Balance transfer rates: from 0 to 5%, know before you apply

There are many different balance transfer rates available to the consumer with good credit. Choosing the one that is appropriate for you and your type of spending habits is not a choice that should be taken lightly.

Since credit card companies are in business to make money, if part of their offer seems too good to be true then look in the other areas for how they plan to make money off of their customers. Some of the common practices associated with 0 % balance transfer rates are that the offer is only good for a very short time period. There is generally an annual fee also associated with this offer. Once this time period is over the go to interest rate is above the national norm. Unless the account holder plans to pay off the balance within the introductory time period, another program should be selected.

For those balance transfer rates that are up to 5% of the balance transferred, the best offers for those consumers that plan to have a revolving balance. The best interest rate is not only low but set for the life of the loan. As the consumer a 5% balance transfer rate might not seem too appealing but with a fixed low interest rate, the amount of interest over the life of the loan will save the consumer money. This is compared to a 0 percent balance transfer rate of at 0 percent interest for only the introductory period, then the interest rates at above the national norm.

The long term cost of any credit card offer should not only be looked at but actually figured out and computated. Know the total cost is the only way for the consumer to get the best deal that is right for them. Deciding on the right balance transfer rates that fits your specific needs is not an easy decision. Choose wisely.

The harsh reality of our modern society is that the security of your family depends on how you handle your money. Don't make the mistake of ignoring your personal finances -- especially details about your credit cards. Visit http://www.creditcardmoney.com today and learn about how credit card trouble can ruin your life, and what you need to know to protect yourself when you use balance transfers to consolidate balances and use other money-smart strategies.