My mailbox if full of mail pieces that I generally toss into the trash without even opening. But when I see an envelope with an offer printed on the front in bright red large print with a 0% balance transfer offer, I admit I take a second look. I might even open to read what the offer is all about.
So when is a balance transfer offer a good idea or a bad idea?
It is a good idea for me when there aren’t any transfer fees and the rate of the transfer is fixed until I pay the balance off in full. A bad idea for some might be when there are charges to make a transfer and then after a short period of time the percentage rate is raised to a number that I am not willing to pay.
To help you determine if a balance transfer offer or any credit card offer for that matter is right for you, do your research. I would suggest that you look into different card offers and card types and then determine whether or not the card benefits outweigh any of the costs associated with it.
On a side note: Nevada Federal Credit Union currently offers a fixed 6.90%APR balance transfer offer for our Platinum, Gold and Classic Visa® credit cards. To learn more about these convenient Visa® products or to apply today, visit www.nevadafederal.org.