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Consolidating credit card debt with a balance transfer can be an effective means of eradicating an obligation for less money. This is especially true when issuers offer a zero percent interest rate on the amounts you place with them.
However, you must be careful to consider all the different angles to ensure you come out ahead. In other words, it’s important to be careful when evaluating balance transfer credit card offers.
Here are some things you should pay attention to.
The Amount You’ll Need to Transfer
While it’s critical to make sure the limit the issuer is willing to afford you will encompass the debt you need to eradicate, an even more important concern is whether you’ll be able to pay it off completely while staying within the zero percent introductory period.
The smart play here is to divide the total amount of the debt you intend to transfer by the number of months the issuer is offering at zero percent interest. This will enable you to determine how much you’ll need to be able to afford to pay each month to meet that requirement.
Here’s why—
The Duration of the Introductory Period
Zero percent APR credit card consolidation offers usually have an expiration date. In other words, you have to make sure you pay the entire transferred balance off before the introductory period expires.
In a lot of cases, failing to do so can render you liable for interest charges on the entire transferred amount — calculated from all the way back to when the balance was transferred — even if you’ve paid most of it off.
That can be a substantial amount of money, one with the potential to erase any gains you may have made by accepting the transfer deal in… Read More
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