Low APR Balance Transfer Credit Cards

If you are among one of those people who are facing a huge credit card debt, and thinking what next to do, do not worry. Many credit card companies have launched Balance transfer credit cards which are an excellent solution to such needs. You must be thinking that possession of an existing credit card is the root of all the financial problems, so why should I apply for a new one? Well, the truth is that no credit card can put you in financial trouble unless there is a mismanagement or financial crisis at your end.

How can a Balance transfer credit card help ?

Several leading names are now introducing schemes with respect to these cards. Getting a balance transfer credit card is a simple process. Once you transfer your existing credit card debt to any other company offering such card, the new card provider would give a grace period to you in which the charges will be far less on the outstanding transferred balance. You can also get a interest rate as low as one percent, and sometimes even zero percent.

The leading names in the field of Balance transfer credit cards are:

American Express
Bank of America
Chase
AT&T
Citibank

Make sure that you get answers to the following questions before you apply for a balance transfer credit card, else the sole purpose of getting this card would be defeated.

For how much time will the introductory offer is going to last?
On the teaser rate expiry, what is the annual percentage rate of the new card?
Does the new credit card have an annual fee, and if yes, how much?
What are the over-the-limit and late fee amount values?
Does the new credit card provider levy a balance transfer fee?

These cards are a blessing in disguise for savvy customers who are already burdened by credit card debt. This facility allows the cardholders to pay down the credit card balance without even incurring the interest charges. A new grace period is provided as soon as you open a new account with the new card provider.

But one thing which needs to be remembered is the fact that you must immediately close and ask for billing statement from your previous card provider. You must also make the required minimum payment for your previous credit card till you receive the new credit card as the balance transfer usually takes a period of three to four weeks.

Some of the leading Balance transfer credit cards are:

Blue from American Express
Chase Platinum Credit Card
GM Flexible Earnings Card
Bank of America Rewards American Express Card
AT&T Universal Savings Platinum Card

Always make sure that you make a detailed market study before submitting an application for a balance transfer credit card. Do not just rush in to things, make planned moves and seek complete information about all the relevant and material facts so that you must not end up with a bad decision. You can seek the advice of your friends, relatives, colleagues or even a professional advice so that your decision stands for you. One place of extensive information about leveraging zero percent balance [ app-o-rama ] transfer cards is fatwallet.com