Transfer Balances With Caution

Posted by Richard on March 8, 2018

Know all the details of the offer if you plan to use a splashy credit card balance transfer offer.

Here are three points to look at:

Deferred interest: With this plan, if you haven’t paid off the balance by the time the introductory offer expires, you’ll be charged retroactive interest for the entire amount.

New purchase rates: Never make a new purchase on a balance transfer card. According to Forbes, new purchases can and will be charged a fat interest rate.

Missed payment penalties: Always set up automatic minimum payments. If you miss one payment on your transferred balance, you will lose your low-interest deal.