| Are you staring at that attractive | | | | afterward the APR is 20%, whereas credit |
| advertisement for switching credit card | | | | card C's higher rate lasts for a year |
| companies by transferring your balance | | | | and the interest rate after that is 18%, |
| from one card to another? While many of | | | | the same as yours on credit card A. |
| these offers are truly great deals, | | | | In other words, you have to factor in a |
| balance transfers and card-switching is | | | | lot of variables when making the |
| not something to jump into, eager as you | | | | decision to switch your balance from one |
| may be. You need to do your homework | | | | credit card to another. Besides |
| first: Do enough research and | | | | comparing the introductory rates being |
| investigating in order to determine | | | | offered, the length of the offer and |
| whether it in fact is worth it or a good | | | | what the regular interest rate is, |
| idea to make the transfer. | | | | you'll also need to take into account |
| First, find out if it is in fact worth | | | | balance transfer fees, annual fees, late |
| it. Generally speaking, these attractive | | | | fees and other fees, as well as whether |
| advertisements and super credit card | | | | the teaser rate applies to balance |
| deals advertise very low introductory | | | | transfers only or also purchases, among |
| rates if you transfer your current | | | | other considerations. |
| balance from an existing credit card | | | | Something else to keep in mind is that |
| onto this new one. You can stumble upon | | | | you may not actually qualify for the |
| these offers anywhere-online, in the | | | | special rate being offered, depending on |
| mail, on a flyer or via a telephone call | | | | your credit history and credit rating. |
| from credit card company | | | | Before you make the big plunge, make |
| salespersons-and you need to determine | | | | sure you know exactly what you, |
| how great these deals really are, or if | | | | yourself, will be getting. There may |
| you'll just end up paying much more in | | | | also be other conditions. For example, |
| fees and interest in the long run. | | | | some credit card companies may penalize |
| Read the fine print. Read everything. | | | | you for one late payment and take you |
| Read it through several times so that | | | | off the introductory rate onto their |
| you make sure you understand what it is | | | | regular rate, which may be higher than |
| saying. It may appear to be a bunch of | | | | your current card's rate. |
| financial jargon that you might not | | | | However, many credit cards with these |
| think is very important, but the truth | | | | introductory rates offer great deals for |
| is, this information is valuable and | | | | people interested in switching credit |
| critical to your decision in whether or | | | | cards and transferring their balance |
| not you make the big switch. Call the | | | | over and can be more than worth it. The |
| credit card company and ask any | | | | important thing is to do your research, |
| questions you might have. If the deal is | | | | read the fine print and ask questions to |
| solid and they want to make a sale, | | | | determine which credit card and deal is |
| generally they should be able to help | | | | the right one for you. |
| you out in any way. | | | | Once you've selected the right credit |
| What do you need to find out about the | | | | card offer, the next step is to fill out |
| deal? Here is an example. Let's say that | | | | the balance transfer application form |
| the advertised introductory rate is 6% | | | | completely and accurately. Next, make |
| (a low rate) on credit card B if you | | | | the minimum payment on your original |
| transfer your balance from credit card | | | | credit card while you wait for the |
| A, where you currently rack up an APR of | | | | balance transfer to go through. When it |
| 18% (a standard rate). You come across | | | | has gone through, the new company should |
| another offer, showcasing credit card C | | | | send you a notice, after which you'll |
| with an introductory rate of 9%. At | | | | need to verify the transfer with your |
| first glance you may think, "Well, let's | | | | old company so they can send you a |
| go with credit card B-it's the obvious | | | | zero-balanced billing statement. |
| choice here." However, after reading the | | | | Finally, cancel your old card since you |
| fine print, you discover credit card B's | | | | don't need it anymore-it will also save |
| special rate only last six months, and | | | | you some temptation. |