Balance Transfer Credit Card Canada- What You Need to Know

If you are paying too much interest on your present Canadian credit card then it may be time to look closely at a balance transfer credit card Canada. There are some things to think about before you take advantage of a balance transfer deal. To begin with be aware that some credit card companies offer zero percent rates for a year while others offer zero percent for six months. If you can find one of the deals for 12 months then scoop it up right away.[br]

If you are paying too much interest on your present Canadian credit card then it may be time to look closely at a balance transfer credit card Canada. There are some things to think about before you take advantage of a balance transfer deal. To begin with be aware that some credit card companies offer zero percent rates for a year while others offer zero percent for six months. If you can find one of the deals for 12 months then scoop it up right away.[br]

A balance transfer credit card Canada rarely comes with no fees attached. There are a few deals around with no fees but they are rare. In order to get a zero percent balance transfer you are likely to be charged a fee. However even with a fee attached a zero percent balance transfer can save you in the area of 25 to 80 percent. To give a concrete example, an individual who has a 20 percent interest rate who pays a five percent fee in order to receive a zero percent balance transfer will save as much as 75 percent on the interest that they pay. Even if you choose a deal that offers a 10 percent interest rate you will save in the area of 50 percent. When you look at it this way, a five percent fee for a balance transfer credit card Canada is not too bad.[br]

It is important that you check to see what your credit score is before you apply for the balance transfer card. It is good to know ahead of time if your credit score is okay and will give way to a yes answer as opposed to a no answer. In fact it never hurts to periodically check your credit score to see where you stand. If you have had credit problems in the past then look for ways to improve the situation.
 
Looking for zero percent rates on a balance transfer credit card Canada may be something that takes a little effort, as well as time and patience. But in the long run it is worth it if you can get a better rate. Be aware though that transferring balances online is not advisable. This is because when companies offer any number of long-term interest rates an applicant does not yet know if their application will be accepted. If you initiate a balance transfer through the internet then you are doing it without knowing what interest rate you will be offered if approved.