You are the better judge if Chase Balance Transfer Creditcards is good for your consolidation of balances. And, to help you make the right decision is to determine your purpose, need, and the offers presented to you.
It is general knowledge that Chase is a very reputable and stable bank. Therefore, if it offers something, it is most likely that they are able to deliver.
It is also the goal of Chase to provide not only the best product, but also the best service for the benefit of its customers and clients.
Currently, there are two Chase Balance Transfer Creditcards being offered by Chase. It is helpful for you to know each offer and determine which one is the best credit card for you.
Slate From Chase
Slate From Chase has a promotional period of fifteen months for purchases and balance transfers. The introductory APR is zero percent. For the first sixty days, Balance Transfer Fee is zero.
Chase Freedom Credit Card
Chase Freedom Credit Card, similar with Slate From Chase, also has a promotional period of fifteen months and has not annual fee. It carries a five percent Cash Back on purchase in certain categories. You can also easily earn $100 Bonus cash back with this card.
What Should You Look for in an Offer for Balance Transfer Creditcards?
Offers for Chase balance transfer creditcards are indeed very tempting. However, before you jump in and be sorry, there are certain things that you must first look into.
But, before you look at the different important factors to consider; the most important thing that you must do is to read the fine print.
By reading the fine print, you will know the effects of even a single late payment and how you can lose the introductory rate and end up with huge interests.
First, determine how long will thePromotional Period for the introductory interest rate will last. Will it be only for six months or fifteen months?
If you need longer period to pay off your debt, then it is beneficial to look for the balance transfer credit card with the longest promotional period.
Second, identify the Interest Rates that the balance credit cards carry. As a general rule, the lower the rates, the better it is for the cardholders.
Normally, a zero percent introductory interest rate is offered to cardholders with above-average credit scores. But, do not be discouraged when applying for Chase Balance Transfer Creditcards because there are other factors that will qualify you even if your score is not that good.
Check what would the interest rates would be after the promotional period. Usually, the rate will jump to higher APR. So, you should determine if you can afford to pay off your balances before the promo period ends.
Third, it is also important that you find out how much are the Balance Transfer Fees. Most offers for balance transfer credit cards charge between three percent and five percent straight on the balance for transfer.
Therefore, you must include the balance transfer fee into the calculation of your debt. For example, the amount of your balance for transfer is $1,000 with five percent rate; then the fee is $50.
Lastly, you must also consider if the balance transfer credit card has anAnnual Fee. Even if the annual fee is less than $100, it will still add up to your total money outlay.
If all the considerations are into your advantage, then you may very well take the Chase balance transfer creditcards offer. However, remember to be wise in making purchases or you will end up heavily indebted.