Maintaining the Best Balance Transfer Offers

By Leni Parrish on November 16, 2009

Many car companies today give balance transfer offers which are quite appealing. However, do not be tempted too easily. The best way to get the most beneficial offers is by checking through all credit card companies. You may even chance upon an interest rate of only 3.99 percent. Do not get me wrong, some companies even provide services with a zero interest rate!

These are very enticing banking transfer offers indeed, but I will warn you of several things to watch out for. First, make sure that interest rates are fixed because if not, your zero percent rate might go up to an eight or nine percent bubble. This only means the company is only baiting you to a trap transaction with them, so be watchful of these schemes.

If you have a company offering you a three percent interest rate or none at all, ask yourself what could be their reason for giving you this deal. The most effective way to do this is to carefully read all the pre-conditions of your transaction. You may need to maintain a certain amount of income to benefit from their offer.

In addition, a creditor may require you to purchase something or just to use your credit to keep affordable rates they give you. If your card has a zero interest rate, then you may need to make a particular number of purchases on your card, if not, you will lose their zero percent deal.

However, do not just make purchases, make sure to follow the amount of money your creditor requires you to spend using their card. You cannot send fewer dollars than what they expect to receive from you. To continue having affordable balance transfer offers, you need to adhere to conditions like this. If you have enough money to invest before availing of an offer, do so. You can use this money in purchasing what you want and need, and at the same time enjoy benefits of low interest rates.

Finally, do not ever, ever, pay bills late. Creditors have high hopes of receiving late payments from you so they have reasons to modify your low interest rate. It can take you just days to lose the affordable rates they have given you. One late payment could spell the end of your good old days as a client in their company.

I strongly recommend that you talk with the company or creditor about these details regarding their balance transfer offers before even pursuing a deal. If you think they are not gracious enough to your billing and purchasing capacity, then look for another one. Besides, there are hundreds more to choose from.

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