Best Credit Card Balance Transfer Rate It Pays To Shop Around
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Best Credit Card Balance Transfer Rates: Why Shopping Around Saves You Money
Summary
Choosing the right 0% APR credit card can save you hundreds of dollars in interest charges. Although many consumers overlook shopping around for the best credit card deals, it's as essential as comparing prices for homes and cars. With 60% of grocery purchases made using credit cards, the card you choose significantly impacts the interest you pay. Transferring existing balances to a 0% APR credit card is a smart way to save on interest.
Benefits of 0% APR Credit Cards
Transferring balances to a 0% APR credit card can save you hundreds each year. Here's how it works: Apply for a new card offering a 0% introductory APR on balance transfers. Once approved, transfer your existing credit card balances to this new card. Although some companies charge a fee for this transfer, it's often a small percentage of the balance. Whether your old card's APR is 8.9% or a steep 15.9%, the savings from not paying interest during the introductory period (typically 6 to 12 months) can be substantial.
Evaluating 0% APR Credit Card Offers
There are many online resources to help you compare credit card offers objectively. Some websites even have calculators to estimate your potential savings with a 0% APR balance transfer. These side-by-side comparisons provide a comprehensive view of available options. Once you find a suitable card, you can often apply instantly online. Many sites offer direct links for immediate approval with credit card companies.
Important Considerations
While a 0% APR balance transfer can be highly beneficial, it's crucial to use it wisely. Late or missed payments can terminate the introductory period, resulting in higher interest charges. To avoid this, consider setting up automatic payments or online bill pay options, which many credit card companies offer.
Conclusion
Shopping smart for credit cards is as vital as hunting for deals in other areas of your life. By applying the same diligence to credit card applications, you can keep more of your hard-earned money.
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