Transferring your credit card balances from one account to another is a great way to consolidate debt, improve debt management and even save money on interest charges. However, not all balance transfer credit card offers are the same, and you can save a pretty penny if you shop around for the best deal. As you begin to review credit card balance transfer offers, keep your eyes opened for some of these great rewards available with some accounts.
No Interest Charges
One of the most common rewards you will find with balance transfer credit card offers is no interest charges on the amount transferred. Typically, the no interest offer is available for a limited period of time, so compare time periods carefully to find the best deal. In addition, note the interest rate that the account will revert to after the introductory period is over. In some cases, it may be better to take a low interest rate offer with an extended time period than a no interest offer for a very short period.
Points Earned on Balance Transfers
Many people use credit cards today to benefit from earning rewards points. Rewards points can be redeemed for everything from cash and account credit to airlines points, free nights at top hotels, free merchandise and more. Many credit cards do not offer points on balance transfers, but there are some that may offer full points or even double or triple points on balances that are transferred within a certain time period. Look for these special offers if you want to maximize the points you earn by transferring balances.
No Balance Transfer Fee
Credit card companies commonly charge a balance transfer fee when you make a transfer, and this fee can be rather high at times. In fact, in some cases, it is so high that it negates the benefit of having low or no interest on the balance for a period of time. The good news is that some credit card companies are now offering specials with no balance transfer fee if you complete the transfer within a specific time period. Because these offers may save you a small fortune, it is beneficial to actively search for them before you sign up for a new balance transfer credit card.
If you are thinking about completing a credit card balance transfer to save money or to improve debt management, it is important to carefully review the options. With many different offers available, you will find that some are far more financially beneficial to you than others. These are among the most common rewards that you will find with balance transfer offers, but there are others that you can take advantage of as well.