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Credit cards have one of the highest interest rates of any financial products. Many individuals take advantage of credit cards to purchase items that they simply cannot afford. However, consumers do not have to pay sky high interest rates until their balance is paid off.
Many consumers take advantage of special offers for transferring balances on credit cards. These offers allow individuals to move their balance to a lower interest rate and have the ability to put more of their payment towards the principal.
The Discover Open Road Balance Transfer Card gives consumers 0% interest on both balance transfers and new purchases for the first twelve months. The APR then adjusts to anywhere between 11.99% and 20.99% depending upon the cardholders credit worthiness. Anyone who opens the Discover Open Road balance transfer card should be aware that there is a 4% fee when transferring a balance onto the card. This fee increases to 5% or $10, whichever is greater, for any transfers made after the promotional period.
The Chase Freedom Visa allows consumers to transfer balances and make purchases for up to twelve months with 0% interest. This card also gives $150 to consumers who spend $500 in the first three months that the card is open. Cardholders receive up to 5% cash back on categories that change periodically. Balance transfers that are placed on the Chase Freedom Visa are subject to a 3% or $5 fee, whichever is greater. Transferring balances on credit cards generally requires individuals to pay this fee during the next billing cycle. However, when individuals compare this fee to the current interest they are paying, most consumers are saving a large amount of money.
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The Escape Discover Card allows individuals to transfer balances and make purchases with 0% APR for up to six months. The interest rate after the promotional period increases to anywhere between 10.99% and 16.99%. The Escape Discover Card also requires a $60 annual fee. Any balance transfers that are performed during the introductory period are subject to a 3% fee. Balance transfers that are performed after the introductory period are subject to a 5% or $10 fee, which is greater.
Transferring balances on credit cards can allow individuals with thousands of dollars in Credit Card debt to pay off their debt quickly. There is no reason individuals should have to pay 20% interest or higher with the many Balance Transfer Cards that are available.
