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Posts Tagged ‘balance transfer’

How many times have you taken a credit card based solely on its current interest rates or balance transfer option?

You might be surprised to see that there are at least seven elements of interest in a new credit card. To try a new credit card on one or two options could easily result in a bad deal for you. You should consider the following seven options when you take a credit card:

1. The period of initial interest rates and ease

Many credit cards offer interest rates of 0% on purchases for a limited period, generally six to nine months. This option can be very interesting especially when you do not pay the balance in full each month.

After the first period, the rate returned to normal levels, usually in the range of 10-16%, although this may be considerably higher.

But some cards do not have no interest, but have a much lower rate constant of about 6.9% (although costs vary depending on the rate of interest).

If you could have a long-term balance (if you are able to pay the debt within 6-9 months), this option can save money in the medium and long term. It will not be able to switch to this tariff, if you have taken the initial offer rate of 0%.

2. Monthly interest free period on new purchases

This is the period between the purchase of an object and when you will pay interest on the amount of purchase. Many boards have a policy of charging only from the date of payment after the item is on your card statement.

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