The Benefits of Balance Transfer Credit Cards

People who want to simplify their finances by merging all of their credit card account balances into one single account should get balance transfer credit cards. A person can gain control of his or her finances by simplifying the process of paying his or her debts. A person may also save money because these credit cards offer competitive interest rates and other perks.

However, people who want to use balance transfer credit cards to merge all of their accounts, need to keep a few things in mind. The interest rate is the most important consideration when shopping for balance transfer credit cards. There are two components of the interest rate that should be considered on these credit cards.

The introductory rate is the first component of the interest rate that should be considered. This rate is usually much smaller than the long term interest rate. It will be applied to the credit card balance for a limited time period. Credit cards that are designed to function specifically as balance transfer credit cards generally offer very low introductory rates. Some may even go so far as to offer a zero percent interest rate for a fixed amount of time.

Persons who are in the process of actively reducing their credit card balances will find the low introductory rates useful. They can gain a temporary respite from the cycle of ever increasing interest payments through the use of balance transfer credit cards that charge a zero percent introductory interest rate.

Introductory rates are meant to be short term incentives, and the long term interest rate will be applied after the introductory period has expired. Persons who use using balance transfer credit cards should strive to pay down their balance as much as possible during the period in which the introductory rate is in effect. This is because this interest rate is always much higher than the introductory rate.

Persons who are interested in balance transfer credit cards should also find out if the credit cards they are considering charge an initial interest fee on the account transfer balance. If the introductory and long term interest rates are appealing enough to offset the extra initial payment, then they should apply for credit cards that charge a fee for account balance transfers.

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Credit Card Balance Transfer: The Best Offer You Should Look For

In today's society, people purchase all their everyday needs by using a credit card. You can pay for everything by using a credit card, such as your groceries, electric bills, and even gas for your car. Just imagine, by just having a credit card, you can purchase anything you want without having to carry cash around.

Basically, what a credit card offers is that you don't have to worry about not having the cash, worry about the credit card bills you have to pay after a month.

It is a fact that credit cards are a very useful tool that you can use today. However, owning a credit card also has its risk. Since people don't have to worry about purchasing things with a credit card, they tend to overdo it. Sometimes people get that urge to buy that new pair of shoes they really want but don't have the money for it. They tend to use their credit cards for it.

Because of this uncontrollable spending, people get into credit card debt. With a high interest rate credit card, this can be bad news. You will likely end up paying more on interest rather than paying the actual debt itself. So, one way to get rid of this debt is through credit card balance transfers.

Credit card transfer is one of the best ways and the easiest way to avoid high interest on your monthly credit card bills. If you have a number of credit cards, you can basically use the other credit cards to pay for your debt.

The first thing you need to do is choose the credit card with a low interest or zero interest rate. This credit card is the best card to transfer your balance to. With a low interest or zero interest rate, you will certainly save a lot of money and is the best way to get rid of the debt.

However, credit card balance transfer also has its drawbacks. Some companies charge a credit card balance transfer fee that can be as high as four percent of the debt. You should also make sure that you pay on time to avoid rise in interest rates. Also, you have to watch out for hidden fees, make sure that the credit card you are transferring your balance to doesn't have hidden fees that you will be required to pay for.

Certain low interest or zero interest credit cards has expiration periods on the low or zero interest rate introductory periods. It is important that you should learn when the introductory period will end to help your prepare for another credit card balance transfer to another card with low interest or zero interest rate.

In order to get the best credit card offers, you have to shop around for it. It is a fact that there are a lot of zero interest and low interest rate credit card offers, but you should also keep in mind that these offers are usually offered on a limited time only. Make sure you read the small print in order to understand the promo and know when the introductory period will expire.

As much as possible, you should always consider the credit limit on the card you are considering to transfer the balance to. When it exceeds the credit limit, you will likely pay additional charges and will also make the interest rate rise. These are the things you should remember when making a credit card balance transfer.

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Consolidating Debt? Find the Best Balance Transfer Card

Credit cards with their schemes of deferred payment provide people with cash they did not necessarily have in their bank accounts. In a flash, we bought that sweet little dress in the shop window or the hard-to resist computer gizmo. Unfortunately, that flash did not come from a magic wand but from credit cards whose bills we ultimately had to pay for with cold hard cash. In this bleak scenario of huge debts came a temporary lifesaver called balance transfer credit cards, a card to which we can transfer our current balance. The debts of all our credit cards are combined into one debt that can be paid off with a single monthly payment with low interest rates.

Selecting the Best Balance Transfer Card

There are many balance transfer cards available in the market and since it is going to be used to settle debts, it 'pays' to read the fine print. This will help you find the best balance transfer card. Ideally, go in for a credit card that does not charge any fees for the transfer, which has 0% introductory rate and comes without annual charges at least for the first year. You can and should negotiate for the same for subsequent years as well. Generally, the card should only be used to transfer balance, while another credit card is used to make purchases. However, if you do use it for buying things, another reading of the fine print helps.

Find out if the credit card limits and the time period for making purchases. Find out if they charge high interest rates on purchases as you may just wind up with one more overdue debt. Check if the credit card offers cash-back rewards, because that can lower your purchasing cost that is useful when you are trying to control your debt.

Once you have decided, keep your options open. You can, and many do, move from one balance transfer credit card to another. This can be done when it is time to pay the annual charges or when the zero-interest introductory offer is over. This will keep both your debts and your blood pressure at a manageable level.

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How Balance Transfers Can Help You Stop Putting Money Down the Drain!

As you probably know, interest rates are at all time low right now and if you aren't getting the best deal from your
credit card company then they owe it to you to either lower your rate, or you owe it to yourself to find a better deal.
You see, credit card companies need your business in order to succeed and if you refuse to pay a penny more than you
have to then you'll be doing yourself and others a big favour indeed. By doing this, you'll avoid paying more than you should and the companies will stop treating its clients inappropriately.

Now that this is clear, we will talk about the essentials of balance transfers, how they work and how you can ensure that you get the absolute best possible deal.

1. First and foremost, understand what a balance transfer is. A balance transfer is when you transfer the balance from one card to another in order to get a better interest rate than the one that you are currently getting.

2. Second, to find the absolute best deals, look to transfer balances on cards where the initial interest rate is 0% and the amount after that is lower than the one you have now. For instance, if you're a cardholder that has an interest rate of 27.4% on a 1000 balance and you only pay
150 a month for 6 months, you will not pay off the balance in 6 months. Instead you will pay 247 worth of interest and your balance after 6 months will be 346. In contrast, if you had a 0% card and make the same monthly payment then your balance will be reduced to 100 at the end of the 6
month period, a tremendous saving!

3. Third, don't throw those offers that you receive in the mail away. If you have great credit then you'll likely have
credit card companies vying for your attention. Just use this power to your advantage and find the very best 0% deal
for you.

4. If no good deals seem apparent, then you have to find your own deals. You can do this by conducting a thorough search on the internet to see if you can find a 0% card offer.

5. Once you've done this, request information and then review it carefully. Pay close attention to the rate after
the initial introductory period is over. For instance, if you have two choices of cards with 0% interest rates for 6 months and one charges an interest rate of 15.00% after the initial period and one that charges 11.00% after the initial period then by all means choose the second one
because it is by far the better deal overall.

6. Read and then reread the credit cardholder agreement a couple of times. Make sure that you understand all of the
jargon and if you don't, find someone that does before you sign it. Review it closely to make sure that you are getting the best deal possible. For instance, when
evaluating deals, you should ask yourself these questions:

a. How long does the introductory rate last?
b. What will be the rate after the teaser expires?
c. What are the cards annual fees? Can they be waived?
d. Are there any transfer fees that you should be aware of?
e. Are there any perks that are offered? (Ex. frequent flier miles, free gifts, etc).

7. Once you've decided on an offer, fill out your application fully and get it in the mail as soon as you can.

8. Once you get the offer, make sure that it is a 0% teaser rate and if it isn't, then contact the company right away. If they aren't open to doing so then tell them that you're cancelling the card and look for another company that delivers what they promise. Your primary goal is avoid the old "bait and switch" while simultaneously saving money on interest.

9. While waiting for your new card, make sure that you continue to pay on your old card to avoid glitches in your credit report and once you receive notification that the transfer has been made, make sure you contact the old company and make sure that they received the payoff amount.

10. After the teaser rate is up, don't be afraid to jump from one credit card to another after the teaser expires. You see, there is absolutely nothing wrong with surfing cards and taking advantage of 0% offers whenever you possibly can. Just keep finding and researching great deals.

That's it my friend. Credit card transfers don't have to be so confusing and daunting. If you follow the above
mentioned steps then you can and will win the balance transfer rate and stop throwing your hard earned money down
the drain.
Claire Bowes is a successful freelance writer and owner of http://www.the-credit-card-centre.co.ukwhere you will find further advice and tips on the best credit card deals.