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But what doesn’t click here is that a balance transfer takes a little time, not to mention a lot of research. It’s not like walking onto a car lot and looking for the one that has all the features you want. If you don’t find your perfect car, you can always order one to your specifications.
[Article: How Extended Warranties Work on Credit Cards]
You can’t just order your own perfect balance transfer offer. And even though there are plenty of balance transfer offers out there right now, you can’t randomly choose one. You have to find an offer that matches your credit standing, which means you need to know what your FICO score is. You also have to find a card that has a go-to interest rate (your interest rate after the zero percent intro rate ends) that you can live with if you don’t pay off the balance within the zero percent intro period.
Now, the idea is probably that you apply for a card that day. Just be aware that offers are constantly changing, so it’s silly to wait until December 11 if you’ve got a good one in hand today. On the flip side, you might have to look for several weeks—or even longer—until the best offer for your circumstances becomes available.
[Featured Product: Research & Compare Balance Transfer Cards]
Here are a few more wrinkles that keep me from embracing Balance Transfer Day:
[Resource: Get your free Credit Report Card]
Okay, so enough already with the “fake” days. Social media has the power to create a movement. Sometimes it’s in your best interests, but sometimes it’s not. It’s so easy to get caught up into wanting to tell banks where they can stick their interest rates. Trust me, I’ve been in debt and I know the feeling.
Let’s just all make sure that we make the right decision for ourselves regardless of what day it is. You’ll get out of debt by empowering yourself with knowledge and then making decisions based on your own timetable, not someone else’s.
Image: Balance Transfer Day Facebook page
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