Best Cards for Balance Transfers

If you carry a balance every month on one or more credit cards it can be benefical to you consolidate your balances. Apply and get approved for a credit card with balance transfer programs.

Every credit card company has balance transfer options. Credit card companies offer many different balance transfer percentages and fees, therefore, view and choose your balance transfers options that are available to you.

Its always wise to change your credit card and transfer your balance to another credit card every 6-12 months. This helps in keeping your credit and paying off your balances faster and easier most likely with low percentage rates.

Many people ask the question, “How will a balance transfer affect my credit score?”

When you have high interest credit card debt, a balance transfer can be an enticing offer. When used responsibly, balance transfers can be effective tools helping you reduce your debt, thereby potentially boosting your credit rating. While a balance transfer can save you money in the short term, it’s important to consider the overall impact on your credit score.

How a balance transfer will affect your credit score depends on several factors, including:

Of course, paying off the balance after you transfer may also affect your credit score.

How your credit score is calculated

A credit score provides a lender a quick way to gauge your creditworthiness by measuring the likelihood you will pay your loans back and on time. Your credit score is usually based on five factors: payment history, credit usage, age of accounts, types of credit and credit inquires.

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