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Trash Those Balance Transfer Checks

Have you been getting a lot of balance transfer credit card checks in the mail recently? If so, you're not alone! As the holiday season quickly approaches, credit issuers know there are a lot of consumers in need of some extra financial help this year. And what can be more enticing than a blank check in the mail that simply needs to be signed and deposited? The problem is these checks often come with balance transfer fees of 3 to 5 percent in addition to the interest rate you'll be charged. So, while the thought of easy money may be enticing, the best thing you can do with those balance transfer checks is shred them up and trash them along with the rest of your junk mail. If you want to make sure you're getting the best deal possible on a balance transfer this holiday season, signing up for a new credit card is usually the better choice. In fact, there are even card offers, like the Chase Slate Card, that have no balance transfer fee and up to 12 months of 0% interest on both purchases and balance transfers.

Updated by Joshua Heckathorn on Sun, 2012-01-01 16:00

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