At Compare Credit Card Ireland we want you to have every detail about credit cards that can be found. On this site you will find a great deal of reviews, news articles, and helpful hints for how to use your credit card. You will also discover information regarding the certain types of credit cards. There are nine categories on this site in which some or all of the cards will fit into that are available on the Irish market.
In this section we are looking at a comparison table with balance transfer credit cards. A balance transfer credit card can also be categorized in other categories like the zero percent credit card. We will get into that a little later in our introduction.
First though, a balance transfer credit card will have the ability to accept a balance from another card. Some credit cards will not allow you to take a balance from one card and place it on a different card. This is why the balance transfer credit cards are rather special. If you have a high balance on one card with a high interest rate you can gain a second card. This second card will be a balance transfer card with a better interest rate to help you pay the card down a little faster.
The balance transfer credit cards may have special deals. These deals could be zero percent for 6 to 12 months, a significantly reduced interest rate for a period of time, or a life of the balance transfer option. These specials are not always found on balance transfer cards.
A balance transfer card may also have a fee. This is called a balance transfer fee which is different from the annual percentage rate. The annual percentage rate is the interest you are charged on the card until the balance is paid off. The fee is a onetime fee every time you transfer a balance. For example you just received a Halifax credit card. You already had an American Express. On the American Express you have a balance of 2,000 Euros. Your Halifax card offers a limit of 500 Euros. So you transfer that amount to the new card. You will be charged 3 percent or 99 Euros. At most you will be charged 99 Euros for a balance transfer. So once you pay the first balance transfer off you decide to transfer more; this time your limit has also increased on the new card. Now you can transfer the whole amount from the old card to the new card. You will be charged again that fee. You are never charged twice for a balance transfer fee on the same transfer.
The best way to use the balance transfer cards is to have a significantly lower rate or a great deal that lasts for a fairly long time. The point in transferring the balance is paying it off for less interest and as quickly as possible. A balance transfer card like you will find below should not be used for purchases. These cards below are some of the best deals on the market at the moment.