There are loads of credit cards out there offering great deals on balance transfers. They’ll tell you that it’s 0% interest for 6 months on your balance transfers or something very similar to this. Well don’t always be fooled by this, there is something else to consider…
You need to consider that after this 6 months honeymoon period (as i like to call it) you will attract the lender’s original interest rate. So this is something you need to consider even if you are only trying to buy a little time by transferring your balance; this is what they look for. Some credit card companies prey on people who can’t manage their money too well.
Now i’m not sure what the regular interest rate is at the moment, but there is usually an average. I won’t go into it now or even look it up because you could be reading this post in the future sometime and the rate will be different. And the word “average” is average because they is something lower and something higher than it. This is what you need to look at. If you can find a lower interest rate you certainly need to consider it, but pay special attention to what other benefits the card will offer; there is no point in getting a card because it has a low interest rate alone. And if you find a card with a higher interest rate, then you’ll know that the benefits on this one have to be very good indeed to make you want to pay over the average. Consider what you doing when you compare prices.
