How To Eliminate Debts Easily With The Best Balance Transfer Credit Cards

As you probably know, the best balance transfer credit cards are necessary to transfer the outstanding balance of current credit card to another card that offers a lower annual percentage rate (APR). Credit cards with 0% APR provide the perfect money savings options. Balance transfer allows customers to repay their debts faster and save huge amounts on interest.

 

BRDJ1X Credit cards, woman holding lots of credit and debit cards. Image shot 09/2010. Exact date unknown.

BRDJ1X Credit cards, woman holding lots of credit and debit cards. Image shot 09/2010. Exact date unknown.

 

What you get transferring your balances

Low interest balance transfer credit cards allow you to move your balance from an existing card to a card that gives a better interest rate. For example, if your card charges an APR of 23.8% on a balance of $ 700, even after paying $ 115 per month for a period of 6 months and approximately $ 165 of interest, you end up still owing a balance of $ 174. If the same amount is put into a balance transfer account at the end of six months the amount due would be $ 50, saving you $ 165. This balance is debited to the new account balance by your credit card company now.

 

Choosing the best low interest balance transfer credit cards

Stay open to new offers. Check your mail for new credit card companies, offering a better percent in interest rate. Remember, the credit card companies always want to get new customers. So, do a quick search on the Web for low interest balance transfer credit cards with the best terms and conditions. It is worth your time looking for the best deals on the Internet. It is wise to choose offers with 0% interest for a period of 6 to 9 months to a year. Select the best balance transfer credit cards and take full advantage of them.

Do not forget to check the APR charged by the company after the promotional period is over. If the APR after the period of initial 0% interest is lower then you have to pay now, you can go ahead with the balance transfer.

 

Low interest balance transfer credit cards are very beneficial, but if you want to pay off your debt, then do so by planning your finances, frugal life, and making monthly payments on time. Learn about the APR of the credit card balance transfer after the expiration of the initial offer. Also you need to keep track of your credit rating. Avoid the temptation of too many balance transfer accounts.

 

Read the agreement carefully and understand all terms. You need to learn more about transfer fees and annual fees to benefit from the best balance transfer credit cards.

 

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