That offer to transfer your credit card balances sounds like a pretty good deal, doesnt it? And it is, until you take out your magnifying glass and start reading all the fine print that goes along with the offer. What a lot of people dont realize is that the lender making such an unbelievable offer wouldnt be doing so if there wasnt some way to benefit financially. These lenders actually feel safe in assuming that most people transferring balances wont pay attention to the potentially costly details that accompany the offer.
Transferring balances from a high-interest rate credit card to one with no or a lower interest rate can save you a substantial amount of money if you dont fall victim to these common mistakes.
1. Balance transfer fees
Rare is the balance transfer offer that doesnt come with some sort of balance transfer fee. It might be a flat rate like $50 or $75 but its usually a percentage of the total amount of each balance transferred. Maybe 3% doesnt sound like much but if youre transferring several thousands of dollars, that fee can be hundreds of dollars!
Although you may know by now to look for such fees, theres something else you need...
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