Balance transfer offers, like all 0% APR credit card offers, oftentimes have a fine print clause that is easy to overlook. Essentially, credit card companies will advertise a 0% APR on balance transfers for up to as much as 15 months, but only grant some applicants a 0% rate for as little as 6 months, based on a review of their credit.
While this is an advertising device I particularly despise, I find companies that advertise 0% interest rates for "up to X months" and allow applicants to transfer balances online to be abhorrent. A 0% for 12 months can save you a surprising amount of money. However, due to balance transfer fees, a 0% rate for 6 months can provide little savings. Because of this, I strongly suggest waiting until your credit card arrives in the mail before transferring balances. This way you can inspect the terms of the card you were approved for and make sure your 0% APR lasts for the right amount of time.
Balance Transfer Credit Card Tips and Tools
Secrets of 0% APR Credit Card Applications: As I mentioned above, some credit card companies use fine print trickery to lure customers into applying for balance transfer deals that aren't as generous as they appear. This article provides information on what to look for when examining credit card applications.
Balance Transfer Calculator: If you'd like to see how much you can save with a 0% balance transfer, this credit card calculator can give you a good estimate of your savings. The results might surprise you.
