Do the top balance transfer credit cards fluctuate from year to year?
I am looking to take control of my current credit card debt. I have racked up about $5,000 dollars and I want to be able to pay it off within the upcoming year. I am looking into balance transfer cards because I don’t want to have to pay interest on top of everything I already owe. But I’m not sure what card is right for my situation. I was looking at your list of the top balance transfer credit cards 2014 and was wondering if they fluctuate that much from year to year?
Getting a balance transfer credit card can help you pay off your debt and lessen the amount you owe, but only if you take it on seriously. While $5,000 isn’t an astronomical amount of debt, it can turn into a huge problem if not tackled head on.
Adding another credit card to your arsenal can prove problematic in a couple of ways. One, if you are just using it as an excuse to move around your debt with lower interest, but you don’t plan on actually paying off any more than the minimal payment each month, then you are just prolonging your debt issues. Two, if you take on a new credit card it will increase your overall available credit which can entice you to spend more therefore racking up even more credit card debt if you’re not careful. Nevertheless, it can be good to take on a new credit card if you are a responsible borrower. With the new balance increasing your available credit it will simultaneously lower your credit utilization if you do not increase your spending.
Before you look into the best balance transfer credit card for you, take a look at your finances to see how much you can realistically pay off each month and how long it will take you to pay off the debt in full. Once you have figured this out, it is time to start shopping.Look for cards that have zero balance transfer fees, long periods of 0% APR, and no annual fees. The best available cards can change year to year as credit card companies try to reinvent the wheel, but keep in mind that each card is beneficial to different consumers in different ways. It is key that you do thorough research before applying for a card to make sure you have what it takes to get approved. It is not advised to apply for multiple cards as each new credit inquiry will lower your credit score by a few points – and this lessens your chances of getting approved for a card at all.
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