Credit Card Balance Transfer Tips - Looking for a good deal

It used to be very easy to transfer a balance of one of your credit cards to a new card with zero interest and reduce the amount of interest you were paying. These days you will have to do more digging to find good deals for a balance transfer. Along with the tanking economy the consumers are not finding as many good deals when it comes to balance transfers.

Many card companies have increased their fees on balance transfers and where you may have gotten a year for zero interest in the past, you now may find the time period with zero interest cut in half. Typically the balance transfer fee the card issuer charges has been about 3%. Now some issuers charge four or even five percent fee. If your want to transfer a balance of $10,000 and the fee is 4% that means additional $400 as a transfer fee.

There are still deals out there for balance transfers but they may be harder to find. Do your research and compare different offers to see which one would work for you the best.

Here are a few tips on looking for credit card balance transfer offers

• Search online, read reviews and feedback from other customers.
• Investigate the complete offer, including the fine print. Sometimes you find restrictions an the fine print.
• Keep in mind that after the special introductory period the card company may increase the interest rates, sometimes even quite a lot
• Take a note of the interest rate of regular purchases - it may be much higher than the one offered for balance transfers