You don’t need to look far to find low APR (annual percentage rate) credit card offers. They’re likely to find you! Aggressive credit card companies frequently solicit credit card applications in the mail in hopes that you will transfer a giant balance over to their books in exchange for a few months of low interest – or no interest at all. Sounds like a great deal, right? It can be, if you know what you’re getting into. But credit card companies bank that uninformed customers will fall into one of the following traps: 1) Balance Transfer Fee The vast majority of these offers come with a cost – maybe it’s 2% of your balance, maybe it’s a flat rate. Let’s say the transfer fee is 2% of 16,000 – that’s $320 just to transfer. Now, if your low interest period is 3 months, that is an additional $107 per month. You may be thinking the interest rate cut from, for example 12% to...

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Credit Card Balance Transfer