If you’re thinking of doing a credit card balance transfer, now might be the time. A report by CreditCards.com shows that lenders are becoming much more generous with their balance transfer offers.
The analysis, which took a look at 100 credit card balance transfer offers, shows that more lenders are making promotional rates available for at least 12 months. This year, 38 of the cards offered 12-month promo rates, compared with 33 last year around this time. Cards with an offer lasting 15 months or more have also increased (17 cards, up from 10 last year). Some offers are even as long as 18 months.
However, most of these deals must be taken advantage of within a 90-day window before they expire. So if you find one that’s right for you, it’s in your best interest to act fast.
“Timing is everything when it comes to balance transfers,” said Matt Schulz, CreditCards.com’s senior industry analyst. “It’s absolutely critical that you not wait to transfer your balance to your new card, but it’s even more important that you pay that whole balance off before the introductory period ends.”
Go here for the full report.