Benefits of a Balance Transfer Credit Card
How many credit cards do you have to your name? How many balances do you have? Are you looking for a way to consolidate these debts?
Even with the best intentions, it’s easy to get into a situation in which you have multiple credit card balances. This isn’t always dangerous, but it can eventually take a toll on your finances. And if it does, it’s critical to take immediate action.
This is where a balance transfer credit card often comes to the rescue. With this, you’re able to consolidate all your balances into one account, thus taking advantage of benefits such as:
- One account to manage: Forget about managing multiple accounts. After you make your transfer, you’re left with one account and one payment every month. This will take a lot of stress off your plate, while also saving you time.
- Save money: It all starts with a zero percent introductory rate that generally lasts from 12 to 24 months. With this, you don’t pay interest on any balance that you carry from month to month. That alone can save you hundreds or even thousands of dollars. Also, after this period expires, you only have one credit card with one interest payment. This helps you extend your savings.
- Competitive interest rates: As you compare balance transfer credit card offers, you’ll find that competitive interest rates are available. It’s your goal to secure a rate that’s lower than what you currently have. This is the rate you’ll pay after the introductory period, so don’t take it lightly. Search far and wide for the lowest rate you qualify for.
A balance transfer credit card can help anyone who’s juggling multiple credit card balances. If you decide in favor of this, you’re in position to take advantage of all the benefits above, among others.
Do you have any experience using a balance transfer credit card? Did it work out as expected?