How to choose the best balance transfer credit card?
There is a plethora of cards offering balance transfer facility to customers. To choose the most suitable balance transfer card, customers need to research the market thoroughly and do a comparison of various cards. Some important parameters to compare are as follows:
1) Promotional Rates: It is the introductory interest rate offered by credit card companies to popularize their product in the market. This parameter provides the maximum benefit to the customer in the form of saved interest rates. Usually, these rates are very low and can also be zero percent during the promotional period of 6 months to 18 months.
2) Standard Rates: Promotional rates are for a limited time period after the expiry of which the standard interest rates come into effect. Customers should ensure that the standard interest rate of the card to which the balance is transferred is lower than the previous card.
3) Fees and rewards: Customers should also compare various fees associated with each card, particularly balance transfer and annual fees. Also, customers should choose a balance transfer card with a good rewards program that suits them the best.