These cards are one of the ways the banks are competing with each other to win over your valuable business, and they can save you money in the long run. Banks are making it easy for people to transfer their existing balances over to a new card, by offering a variety of incentives.

There are many options from which to choose when looking at balance transfer credit cards. In addition these cards offer an array of features such as no annual fees, travel rewards, bonus points for signing up, fraud and identity theft protection, concierge services, and cash back options. So even if you are happy with your current credit card, it may pay to shop around to see what additional benefits you can receive and how much interest you may be able to save by switching to a card with a lower annual rate.

Balance transfer credit cards are extremely popular tools that banks use to increase their customer base, without having to go through the initial application process themselves. It’s one way they can protect themselves against a higher percentage of credit risk, and the cost of assessing an applicant from scratch. Of course that doesn’t always mean they will avoid all risk, but why not poach existing customers that your competitors want to keep. There’s profit there, and the banks are willing to compete for it.

This category of credit card is one of the wider ranging categories with respect to these types of features that they offer. In addition, there is a wide range of interest rates available because of the various attributes of these cards. For example, you can find more basic cards with lower rates of interest such as 9.99%, all the way up to cards that give you large incentives to make ongoing purchases, but which charge a higher rate of interest. Many of these cards offer cashback programs from anywhere from 1% to 20%.

When you’re shopping for one of these cards pay special attention to what types of purchases qualify for the cashback programs, and any restrictions that may apply. Many of these cards offer additional incentives for you to transfer your balance and make specific types of purchases. So if there’s a general type of purchase you frequently make there may be a card that offers you more than the competitors in this regard. For example, certain credit cards will give you entertainment reward dollars on things such as restaurants, movies, music, books, and electronics. You may even find cards that reward you for paying on time and staying under your credit limit — both of which are great for your credit scores.

Some of the more attractive options include longer grace periods, low introductory interest rates on balance transfers, luxury gift options, concierge services, bonus air miles, air miles that don’t expire, enhanced travel benefits, bonuses for an early minimum spending amount, as well as options for going green where you can qualify for bonus points if you elect to only have electronic statements sent to you. There’re even credit cards designed for students that have incentives to keep up your GPA.

Balance transfer credit cards are an excellent financial option for people who want to get the most out of their credit cards. Banks are willing to compete with one another for valuable customers who have had a good credit history, and so they will give many different types of incentives to suit almost any person.

From basic cards to the more elite options, there is likely a choice — or even a number of choices — to suit you. Shop around, compare interest rates, compare features and incentives, and you will likely be able to find an even better deal than the one you currently have. It also pays to do the math on paying an annual fee versus the cash back and other rewards you may be able to get. You can also decide which card may suit your future needs more for example if you are going to be doing some additional traveling, making some larger expenditures, or moving into the workforce from your postsecondary education. Savvy credit card customers can find great deals in balance transfer credit cards.