LOS ANGELES, Jan. 7, 2013 /PRNewswire/ -- Every year, millions of consumers struggle to pay post-holiday bills, reduce their credit card balances, and find the right credit solution to support their financial resolutions. CardSight (http://www.cardsight.com/) offers consumers objective reviews of balance transfer credit cards--which greatly reduce the debt load of high credit card interest--without the misleading hype that can lock cardholders into unfavorable terms and conditions.
"Credit card companies put a lot of spin on their offers. They tend to highlight the benefits and veil the drawbacks," says Darryl Van Dyke, CEO of CardSight.com. "The goal of CardSight is to get all that fine print out in the open and provide an unbiased opinion, so you know exactly what you'll get with a credit card offer."
The website offers full and mini-reviews of the latest credit card offers in several categories, including Balance Transfers.
Managing holiday debt with balance transfers:
For consumers facing a pile of post-holiday bills, CardSight recommends looking into a balance transfer credit card. The company offers these top 10 helpful tips on balance transfer cards:
- Nearly all consumers will need an excellent credit score and history to qualify for these offers. Make sure your credit score is at least 730 (FICO).
- Low introductory rates and standard APR rates are subject to approval, and may change once the application is approved. Check the fine print before applying!
- Watch the date that the 0% balance transfer period ends, then six or seven weeks ahead of that time, start looking for another balance transfer offer in case you don't have your current balance paid off.
- In many cases, a balance transfer fee of 1 to 5 percent of the total transfer amount is applied to the new card balance. Make sure you factor this amount into your budget.
- Any purchases made on a balance transfer card cannot be paid on until the transferred balance is paid off. Look for 0% offers for both balance transfers and purchases.
- Don't just go for the best teaser rate or balance transfer period. It's wise to check other card features and drawbacks, such as fees, cash-back benefits, and fraud protection.
- Be mindful that new purchases and cash advances which are charged the higher standard rate of interest for the card.
- Balance transfer credit card offers come with varying rewards. Consumers should review the terms of an offer thoroughly to make sure the rewards are something they will use and accumulate with normal spending habits.
- Pay your bill on time. Even one late payment may cause your rate to spike and incur a penalty fee with some cards.
- Transferring balances and closing old accounts can negatively impact your credit history, so weigh your options carefully.
"Researching credit card offers can be frustrating, tedious work," says Van Dyke. "CardSight aims to make it easy for consumers to find the best balance transfer deals on credit cards, reduce the amount of interest, and thereby better manage their financial resolutions for 2013."
Visit the CardSight balance transfer credit card section (http://www.cardsight.com/balance-transfer-cards.php) to see the top 9 cards for 2013 and apply online.
CardSight.com offers online education, expert opinions, and online application of credit cards, with the goal of helping consumers find the right card for their financial goals and lifestyle.
For more information, contact:
Darryl Van Dyke, CEO
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