Having an excellent credit score of 750 or more will qualify you for a balance transfer credit card with long zero percent introductory rate. With longer zero percent introductory rate, you will have more time to pay off your credit card debts without getting charged with the regular APR interest fee. Balance transfer cards for people with excellent credit usually provides many incentives such as lesser fees, rewards programs and higher credit limits.
You don’t necessarily need to have 750+ to apply cards in the excellent category. If you have a credit score of at least 720 or more, you are encouraged to apply card in the excellent category because there is a high chance that you can easily get approved as well. Balance transfer card is not just for those with perfect credit score. As long as your credit score is in the range of 670+, there should be no problem in finding a balance transfer credit card offer.
You don’t have to be afraid of getting rejected by the credit card company if you don’t have ideal credit score. You should go online and visit credit card comparison site to find the most attractive offer for balance transfer card. The credit card comparison site provides all the details of the balance transfer credit cards for you to go through at a glance including length of the zero percent intro, APR, balance transfer fee and average credit score of the people that gets approved.
After your balance transfer card is approved, the first thing that you should do is to transfer your credit card debts. You should check with your credit card company and find out if they offer an incentive to waive the balance transfer fee if you transfer the credit card debts within a certain period of time. Many balance transfer credit cards would waive the balance transfer fees if you transfer your credit card debts within the first 30 – 60 days.
You should make planning on how much to set aside every month so that your debt is fully paid off by the end of the zero percent intro promotion period. If you have some financial problems and you can’t pay up to that amount, you should then do your best to pay as much as you can every month. You may probably come up with a sum of funds that allows you to pay off your credit card debts during the zero percent intro period.
If you have a poor credit score below 600, it is recommended that you get a secured credit card and build up your credit score first. After you have built up your credit score, you will be able to qualify for a good balance transfer credit card.