When rewards andbalance transfer options are available together, it might be too goodto believe, but watch out for the fine print.
When you need abalance transfer, the rewards credit card offers may be useful tomake the deal more money-saving. However, rarely do balance transfercards come with the rewards that are available in the more regularoffers. In order to avail a distinctively beneficial credit card, youwill need to measure your advantages in different offers. Whilecredit cards with heavy reward benefits can be useful in savingmoney, the ones only with low interest charges can be useful forrepaying faster and easier. Knowing what you need right now will helpyou choose the right card reward heavy or low interest. Byknowing your repaying capacity, you should be able to handle creditcards in the safest manner possible.
Look for 0 APRoptions with rewards
Although rare, 0balance transfer cards with rewards are available from some reputedissuers. However, the flip side might be that post introductoryperiod rates could be quite high. You need to be careful about suchoffers mainly when attractive rewards ply for people with highbalances yet to be paid. The options available might be designed tomake sure that no one gets off the debt hook too easily. Moreover,you will need to check if exceptionally high interest rates ply onsuch cards once the introductory periods are over. That way, you cancheck if rewards-based balance transfer cards are a fair deal.
Check ifinterest rates are suitable
Rewards-basedbalance transfer programs are understandably designed with higherinterest rates than usual. You may not be able to avail 0 APRintroductory periods in many of the available options. Moreover, theinterest rates plying after the introductory period could be high ifyou get gas rewards, airfare discounts and other benefits. Retailstore discounts are also among the rewards that you can fork upthrough balance transfer credit cards. However, you need to look outfor the interest slab on purchases in such cases.
Consult bankauthorities for measuring your repaying capacity
When you take abalance transfer offer from a credit card issuer, repaying fast isdefinitely a criteria. However, with rewards coming your way, heavyinterest rates might make the objective difficult. As a result, ifyou feel enticed because of rewards, make sure you consult a bankingprofessional about knowing eligibility and possibly high bills.Although most of them may not seem transparent while in an attempt tosell the offer, you might ask for a plan that will help you enjoy thebest benefits as well as repay quickly.
Repaying with alow-interest account can be difficult if you are careless aboutretrieving the attractive rewards credit card offers without payingheed to the high debt that you have run up. You need to ensure thatall features of a rewards-based balance transfer card sum up to be agood deal.