Balance Transfer Offers

Many people who have decent credit may find a number of mailings that contain balance transfer offers. One of these offers is an almost too-good-to-be-true deal from a major credit card company that boasts an amazing 4.99 percent interest rate. This is among the most enticing balance transfer offers out there today but you should proceed with caution.

These offers seem way too good to be true especially when we consider that most credit cards have an average of eighteen percent interest tacked on to your monthly balance. What do you have to lose? In order to determine exactly what you have to lose, you may want to consider what you have to do to maintain those low interest rates on your balance transfer offers.

Sometimes the creditor requires you to make purchases to keep that attractive interest rate. This can cause you to rack up debt that you normally would not. For example, one card has zero interest balance transfer offers but you have to make a certain number of purchases on that card per billing cycle to maintain that zero interest rate. Be sure to read all the fine print before you take up those balance transfer offers.