer.
oBalance transfer cap: Make sure you understand how much you are allowed to transfer to your new credit card.
You may need two or three credit cards to cover your debt.
oAnnual Fee: preferably, your new credit card will not have an annual fee.
But don't let the annual fee put you off.
Sometimes you can get the best deal by paying $100-$200 annual fee.
Do your math and find out how long it will take for you to pay up your balances.
oOther Rewards: make sure you don't miss out on other rewards such as cash back.
Some of the best transfer cards come with a rich set of rewards as well.
After carefully examining all the above factors, I came to the conclusion that Advanta Life of Balance credit card was simply the most reasonable balance transfer credit card that is out there (especially if you have huge balances).
Advanta offers you the chance to transfer your balances from other credit card and lock them with the rate of 2.
99% for the life of your balance.
In other words, there is no introductory period.
But there is also a maximum that you can be charged per transfer, meaning that you are protected from paying a fortune for transferring a large debt to your Advanta life of balance credit card (there is also no annual fee).
Depending on your balance, other credit cards may work better for you.
But for large balances, you would want to lock in a low rate for the life of the balance, and the Advanta card allows you to do just that.