When it comes to money matters, you have to be diligent in finding ways to save and cut your expenditures. This is especially true if you are using credit to pay for most of the things you are buying or using. There may come a time when your credit use has exceeded your budget on what you can afford to buy. Most credit card debt actually starts small and gradually accumulates that you will then be surprised to discover that your credit card bill has ballooned enormously. When this happens, decisive action is needed and not further negligence bordering on complacency. Some people just have this devil may care attitude, hoping that some things will not trouble you if you ignore it. The more you ignore your credit card bills, the more you will be in trouble. It pays to be financially responsible for you can have access to funds when you need it most. You can easily apply for loans or another credit card when you have kept a good credit score.
Hence, when you have a substantial amount with your credit card debt, it is time to look for the best balance transfer offer. In your research, you may discover that balance transfers can offer 0% interest rate that could last for 12 months. If you keep on researching, this offer can extend to up to 18 months, allowing the credit card holder maximum benefits. You will surely save on interest that could contribute in meeting your credit payments. If you are facing financial trouble, you need to plan carefully to avoid being in a deep rut.
However, not all balance transfer offer can offer you maximum savings. There may be instances that you fail to meet the pre-set conditions to avail of the 0% interest introductory period. This may happen when you fail to pay your bills on time so you will then be charged with a retroactive rate that may cover right up to the very first day that you opened the account. Furthermore, the annual percentage rate may be more than the interest you are paying for your old credit card. This is why the experts would often say that you be diligent in paying your balance to get the best deals. If this option is not doable then a balance transfer may not be the solution to your problem.
To help you look for the best balance transfer offers, let us take a look at the major players in the balance transfer service. The Capital One Cards can offer 0 APR for 15 months with the Platinum Card featuring a generous personal credit that may be as much as 10 grand. Once the introductory period expires, you may have a 12.9% annual percentage rate. On the other hand, the Citibank credit cards offer no annual percentage rate that can be as long as 18 months. Account holders may also make repayments of as much as $15,000 depending on the FICO score. The interest rate may range from 11.49 to 19.995 after the introductory period.
Before you grab the best balance transfer offer, it is best to know your credit ratings. You may be able to find the best rates when you have good credit score for some banks will offer beneficial percentage rates to individuals who have proven great financial management skills.