As most of us struggle to pay the high interest debt, 0% or low rate balance transfers are coming to the rescue. Or are they? Balance transfers can be very useful, as long as you are aware of some of their flaws. Here’s our list of the top 7 things you need to know when contemplating an equilibrium transfer.
always make payments on time
It ‘very important to make payments on time transfer. These types of accounts typically make payments to induce a condition and if you miss or lose they could be heavily penalised.
t_1 know when the period of low rate balance transfer deals ends
most have low or no induction period rate that is usually three, six, nine or twelve months. In order to maximize the transfer is necessary to know when this introductory rate ends. Record the date and work to get most of your credit card debt paid from this time.
t_1 Read the fine print
As with any banking product, be sure to read the fine print of the card. If you are not sure of all the conditions, talk with a customer service representative before apply.
t_1 not use the card for cash advances
Find more info at the credit card comparison website; Credit Card Researcher, inlcuding balance transfers and business credit cards. Australia’s best credit card comparison website.
