Credit Cards Balance Transfer

Credit cards balance transfer have their pros and cons. For example, you may want to consider a balance transfer, if you are transferring from a credit card with a high interest rate to a low-interest rate. In order to figure out if you will benefit from a balance transfer, you will need to know the do's and don'ts.

Do's

Read the Fine Print on the Deal

The credit card may have a good interest rate, but their may be an annual feel or a fee to transfer your credit card balance to another one. Figure out if the balance transfer will affect your credit limit. Many times, the credit card company will decrease your credit limit in order to cover the balance transfer.

Find the Best Credit Cards Balance Transfers Online

Go to several credit card sites to find out if they offer balance transfers. Read the information that is online. It may be a good idea to contact the credit card company to find out additional information such as fees. You can also check Web pages that compare several credit card companies at once. You will find out which credit card company is the best for balance transfers.

Don'ts

Never Apply to More than One Credit Card Company

You may receive several invitations in the mail to apply for credit cards, but you do not need to apply to all of them. Just apply to the one that interests you and stick with it. By applying for numerous credit card invitations, it may lower your FICO score. Your FICO score is determined by how long you have had the credit account. The longer you manage one account, it will increase your score.

Don't Close the Old Credit Card Account

It will show negatively on your credit file since it has a zero balance. Since your credit score is determined by how old your accounts are, it is best to keep the old account open for at least a year. You may decide that you do not like the new account and you can always go back to the old account.

Great Resources
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http://www.cardratings.com
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