These days the moment you open your mailbox and you will find a number of credit card balance transfer offers. No doubt there are many which are genuine and can be considered worth buying for those individuals who is hoping to save money.
But this too is correct, that many of these offers are traps designed by financial companies and banks to attract and lure which can bite you back severely. Hence it is very important for customers to review these offers meticulously and co-relating it with their needs and requirements. So, for the welfare of customers we have come up with certain points that may help them in deciding which one to go for, which one to drop.
Pay attention to stated penalty charges: To get the best deal pay great attention to the penalty charges and interest rates along with intro time periods that it consists of. A genuine and quality dealer will certainly give you around 12 to 18 months without asking for any interest rates. Those who are in the bad businesses of trapping and then threatening customers generally don’t provide this much of time and you can catch them easily.
Beginning of interest rates: The second important thing that should be considered while purchasing these offers is to keep a vigilant eye on the nature of the interest rates once your introductory period expires. Customers should check how the interest rate is beginning. If you are being charged for the original account balance on amount which is left unpaid, customers are advised not to choose such offer as you may end up repaying a huge debt.
Compare and analyze various services offered by various companies: Buyers should check and compare various options available to them which are provided by various banks. In this context Master card and City Diamond card are worth mentioning. With Master card buyers can enjoy a 0% opening rate and they also get an opportunity to transfer their balance debt or outstanding balance from any other account. This company also charge a standard annual percentage rate anywhere between 9.99 – 23.99% depending upon your credit history after the expiry of your grace period.
Another option which is available to the buyer for credit card balance transfer is Citi Diamond Card. It is certainly an excellent offer as far as security features are considered. This card usually asks for an annual membership fee and 12 to 18 months of 0 percent APR on all balance transfers.
