Know all the details of the offer if you plan to use a splashy credit card balance transfer offer.
Here are three points to look at:
Deferred interest: With this plan, if you haven't paid off the balance by the time the introductory offer expires, you'll be charged retroactive interest for the entire amount.
New purchase rates: Never make a new purchase on a balance transfer card. According to Forbes, new purchases can and will be charged a fat interest rate.
Missed payment penalties: Always set up automatic minimum payments. If you miss one payment on your transferred balance, you will lose your low-interest deal.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
