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  • Will You Add? - 5 Ways How Misuse of Balance Transfer Credit Cards can Cost you Dearly

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    have to face the music even when you apply for other type of loans like auto loan, mortgages, personal loans etc.
  • If a credit card issuer refuses one such request of balance transfer, your entire plans of getting the debt to a low interest rate can be jeo
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    0 Intro APR credit cards are used by many people to avoid high interest rates on outstanding balances. As soon as the 0 Intro period expires - they find another credit card with 0 intro offer or low interest offer on balance transfer and switch balances. In the short term it might look as a good strategy, but it has its own drawbacks. Here are few facts, which if overlooked can cost the credit card holder dearly.

    1. The credit card companies might stop approving such applications when they find that the applicant has a sustained history of balance transfer misuse.
    2. Lenders like people who pay them interest, that's the main source of their income. So, if the find that when it comes to repaying your debt with interest, you simply cut corners and transfer the balance to a new credit card. They won't be interested lending to you.
    3. With such repeated balance transfers, and closing old credit cards will have an impact on your credit history also. The remarks in your credit report can drive away potential lenders, and you'll have to face the music even when you apply for other type of loans like auto loan, mortgages, personal loans etc.
    4. If a credit card issuer refuses one such request of balance transfer, your entire plans of getting the debt to a low interest rate can be jeop
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      rt term it might look as a good strategy, but it has its own drawbacks. Here are few facts, which if overlooked can cost the credit card holder dearly.

      1. The credit card companies might stop approving such applications when they find that the applicant has a sustained history of balance transfer misuse.
      2. Lenders like people who pay them interest, that's the main source of their income. So, if the find that when it comes to repaying your debt with interest, you simply cut corners and transfer the balance to a new credit card. They won't be interested lending to you.
      3. With such repeated balance transfers, and closing old credit cards will have an impact on your credit history also. The remarks in your credit report can drive away potential lenders, and you'll have to face the music even when you apply for other type of loans like auto loan, mortgages, personal loans etc.
      4. If a credit card issuer refuses one such request of balance transfer, your entire plans of getting the debt to a low interest rate can be jeo
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        has a sustained history of balance transfer misuse.
      5. Lenders like people who pay them interest, that's the main source of their income. So, if the find that when it comes to repaying your debt with interest, you simply cut corners and transfer the balance to a new credit card. They won't be interested lending to you.
      6. With such repeated balance transfers, and closing old credit cards will have an impact on your credit history also. The remarks in your credit report can drive away potential lenders, and you'll have to face the music even when you apply for other type of loans like auto loan, mortgages, personal loans etc.
      7. If a credit card issuer refuses one such request of balance transfer, your entire plans of getting the debt to a low interest rate can be jeo
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        o a new credit card. They won't be interested lending to you.
      8. With such repeated balance transfers, and closing old credit cards will have an impact on your credit history also. The remarks in your credit report can drive away potential lenders, and you'll have to face the music even when you apply for other type of loans like auto loan, mortgages, personal loans etc.
      9. If a credit card issuer refuses one such request of balance transfer, your entire plans of getting the debt to a low interest rate can be jeo
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        have to face the music even when you apply for other type of loans like auto loan, mortgages, personal loans etc.
      10. If a credit card issuer refuses one such request of balance transfer, your entire plans of getting the debt to a low interest rate can be jeopardized and you could be facing high APR's, which can land you in further trouble.
      11. Balance transfer credit cards don't tolerate late payments, so if you miss out on a particular repayment all the benefit is lost and instantly the high regular APR's are applied. Again a low rate on balance transfers does not mean the overall APR's will also be low. There could be different APR's for purchases, and cash advances.
      Though balance transfers are not a bad idea, but excess of everything is bad. Besides, denting your credit history, repeated balance transfers are also a bad financial habit. It is like not facing the eventual reality of repaying your debt. Balance transfers are there for good reasons and should be used as such- in that way they will benefit the credit card holders in a big way.

      Continually opening new low interest credit card accounts and shifting money without attacking the overall debt could worry lenders, potentially hurting your chances for borrowing money in the future. Credit card issuers favor customers wh

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