Yet Another Reason for Balance Transfer Credit Cards (Forbes)   Leave a comment

NEW YORK - MAY 20:  In this photo illustration...Image by Getty Images via @daylife

Ticketmaster this week blamed a”processing error” for twice-charging buyers for tickets to the 2012 Olympic games in London. Approximately 700 sports fans were affected by this unfortunate computerglitch. The error came to light as ticketholders began to notice discrepancies in their bank accounts. A spokesman for Ticketmaster has apologized for the unfortunate incident and asserted that the second charges were refunded as soon as the error was reported.

Unfortunately, problems such as this do occur. More often than not, they are due to some computer malfunction, or some number cruncher running the same program twice, but always they are scary to the cardholder. Computers are a tenacious breed; we often fear that once our cards are tainted, the information will never go away. We want to divorce ourselves from that card and start sifting through the mail for the dailycredit card offers.

Even barring the occasional charge errors that can occur, sporting events, especially something as renowned as the Olympics, can lead us into other self-imposed credit traps.  People tend to overbuy. Tickets to popular sporting events are usually sold out not long after they are released to the general public. This also is true for concerts; popular musicians usually sellout within hours of their tickets being released. Often you don’t have time to verify exactly who and how many will be joining you – you don’t want to be caught short, so you overbuy. Maybe you thought more friends would be interested than actually are, and now you’re stuck with a huge credit card bill.

Time to get a balance transfer credit card.

If you’ve gotten yourself in a little over your head trying to buy out half the stadium in your excitement, balance transfer credit cards can be your best friend.  Not only can these cards offer you a lower interest rate, they can also put off the inevitability of paying down your credit card for a little while. Many would take these offers simply for other perks, such as bonus points earned with that particular bank’s rewards program or some extra frequent flyer miles. Take a quick look through your daily credit card offers, and you will see that perks abound.

Today no fee balance transfers can be difficult to find. Most financial institutions have opted instead to offer a low-fee balance transfer; these fees can range anywhere from 3 percent to up to 5 percent at the higher end of the spectrum.  Still, these programs are a wonderful option for those times you might go a little plastic crazy for a game, a concert or just a great sale at the mall.

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Posted July 18, 2011 by ilanamelissagreene in Uncategorized

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