If you’ve been pondering whether to take advantage of a 0% credit card balance transfer offer, a new report indicates that come March 1st, the balance transfer deals that are actually worth taking are going, going, gone.
For the first time in more than six months the average length of 0% balance transfer offers, as well as the average balance of transfer fees, was unchanged from the previous month. As a result, SmartBalanceTransfers.com forecasts that average fees will likely rise in March, when the only 24-month and no fee balance transfer offers disappear.
If you’re looking for the best balance transfer deal, make sure you read the fine print and are actually getting the 0% rate as promised (often this only applies to people with a certain credit score). Good deals to snatch up now include those accompanying the Slate card from Chase, Discover More and Citi Platinum select cards.
As always, when it comes to transferring balances, the key is strategy. Do the maths on the fees involved with the transfer. Know exactly what you’re being charged. The CARD act designed to protect consumers has put a limit on how much and when credit issuers can charge, but as a result, many offers now apply only to those with excellent credit. Have a plan in place to pay down your high-interest cards as aggressively as possible and mark your calendar for two weeks before that 0% interest rate spikes up. When that day comes, be sure the debt you transferred is paid in full.
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