Owing to today's economic downturn and financial structure the benefits that came with "no transfer fee credit cards" in the past have reduced to a great degree as credit card companies have become more cautious and conscious of profit taking.
The no fee balance transfer credit cards is a great way to present to customers to increase balance transfer savings by getting rid of the credit card fees charged for every balance that is transferred. There are several credit card companies that currently advertise a 0% APR for "up to 1 year" who may endorse your application but only grant you a 0% APR for a reduced period which can be as little as 3 months, in view of that, it is best to apply for a balance transfer credit card that offers the longest periods of 0% rate making sure that long term interest rates are as low as well.
To secure 0% rates may in the predictable future become quite difficult to attain. This is because in recent times, several credit card companies have put up the balance transfer fees. Recent rates have hiked to as much as 5%. Further more the duration of 0% deals has reduced. Those who are looking to save with the use of balance transfer will no doubt have the best options with the companies who charges 3% fees, since hundreds of dollars savings can still be had on a 0% balance transfer.
Most consumers still find that it stands for
a great deal of value to them. While it may seem so, it is advocated that it might be better if you reflect on balance transfer cards that do charge a transfer fee. There is a balance transfer card for almost all credit levels. However, it is best to consider the rate of interest you will have to pay once the introductory period comes to an end. It is obvious that if your credit level is low your rate of interest at the end of the introductory period can be much higher. In the light of this, consider whether it make sense to transfer your balance? It will only make things worse for you than it is with your present credit card if the rate on that is a very good one, and you are considering transferring the balance for the sake of lowering your payments.
The best advice to receive is to mull over what your credit level is at present in relation to what you envisage your credit level to be at the end of the introductory period and look at the different options of a Fixed Low Interest Rate Credit Card that offers a longer introductory period.