How to Use a Low APR Balance Transfer Card
Six Questions to ask before using a Balance Transfer Card
"I would love to know how to make best use of a Low APR Balance Transfer card. Where do I start?"
A great opening question! Well, first you should sit down and do a little reading . Yup. The fine print. That really is the key to a see if the low APR balance transfer is going to save you any money at all. Even if the marketing verbage boasts a super extra low intro rate, you must read the fine print and ask questions. If not, you may get stuck with payment fees and even higher interest rate charges than you thought. Reading the fine print is the first step to determine if the low apr balance transfer is even worht it. Quite often it is.
Next answer these six questions.
1. How many months is the low interest rate offer valid?
2. What standard APR ( annual percentage rate) will be charged when the intro offer has expired?
3. Can you apply the low intro rate to the transferred balances, to new credit charges or to both?
4. What is the annual fee, if any for the card?
5. Are there any late fees or over limit charges?
6. Is there a fee to transfer the balance into their card? (We have seen some cards charge a transfer fee up to 4 percent.)
Some further tips on a Low APR Balance Transfer card.
You may need to read the low credit card offer over several times. Much of the information is hard to understand at first - so be clear on what the offer covers and what it does not cover.
You should understand that not everyone willr qualify for the lowest rate offer.
And you may only have one chance, or one mistake in your credit behavior and that ultra low intro rate will be gone.
After you feel comfortable that you understand and agree with the terms of their offer, make certain to fill out the low APR balance transfer application very carefully. Any missing or incorrect information may stop or delay your transfer request.
We suggest that you try to make the minimum payment on your old card while waiting for the balance transfer. This could take up to to four weeks.
Your new credit card company may notify you that the balance transfer is complete. Once you have confirmation, you need to call your old credit card company and verify the transfer. Take time to get the name of the person who helped you and write it down. Include their name, the date and time of the conversation and any notes that will outline your conversation.
One final step before you shred the old card. Wait wait until the old credit company sends your statement that confirms a zero balance. If the do not send one, you should call them and request it..
Now go ahead and mulch the old credit card. You are done and have been succesful in using a Low APR Balance Transfer..