Balance transfer cards are taken by a customer to relocate their credit from one card to the other. This is generally the option when the person is unable to pay the balance at the end of the billing cycle. Here, a card with a low interest is what the customer desires and respectively looks for.
There are many cards in the market currently available, which have a 0% introductory interest rate. It is advisable to go in for cards with a maximum introductory period, so that the customer can try to pay the balance on the old card within the introductory period itself. Many companies that offer 0% introductory rate have exorbitant rates once the introductory period is over. The best bet in such cards would be to go in for a card that keeps the introductory offer on till the customer pays the previous previous balance.
When customers choose a balance transfer credit card they should ensure that transferring fees are waived. This card can be used for only clearing the balance while there could be a separate card for purchase. If the customer wants to use the same card for all purposes, then it is advisable to find out about the other benefits associated with the card. Some cards offer benefits such as travel insurance, extended warranties and auto rental insurance.
There are many credit card companies around that have good introductory offers on balance transfers, but the interest rates on purchases made are high. The customer might find that the high rate of interest in case of purchases has accrued, while the 0%, introductory offer, transfer balance is getting settled.
While shopping for low interest balance transfer credit cards, it should be ensured that they serve the basic purpose of lowering the customer's debit.