Credit card offer, credit card offer, credit card offer. You get so many, you probably ignore them. I mean, you don't want to get more in debt...right?
But if you have a balance on a card and there's a 0% offer, should you take it?
ConsumerAffairs.com took a look at credit card balance transfers and found a study from CompareCards. In it, 41% of consumers had applied for a balance transfer card in the past. But 40% failed to pay off the entire balance during the 0% introductory rate period. That can get you in a bigger money mess.
The first take-away is: Is the introductory rate period enough time for you to realistically pay off the balance?
The next point main: Knowing the balance transfer fee. Most cards charge at least 3% of the transferred balance. If you have $10,000 to transfer, you're looking at an upfront fee of $300. Is that less than the amount of interest you would pay in the same amount of time of the introductory period?
Creditcards.com has a balance transfer calculator to figure out it the fee is worth you transferring the money. Will you save on interest is the bottom line.
ConsumerAffairs.com recommends three cards-- an AMEX, a CITI card and a CHASE card. The details of these cards are in the linked article.