Things to Consider When Taking Advantage of 0% Intro APR Credit Card Balance Transfer Offers

All across the United States, consumers who are smart with their finances are taking advantage of zero percent credit card offers, and for good reason. By signing up for a 0% intro APR credit card deal, consumers with credit card debt and a good credit score can literally pay no interest on their lingering credit card debt for 12 months or more.

Here are some important things to remember when taking advantage of zero percent intro APR offers:

1. Many credit card companies will offer you an interest free period as a way of introducing you to their credit card. It is very important that you know and understand what the interest rate will be once that free period is over. If you are forced to pay a significantly higher interest rate after the free period you will likely wind up with a much worse deal than you had intended. If at all possible try to pay off your total credit card balance before the interest free period comes to an end. Try to find a balance transfer deal that gives you at least 6 months 0% introductory APR so that you don't wind up making balance transfers too often.

2. Be sure that you read through all the fine print very carefully. A lot of the 0% balance transfer credit card offers include a catch: if you use the new card to make a purchase while you are in the interest free period, the APR or Annual Percentage Rate can often be quite high, even as high as 25%! Additionally, payments that you make on your new credit card with a low or zero percent intro APR will be applied to the transferred balance first, which often means you?ll get hammered with high interest charges for purchases and cash advances. A balance transfer can be a really good way to help you save money over the long term, but if you need to make new purchases you will be much better served by using cash, a pre-paid credit card, or your bank debit card.

3. Try to avoid using the convenience checks. Many credit cards will include convenience checks along with your regular credit card statements. A convenience checks is usually equivalent to a cash advance, and cash advances almost always carry the highest interest rate. Sometimes a credit card will give you a good interest rate if you use their convenience checks for making balance transfers. Just be sure that you read the fine print thoroughly so that you fully understand the terms before using their convenience checks.

   There is good news about convenience checks. Some credit card companies will provide you with blank checks that are covered under their 0% intro APR balance transfer offer. These blank checks can be very useful as you can use them for whatever you want. A lot of consumers use these blank checks as a method of obtaining an interest free loan, but they can also be used to open a high-yield savings account or to purchase a certificate of deposit. Keep in mind that once the 0% introductory APR period is over interest charges will begin to accrue so it is recommended that you pay off the balance before, or as soon as, the interest-free period ends.

   If you are not absolutely certain as to whether the checks you receive are included in the 0% introductory APR offer then take a few minutes and call the credit card company to ask. Whenever you call your credit card company, be sure to jot down the name of the person you speak to in case the representative makes a mistake.

4. Don't get carried away with your credit card applications. Regardless of whether or not you are approved or rejected, if you file too many credit card applications within a short time period your credit rating could suffer a downgrade.

5. Many credit card companies own multiple credit card brands. Before submitting an application for a balance transfer, be sure that you are dealing with a credit card company that is different from the one you want to transfer a balance from. If you try to transfer a balance from one account to another, and one bank controls both credit card brands, then your application will almost certainly be rejected. Remember that inquiries into your credit report may have a negative effect on your credit rating; this is especially true if the inquiry results in an application being rejected.

   If you already have two different credit cards that have been issued by the same bank or credit card company, you can usually consolidate the balances into one credit card account. If you have questions about this call your credit card company to discuss consolidating your credit cards.

6. It is very important that the account to which you?ll be transferring your balance has a high enough credit limit so as to avoid getting into trouble with fees. Some credit cards charge a fee for transferring balances, and if your new account?s credit limit isn?t high enough, you may get hit with an over-the-limit fee after e.g. the balance transfer transaction fee is added in. When shopping for a zero APR offer, try to find one that doesn?t charge a fee for transferring balances. If you go with an offer that does charge a balance transfer fee, then do your best to find out what your new account?s credit limit will be.

7. Always pay all of your bills on time. This may sound obvious, but it is very important. Credit card companies will offer the best terms to applicants with the best credit rating scores. Having a high credit score will also minimize the chances of having your application for a credit card rejected.

   All the best 0% APR credit card offers can be found at http://www.BalanceTransfer.cc. Information about new business credit cards can be found at http://www.BusinessCreditCards.cc

Balance Transfers Explained

A balance transfer is an option offered by many credit card issuers which enables the card holder to use their available credit from one card to pay off the balances due on one or more other cards. Usually the interest rate on the amount borrowed is lower than the rate of the cards that are being paid off by the balance transfer.

Balance transfers are really nothing more than a consumer loan made to a customer who is already pre-qualified by the lender because of the credit card relationship that exists. Since the card issuer is already open to exposure for the maximum amount of the card holder?s credit line anyway, it makes financial sense for the card issuer to entice the cardholder to run their balance up as high as possible.

A balance transfer offer is the perfect way to entice the card holder. Most balance transfer offers will come with an artificially low introductory interest rate, such as 1% or 0%, for a fixed period of time. After that time period the interest rate will rise to whatever was permitted by the terms of the offer.

Some offers will come with a fixed interest rate for the lifetime of the balance transfer payment period, subject to the usual penalty clauses for late payment, etc.

Although some card holders receive fee-free balance transfer offers, depending upon their credit experience with the card issuer, as well as their overall credit score, most balance transfer transaction require the card holder to pay a fee. This fee could be a flat-rate or a percentage of the amount borrowed. Typical offers these days are running 3% of the amount transferred per transaction, or $5, whichever is greater. Some offers cap the transfer fee at $50.

Consumers who pay close attention to the fine print, and who are diligent about paying the balance transfer balance off during the promotional interest rate period, can reduce their monthly expenses by transferring high interest credit card balances to the lower interest card offering the balance transfer option.

Consumers who do opt to take a balance transfer should not run up more debt by using the credit cards that the transfer was used to pay off. This defeats the purpose of paying off the balance to begin with and will quickly place the debtor in a position where they are no longer able to make their payments.

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Balance Transfers Credit Card "Primer"

Credit card features are composed of the APR (annual percentage rates), balance transfer fees, interest rates, late fees, and so forth. The APR is a primary feature to reflect on while searching for balance transfer cards. Credit card companies are competitors; therefore, the companies will strive to offer special deals on credit cards. Some of the deals include 0% introductory rates and low interest rates, particularly for balance transfers. In your search for the best balance transfer credit cards, be sure to take maximize the advantage of the offer by using the card strictly for balance transfers. If you use the cards to make purchases, please keep in mind that the credit card issuers profit from the corresponding financial charges that you might incur while using this type of card.

Introductory Periods

For a few of the balance transfer cards, lenders will add zero percentage introductory rates for up to 15 months. Some credit card lenders will determine the zero introductory rates from your credit rating. If you have six months, one year, or 15 months of 0% on your balance transfers be sure to pay off the debts before the date expires.

Balance Transfer Fees

Balance transfer fees consist of a percentage of the full amount that is financed and transferred to the card. The fees typically average around 3 percent of the amount transferred. The purpose of comparing cards is primarily due to the fact that some credit card lenders will essentially surrender the normal fees during the introductory trial.

Transferring the Balance on Credit Card Dates

Very few of the available balance transfer credit card offers will not require a transfer fee. The balance transfer credit cards that provide the most benefits are those cards that enable you to complete balance transfers during the entire introductory period. The cards that require you to start balance transferring upon receipt of the card do not allow the flexibility that the latter card allows. Be sure to read the terms and conditions, since you can look for clauses, stipulations and/or restrictions on balance transfers. The most important thing to consider is understanding, the types of balances transferable, before accepting the card.

The balance transfer credit cards nowadays have select programs that offer rewards. Comparing the cards will help you find the better cards that suit your needs. Look through the clauses when considering rewards balance transfer cards, since some card lenders will not apply the points to the balances transferred. Still, this could be the better choice!

For more information on balance transfer credit card basics, Bert Wills recommends that you visit CreditCardAssist.com.

The Best Balance Transfer Credit Cards

What is the concept of a balance transfer credit card? To put it simply, making 0% interest balance transfers from one credit card to another is a great way of answering the age-old conundrum: how to have your cake and eat it too. You have nothing to lose -- but to gain you have a bundle of money that could have disappeared while you paid high interests on purchases and loans you've made on your current credit card(s). Sounds like an interesting proposition? It most certainly is! Balance transfer credit cards are there to save you in the hour of need. And then there are the best balance transfer cards. We call them best for a reason; flat zero percent interest rate being one of them.

The Basic Advantage of Balance Transfer Credit Cards

However, good things generally don't last for too long in this world, and 0% interest rate offers on balance transfers would usually be valid only for short periods like three or six months, after which, normal credit card interest rates kick in. Still, that is plenty of time to relax and breathe free! Not all credit cards have this zero percent interest-rate facility though; what most cards do offer is a significantly reduced rate of interest on balance transfers. Either way, a bargain is a bargain and we the consumers end up saving a little more than a paltry sum!

Cool Features of Balance Transfer Credit Cards

Furthermore, balance transfers need not only be made from one credit card to another, the best balance transfer credit cards can be used to pay off most types of financial debts. The bottom line is: you stand to gain from a balance transfer credit card whichever way you look. So look around for some good balance transfer offers on regular credit cards or for an exclusive balance transfer credit card, and go for one that seems to be the most suited for your needs. Also remember that the best balance transfer credit cards have attractive reward schemes to motivate you - their customer - to use their cards to the maximum capacity!

The Rationale behind Balance Transfers

Often credit card companies are detested by people for their seemingly exorbitant rates of interests. They are portrayed as financial leeches that suck the blood off us common folks at the least opportunity. That may or may not be true since all lending banks and credit card companies come under strict federal regulation and supervision. However, it is time we get back at them and rip them off left right and around, out of pure spite! What say?

Many smart people in fact come close to doing so by routinely getting new balance transfer credit cards that usually have a promo offer of a zero percent interest rate for the first year or so, and then they rotate the outstanding amount from one card to another ad indefinitum. Pretty neat! It may even look like a little con trick but it is perfectly legal and could be the most logical thing to do for any person trying to make ends meet. Aren't we all, by the way? In this turbulent chaotic world, most of us are constantly grappling with a makeshift existence, and it makes sense that we shift our debt from one point to another if in the process we also happen to save plenty of dollars!

Choose Your Balance Transfer Credit Card

So what are you waiting for then? Do your balance transfer now! Oh sorry, not right away, because you need to do some research and shopping around first. Although you may be rest assured that there is, by and large, no deviousness involved in the offer of zero percent or marginal interest rate balance transfer, you have to be alert while ordering a balance transfer to an existing card or while picking up your new balance transfer credit card from among a plethora of names and choices available.

To begin with, you may have spent irrationally on your credit card, but that is not the point; at least now you can make a very rational choice by carefully assessing and comparing the balance transfer credit cards available. The keyword is "best," for nothing less will do!

Basically you have three criteria to take into consideration here, namely, the annual fee of the card, the transfer fee, and the rate of interest. The best balance transfer credit cards will as zero all these with a few additional features and incentives to boot! If you find any such, make merry! If you don't, make an apparent compromise and go for the second best, but still second to none, and therefore still the best! Transfer your balance, gulp down a cake and take ample rest.

Bert Wills recommends that you visit CreditCardAssist.com to find out more about the best balance transfer credit cards.

Save Money With A Balance Transfer Credit Card

It is estimated that about a third of people fail to pay off their credit or store card balances in full every month, and therefore pay interest on the balance. If that applies to you, the chances are you could save money by applying for a new credit card which offers zero (or low) interest balance transfers.

The way this works is that you take out a new credit card offering such a deal and immediately ask them to pay off the debt on your old card. The balance on your old card then becomes zero, and the entire balance goes on to your new card instead, with its zero or low interest rate.

A number of card issuers offer these deals. Zero rate offers typically last from five to twelve months. If you are confident that you can pay off the entire balance during this time, they are a good choice for saving money.

If you think it may take longer to pay off the outstanding balance, a better option may be to apply for a card which offers a low rate for the entire life of the balance (i.e. until it is repaid). American Express? offers a fixed, low APR for the life of the balance with its Platinum card.

If you are currently paying interest on a balance with your current card, it makes sense to transfer your existing store or credit card balance to another provider. There are a few points to watch out for, however.

1. Check if there is a charge for balance transfers

Balance transfer fees are becoming more common as credit card issuers try to recover some of the money they lose by offering interest-free periods. Fees range up to 2% of the total balance. However, there are still several card providers offering free balance transfers.

2. Remember to pay off your balance every month

Even though the card issuer offers an interest-free period, you will still have to make the minimum monthly payments by the monthly due date, or you will be charged interest.

3. Avoid spending extra on the card used for the transfer

Most credit cards pay off balance transfers preferentially, so if you incur any other debts on the card, they will not be discharged until the entire transferred balance is paid off. That means any new spending will be ?trapped? on the card, accruing full interest charges. If you are using your new card to service a balance transfer, therefore, do NOT use it for additional spending as well ? use another card instead.

4. Switch again when the introductory period expires

If you have failed to pay off the balance completely once the 0% introductory rate for balance transfers expires, you could apply for another card and transfer your balance again. However, if you plan to do this you should always remember, in the month the 0% deal ends, to move the debt again to another 0% offer. This means you will need to apply for another card about six weeks before the introductory period ends. You will need to be well organized and remind yourself to do this.

5. Note that your credit rating may suffer

If you apply for a number of credit cards, especially at the same time, your applications will be noted by the credit reference agencies, and your credit score may suffer. The most important preventative measure is to spread card applications out. Do this and most people with reasonable income and no bad debts will be fine, though be aware that there will be a small risk to your ability to get competitive credit in future.

Having decided on the type of balance transfer deal you are looking for, do take the time to study the market and see what is available. Do not simply fill in and return the next credit card application form that arrives in the mail. Credit card comparison sites such as www.finest-credit-cards.com can make this easier for you by listing all current card offers for you to choose from, and also have a range of articles offering unbiased advice and information.

Nick Davis is the owner of http://www.finest-credit-cards.com, which aims to match you up with the ideal credit card to suit your situation. With details of all the leading card offers updated daily, plus informative articles to guide you in your choice, you will never pick the wrong credit card again.