Want to know something about debt? It’s everywhere. More than 189 million Americans have credit cards. Additionally, the average cardholder has at least three of them. So, why should we worry about the APR on a balance transfer promotion?
Not only does switching to a lower APR help you get out of debt, but it’s also a breath of fresh air. Imagine reducing multiple credit cards down to one and paying less interest all at the same time.
Most people don’t know their current APR
It’s true. Most people do not know the current APR of their credit cards. They work hard to make their payments but never take the time to see how much goes towards interest. Debt remains an issue for some cardholders because they are not looking at the big picture. There are tools to help, but many do not know how to take advantage of them.
What is a balance transfer promotion?
A balance transfer promotion is a special incentive for people with ongoing credit card balances. Debt holders shift their balances under another loaner, usually for the sake of dealing with the debt.
Three ways a balance transfer solves debt
Balance transfers work when they reduce your debt. There are three ways a credit balance transfer helps:
1. Interest takes a step back.
2. Payments become more effective.
3. Cardholders get a chance to catch up.
Not all balance transfers are equal
People considering a balance transfer should be aware of hidden costs. There are negative attributes such as transactional fees. Furthermore, some offers have short introductory periods. Sure, the new APR sounds good, but it’s only for a few weeks. Something in that manner is hardly beneficial. Before agreeing to a switch, be sure to understand the terms.
Achieva Cash Rewards Mastercard is on your GOOD side.
Not only does this card have the benefits of Mastercard® ID Theft Protection™, but it also comes with a special offer. Transfer your balance from any card to our Achieva Cash Rewards Mastercard and get a 2.9% APR* until November 2021. All with no balance transfer or annual fees.
You can switch away from your high-interest credit cards and maintain your finances. View a complete guide of all Mastercard benefits here.
Switch and save money
Take advantage of special offers and consider making the switch today. In terms of the best rate to consolidate your debt, choosing a lower APR during a balance transfer promotion is a smart financial move.