Recent article from Dr. Eva Norlyk Smith at CreditCardGuide.com talked about a five step plan for choosing a balance transfer credit card with the best terms, rates and features available in the marketplace.
Step One: Make sure you are eligible. Get a copy of your credit score online to determine if you’ll actually qualify first. Typically, a credit score of 720 or higher will be required to secure the best balance transfer offers.
Step Two: Calculate the monthly payments that will be required to pay off the balance before the introductory period ends. Make sure you can comfortably make those monthly payments within the duration of the promotional period.
Step Three: Generate a list of the most compelling balance transfer credit card offers.
Step Four: Compare and contrast the features and benefits of each card. Make sure to take into consideration any additional fees that might included such as annual fees and whether or not the promotional rate is applicable to new purchases as well.
Step Five: Calculate the total cost for each card offer if you are planning to pay the balance over a longer period than the promotional period offers, including any balance transfer fees or additional interest charges you will have to pay if you extend your payment beyond the promotional period.