For the last two to three decades, our society has been one which makes frequent use of credit cards.
Part of the decision for choosing a certain credit card is finding one with terms that you like.
One of the more interesting questions when dealing with credit cards is how a particular card allows you to transfer balance.
Some people find the perfect card.
It has a rate, grace period, and bonus point program they love.
They use this particular card for everything to take advantage of these great qualities.
The problem with good things is that they seldom last.
When a credit card radically changes its terms, that perfect card can become a terrible choice.
In situations like this, it's time to pick a new card and transfer balance.
The credit card companies often offer particularly good terms for a period of time with every intention of changing those great terms down the road.
Credit card companies have learned that most of their customers won't be smart enough to take advantage of a transfer balance and will continue to suffer the terrible new terms.
As previously stated, credit card companies frequently give especially attractive terms as an introductory offer.
Many savvy customers take advantage of this by the following financial strategy: -Find attractive reward offer -Transfer balance to the new credit card -Wait until introductory offer expires -Rinse and repeat This is similar to the way people took advantage of long distance companies during the long distance wars.
Many people had free long distance for years simply by being aware of what the companies were offering and making a quick phone call to switch service to take maximum advantage of this.
There are even people who make a profit from their credit cards.
How? -They find cards that offer 0% interest on balance transfers for a certain period -They take a cash advance on the first card and deposit it in an interest-bearing account -When the 0% interest period is close to its expiration, they use a balance transfer to a new card that offers the same deal -This allows these people to draw interest on that initial cash advance for years without paying back the initial amount The credit card world is a truly competitive one.
Credit card companies are working hard in the struggle to get and keep customers.
Because of this, smart customers are taking advantage of the situation by switching frequently and always looking for the best deal.
Knowing that an advantageous provision to transfer balance is usually part of getting a new card makes this serial credit card switching both easy and a great money saving strategy.
In response to our initial question: What's the best time to transfer balance on credit cards?, whether your goal is to find the most attractive points program, reduce your existing payments, or even make a profit from your credit cards, the right answer is always - NOW.