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Think what you do when you run into debt; you give another power over your liberty. --- Benjamin Franklin

Balance Transfers

Financial Freedom :: BalanceTransfers

Balance transfers, how they work and how you can ensure that you get the absolute best possible deal.

In the competitive credit card market an increasing number of companies are offering a 0 interest rate for a fixed period on balance transfers made by new customers. This allows new cardholders to make considerable savings in interest repayments.

Balance transfer involves using a credit card to pay off the amount outstanding on one or more credit cards (usually 0%) for a set period. The card receiving the balance will have an interest rate for a set term, normally 6 months, 12 months or 15 months.

Interest free periods vary and certain credit card issuers extend the 0% interest rate offer to cover new purchases. Some companies offer lower than average interest rates on transferred balances for the life of the balance transfer. This may be good news for card users who are not planning to pay back credit card debt in the short term.

Balance Transfer Tips on Transfering Credit Card Debt

Before taking up a balance transfer offer, also take time to consider the amount you will need to move and how much you intend to pay off and purchase each month. When checking for the best balance transfer offer, keep the following in mind?

Shop around for the plan that best fits your needs.
Make sure you understand a plan’s terms before you accept the card.
Are there any additional fees to be paid when balances are transferred?
How soon after my credit card is approved do I need to make the balance transfer?
Is there a charge on new purchases that are made using the card?
What does the interest rate revert to after the promotional period has finished?
Make sure you make the payments every month.

When the balance transfer offer period finishes the debt will revert to the typical variable APR. So take into consideration the low interest rate cards.

Debt Free
Balance Transfers

Prepaid Credit Cards

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Resources

Balance Tranfers Cards

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