Is a Balance Transfer Credit Card Right for Me?
For the past week now I have been researching balance transfer credit cards online and I can’t believe how many great offers of zero per cent are available right now. There are terms of six, nine and twelve months including ones with annual fees of around fifty dollars per annum. It makes me think I have been crazy to carry a balance for the past four months paying around seventeen per cent interest.
I was concerned about the whole balance transfer offer because I am a big believer that if something seems to be too good to be true it is usually because it is. To combat my natural skepticism I went over the fine print in the offers with a fine tooth comb. I could not understand why a bank or any lender for that matter would pass up interest.
It turns out that existing customers are not eligible to apply for the intro rate of the balance transfer offers so it is a method for the banks to increase their market share. There is also potential for future profits from interest once the introductory period has expired.