O Balance Transfers Credit Cards

Well, maybe and maybe not.

The first thing you need to do is take a look at your current credit card bill that you are considering transferring. See what the current interest rate is and how much you are actually paying in interest each month.

Now look at the 0 balance transfers credit cards offer.

• How much is the transfer fee?
• How long does the 0 percent interest rate last and what are the penalties if you are late with a payment or miss one completely?
• How many open credit cards do you currently have?

You need to consider all that while making your decision. If you have numerous open credit cards, this could throw up a red flag to the credit card companies.

If you are currently enjoying a low interest rate, the balance transfer fees may make it not worth your while. Personally I have some credit cards that are set up for a couple years at 4.9% interest. No way do I transfer those. Now the one that just went up to 21% - - - - that one is toast. Cutting it up and calling them to cancel it. That is a ridiculous rate.

If you have a habit of making your payments late, or have a reason to think you may not be able to make your payments on time, reconsider. Many times the interest rate hike you get hit with when you miss a payment is tremendously and this could be a costly proposition.

I know when you get a letter offering you 0 balance transfers credit cards, it sounds like a no brainer to take it. I've done it in the past with good results. But think before you jump. This could turn out to be a very bad decision.

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