Benefits of using balance transfer credit cards
Balance transfer credit cards allow you to transfer balances from various cards to one, making it easy for you to repay the loans.
Many balance transfer cards offer you other features like zero introductory annual fee and zero charges for transferring balance for up to 2 months. But one thing to keep in mind is the high credit score, these companies demand while applying for the card. You will not be eligible for the card if your credit score is below the required score. But, the drawback is that, these cards do not usually provide other rewards and benefits like cash discounts and points to the users. So, while selecting the best balance transfer credit cards for 2017, you need to consider all the options thoroughly to find the one that best fits your needs.
The main benefit of transferring the balances of more credit cards to one is that you will not have to remember the due dates of each card. You will just make one payment every month and all your payments will be done. One thing to remember is that you should discard the usage of other cards after transferring the balance. Because, when someone will review your credit history, he will not find other cards in the record. The presence of these cards may have a negative impact on your score so it is better to discard them.
While buying new things, you may have to face interest charges as in most of the balance transfer cards; the interest rate charged on new purchases is not likely to be zero.
If you are looking for improving your credit score, the best work of line will be finding a card that has zero balance transfer fee for an extended period of time and demands a comparatively average credit score. In this way, you will be able to pay off all the debts and improve the credit score. It is very important to keep in mind the date when this introductory period of zero balance transfer fee will come to an end. Otherwise, it is possible that you keep on transferring the balances from a number of cards to one card and keep incurring fees without your knowledge. The result will be high costs that will be of no value to you. So, the act of selecting among the best balance transfer credit cards for 2017 needs some consideration.