You Could Have A Loan in Your Mailbox!

Many credit card companies these days are looking for qualified consumers to give their cards to. Competition is fierce to get your money, and they will offer some wonderful deals in order to get you on their side. Quite common these days is the 0% interest on all balance transfers deal that most credit card companies have offered. You transfer your balances to their card and pay 0% interest on those balances for an agreed upon time. Some offer 3 months, 6 months, even 12 months grace periods before interest begins accruing.

If you are among the diligent, this is an offer you can’t refuse – just read the fine print first! You must pay the entire balance off within the grace period, or many times that balance transfer rate will skyrocket at the end and you will end up paying possibly an even higher interest rate than you previously had. You also want to find out what the fee is for balance transfers. Some companies do not charge a fee, others charge a certain percent of whatever you are transferring.

Also, it is best to be aware of penalties for paying late. If you miss one payment, they can raise your interest rate to the regular rate, sometimes higher. So, if you know you are going to be able to pay on time, and in full before the end of the grace period, then this is the loan for you.  ■