Balance Transfer Credit Cards - Site Offers Comprehensive Guide for Consumers

    /24-7PressRelease/ - November 09, 2006 - Balance transfer credit cards are those credit cards that are ideal for transferring balances from one card to another. Generally, balance transfer credit cards ( http://www.creditcardassist.com/balancetransfer/creditcards.html ) are chosen for their low introductory interest rates and because they allow balances to be transferred from other cards often times for no charge. While transferring credit card balances from one to another can be a wise financial move, there are several factors a consumer must keep in mind before taking advantage of a balance transfer credit card.

In order to better help consumers select a balance transfer credit card that will be financially beneficial, CardCardAssist.com has re-launched a comprehensive guide to balance transfer credit cards on its site. Credit Card Assist.com ( http://www.creditcardassist.com ), owned and operated by Los Angeles-based Optimum Interactive, has long been providing consumers with valuable credit card information. This guide to balance transfer credit cards is one of the most recent additions to its library of educational materials.

"We realize that there are many advantages to transferring credit card balances from one card to another," said Rob Willard, Managing Director of Optimum Interactive. "At the same time, there are pitfalls to watch out for. If these pitfalls are not avoided, the consumer can actually lose money by transferring credit card balances. This is why we decided to re-launch our guide to balance transfer credit cards. Our hope is that consumers can use this information to help them make better financial choices."

One of the pitfalls discussed on the website is the "teaser rate," which is a low introductory interest rate that becomes terribly high after the introductory period is over. As a result, the consumer may pay more in finance charges than he or she would have paid with the original card

"Of course, paying off the balance transfer credit card before the introductory period is over will help consumers avoid paying high interest charges," Willard commented. "However, consumers need to be certain they will be able to pay the balance off within that time period. Otherwise, they might end up losing money from the balance transfer rather than saving money."

Another downside to balance transfer credit cards is the fee associated with making these transfers. Most credit card companies charge a fee that is equivalent to a certain percentage of the amount being transferred, which can be quite costly if the transfer amount is high.

"We caution consumers to watch out for hidden fees associated with balance transfer credit cards," said Willard. "If they dig around hard enough, they should be able to find a card that offers a low or zero percent introductory APR and that waives the balance transfer fee. For most consumers, these balance transfer credit cards are the best option."

In addition to finding valuable articles about how to best choose a balance transfer credit card and how to properly use one, consumers can also explore a database of articles ( http://www.creditcardassist.com/articles.html ) as well as available balance transfer credit cards on the site. To learn more, visit CreditCardAssist.com today.

CreditCardAssist.com provides consumers with a free comprehensive resource of credit card information online.

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