There are a couple of costly mistakes that you can make when taking out a balance transfer credit card. Luckily these credit card tips will help you avoid them with a minimum of effort.
The first balance transfer credit card tip is to make sure that you always set up a direct debit from your current account to your balance transfer credit card. This should ensure that you automatically make your monthly payments to your credit card.
Most balance transfer credit card applications include a direct debit section which allows you to set up your payment arrangements. If the application does not then you will need to contact the credit card company directly to get your payment set up.
It is important that you do this as missing your first balance transfer credit card payment is a sure-fire way of losing your introductory balance transfer rate and having to pay the balance transfer fee as well. Some card companies will reinstate the balance transfer rate if you grovel but many will not and will start to charge the full APR instead.
NB: Ring the credit card company to ensure that your direct debt will be active before the date your first credit card payment is due. If the direct debit will not be set up in time then make a manual payment by debit card or by check or by bank transfer. Make sure your balance transfer credit card works for you.
