If you carry a balance on your credit card from month to month and are looking for a way to save money on interest payments, you might be interested in balance transfer credit cards. The idea is simple enough. You get an introductory offer with low interest on balance transfers, and that gives you time to pay down your balance while saving money on interest. How can you find the best balance transfer credit card for your needs though?

Here are several factors you should consider when comparing balance transfer cards:

1. Balance Transfer Rates

The balance transfer rate (usually a temporary introductory offer) can be a lower rate than you’re paying now, or even 0% interest. Not only should you consider the rate, but you’ll also want to look at how long that rate is offered. Some cards only offer the introductory rate for a few months. Occasionally you’ll find a card like the Suncorp Platinum credit card that offers a low balance transfer rate for the life of that balance transfer.

You have to decide if you’ll be able to pay off the balance during the introductory period or not. If not, a card with a longer offer period might save you more than one with a quicker expiration even if it has a lower rate.

2. Reversion Rates

If, or when, your balance transfer rate expires, what will the rate revert to? The purchase rate? The cash advance rate? If you won’t be able to pay off your balance transfer by the time the introductory period ends, the rate you’ll end up paying is worth considering. It might be even higher than the rate you have now! That’s an especially important thing to consider if you know your spending habits won’t change and you’ll probably carry a balance on the new credit card as well. You could find yourself back in the same high interest trap you’re in now.

3. Annual Fees

Is it really worth paying $100 or more in an annual fee when your goal is to save money with a balance transfer card? If you’re charged much less on your current card, you could end up paying less in interest, but paying more overall by switching.

It’s up to you. Will that $290 annual fee on the NAB Qantas Platinum card with 6.99% on balance transfers really be worth it when you could get a deal at 4.99% interest and just $49 in an annual fee with the NAB Low Rate Visa credit card? The only way that would work out in your best interest is if you would somehow earn back the difference in annual fees (such as through a rewards programme).

While there is certainly more to consider when comparing any type of credit card offers, these three factors can play the biggest role in whether or not a specific balance transfer card is a good deal for you. Don’t overlook important details. Think about how you’ll use the card not only now, but also in the future. That’s how you’ll get the best deal in the long run.

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