Balance transfer offers are becoming even more popular than the rewards programs of the past. Many credit card users are beginning to see the benefits of balance transfers and how this process can help you save thousands of dollars in the long run. When you are an avid credit card user, you may not understand or realize that the minimum monthly payments you continue paying are not getting you anywhere, you are only covering the interest on your payments, not the purchases themselves. Balance transfer can help you lower the interest rates on your credit card debt and therefore help you pay off the actual debt without the pressure of high interest rates.
Let’s look at the most popular and top rated credit cards with balance transfer offers today.
- Blue, from American Express offers a 0% balance transfer APR for the first 15months and a low fixed rate of 4.99% on the remaining balance once this introductory offer has expired. These are amazing rates and a great offer for anyone who is looking to eliminate debt. If you know right now that it will take you more than 15months to pay off your balance transfer, than this fixed rate of 4.99% is for you!
- Advanta Platinum Business card with cash back offers a similar balance transfer offer as the popular Blue card that includes 0% balance transfer rates for the first 12months and a low fixed interest rate of 7.99% for the remaining balance. This may seem like a large jump from the credit card listed above but many of the credit card companies today do not offer a low fixed rate once the introductory period is over.
- Citi Platinum Select card offers the same 0% introductory rate for balance transfers but does not offer a fixed rate after this period. They state an APR rate as low as 7.24% but this does not mean everyone qualifies for this low interest rate.
Fixed interest rates are hard to find once the introductory period is over but for many people the introductory offer is long enough to get them way ahead of the game. As the need for balance transfers continues to increase you can be sure to see the balance transfer offers to continue in this competitive nature. Credit card companies want you to transfer your debt to their card so they can hook you in with their introductory offers such as what we have listed above. To take full advantage of this offer these 12-15months are when you really need to be placing all the money you can onto your credit card before the interest rates increase.
Check out the different credit cards with balance transfer offers online and see for yourself what is out there and how you can take your debt and transform it into new credit.
