NEW YORK ( Creditnet) -- If you use credit cards, you should be accustomed to receiving balance transfer checks in the mail all the time. It's no secret that credit issuers love tempting their customers with quick money!
I get these types of checks from my credit card companies on a weekly basis, but they promptly end up in a shredder along with the rest of the junk mail that overflows from my tiny mailbox. In fact, I rarely even take the time to look at them anymore.
If you ever find yourself tempted to use a balance transfer check because an attractive 0% intro APR or some other feature sparks your interest, here are two major reasons why that check should quickly find its way to being fed into your shredder.
1. You can score a better 0% interest promotion elsewhere
Credit card issuers typically treat new customers much better than existing customers. This means that you should be able to find numerous credit card offers on the market with longer 0% interest promotions than what your credit issuer is willing to offer you in the form of a balance transfer check. If you're going to take advantage of a no interest promotion, you might as well take advantage of the longest one possible.
Balance transfer fees generally run from 3% to 5% when you use a balance transfer check, and that can certainly add up fast if you're writing a check for a large sum. However, if you have a decent credit score and are willing to add a new credit card to your wallet, you can actually avoid balance transfer fees altogether. For example,
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