Par Gabija Houston le 12 Novembre 2018 à 18:58
There are three factors to choose the best prepaid card for you:
The issuer holding your current debt, you can not transfer debts between the same card from the same issuer. You City® Double Cache Card - Offers 18 months BT City SILICATION® Card - Can not Transfer Loan With No Late Fee
Balance Transfer Fee Most Cards - But Not All - Transfers the rest of the card to another card.
Promotion 0% APR Duration Balance Transfer Card gives you a certain amount of time to pay the transfer without interest. The exact period of 0% APR is 12 to 15 months. Some cards are also available for a long time.
First of all, decide which issue you are issuing and can not delay the loan based on where the debt is currently located. The exact balance card is not an effective payment method about the order - and its comparison with the cost to maintain your balance on your current map - From here you need to consider the remaining factors to get a full picture of your loan
When choosing a prepaid card, ask yourself the following questions:
1. What is the transfer fee?
Migration fees, usually 3% to 5% of the balance, are the most obvious costs associated with the transfer of balance. For most cards you can take a fee charge instead of a payment in advance. This is easily ignored. But this is the money you have to pay.
Depending on the amount of the transfer amount and current interest rate, a significant amount of fees can add to your loan - 0% interest can be sufficient for the end of interest savings. , Not all fees transfer fees, but the majority.
You are not sure which prepaid card is right for you?
Related Article: Get Visa Credit Card Generator from here.
What is Promotional APR?
Appeal Balance Transfer Appeal Promotion 0% is the APR Period. Generally, the long-term promotion period is better because you have more time to pay the balance without interest. This means that your payment can be used to reduce your debt completely.
Remember, however, this is the only advertising time - as the advertising time has increased, as interest rates have increased, maybe 20% or more. Make sure you know that the promotion of your card is finished - the period of APR ends to prevent even more. The card with a credit transfer should be a tool to reconcile your debts - not to collect and ignore your debt.
3. What is the cost of transfer fees?
This question depends on the answers of the first two and ultimately decides whether you should move your balance or not. If the card you are thinking on does not have a transfer fee, then you do not really need to ask this question: you save 0% for April. There is a window
However, suppose your potential card has a 3% transfer fee and 12% APR of 12%. With the remaining $ 3,000 20% APR on your current card If you move, you also plan to pay the balance amount for more than 12 months:
The transfer fee is $ 90, but you do not pay any interest. Cost of transfer card: $ 90
There is no charge to balance your current card, but you pay a total of $ 3,335 in the principal and interest. Remaining transfer charges: $ 335
In this case, the interest you pay exceeds the transfer fee, which makes the transfer more useful. Of course, if you make a specific savings at the 0% APR term, the equation can change significantly.
Other migration amount
There are other fewer costs involved in opening a new line of credit. Most new credit requests (for example, when you apply for a credit card) decrease your FICO score a bit. If you reduce the average age of accounts with a new line of credit, then your score will decrease slightly. However, the credits available can reduce the credit usage rate with a large pool, which is your score higher.
The point is, whenever you open a new line of credit, you should at least know the impact on your credit score. In addition, the decision on balance transfer card is the subject of the order number. You can save money by saving your loan on a new loan. Applying for a balance remitting card can then be an appropriate step for you.
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