Find the Interest Rate of Your Dreams and Do a Credit Card Balance Transfer
Contributed by Annie Bauers
Do I have to be a certain amount in debt before I can do a credit card balance transfer?
Most credit cards don't have a minimum on the amount the balance that you transfer but if are going to transfer a balance you will want to make it worth your while. This is especially true if you can just secure a credit card with a lower interest rate. This is not to say that you should go and charge up the credit cards you have now so you can transfer the balance to a lower interest one later.
What it is to say is that if you are in trouble and more of you payment goes toward interest than your balance it might be a good idea to think about transferring to a card with a lower interest rate. However if you find a card and you qualify for a super low interest rate and you have to transfer your balances to get the card with the super low rate it would be worth you while to do it. This is because a super low interest rate will save you mega bucks over the course of a year.
I you are thinking about transferring a minimal balance to a card that is only a few points different in interest points you might want to wait for a lower rate in the future. Just use your common sense and don't jump into anything for the sake of jumping in to it!
