3 Secrets to Finding Great Balance

Transfer Deals Even Without an 800 Credit Score

3 Secrets to Finding Great Balance Transfer Deals Even Without an 800 Credit Score

After Valentine's Day and other famous winter holidays such as Christmas and New Year's, your credit card interest payments may be piling up. You can combat this type of post-holiday financial bloat by finding-and using-great balance transfer deals. Balance transfers allow you to move debt from a high-interest rate credit card to a new credit card with a low interest rate. Many credit cards allow new balance transfer customers a 0 percent introductory interest rate, which can really help you save money on high interest payments. But before diving into a seemingly great deal, carefully study these secrets so you can keep more money in your wallet.

  1. Run far away from balance transfer deals that use promotional language like "up to." This type of wording is rarely great for your wallet, credit score, or bank account. If the advertorial offers 0 percent interest rates for "up to" a period of time like 18 months, then read the fine print. In most cases, only a select handful of applicants actually get the promotional rate for the amount of time advertised. If you do not have a perfect credit score you will not be among those who get the advertised promotion.
  2. Stay away from balance transfer fees. Nothing will kill a potentially great balance transfer deal faster than fees. Some companies charge flat-rate fees for transferring the balance of one credit card to another; other issuers assess fees ranging from three to five percent of the balance transferred. No matter how the language is worded, you want to stay away from balance transfer fees whenever humanly possible. If you must accept balance transfer fees, then make sure that the rate does not exceed three percent.
  3. Accept that a balance transfer option is not necessarily a way to permanently get out of debt. Some people make a career so to speak out of constantly moving credit card balances around, searching for the best deal. If you're seriously in over your head with credit card and other types of unsecured debt, you probably need to visit a credit counselor or in extreme cases abankruptcy attorney.

The best way to make more money and increase your credit score is to put your savings to work by investing it in high yield investment vehicles. Make your savings automatic and watch it soar high with each passing year.

Being lazy with your career is a poor financial move that can impact your credit standing. By not maximizing your earning potential, you are robbing yourself of the opportunity of a better quality of life. If you are changing careers, it is important you have another job waiting for you when you quit your current job. Also, it is important you exercise and eat well so that you will always remain productive in your job and not lose any of your wages.