Balance Transfer Credit Cards – How Good Are They?

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Are you looking for ways to save yourself money? If the answer is yes then read on as I have the answer to your prayers, by changing your credit card to one that offers a balance transfer deal.
The credit card companies are looking for your business, so there has never been a better time to check out the great deals that are on offer, and save yourself some money at the same time. One of the ways to do this is by looking for credit card companies that are offering Balance transfer deal.
0% balance transfers – what are they? 
Balance transfer deals, what are they I here you ask! They are here to save us money and using one will be a great advantage to you. If you are not sure how they work read on and I will explain,
A balance transfer is when you move your balance from your existing card to another card that is giving you a better APR. A lot of companies are jumping on the bandwagon with this deal they will offer you 0% interest for a period of time, it could be 6 to 9 months or even up to a year. A typical example is say the card you had was charging you a an APR of 27.9% and your balance is £2000, your monthly payment would be £300 you will not have cleared your balance after a 6 months period, in fact you would have paid £494 in interest and you would still owe £694. If you could have put this amount into a balance transfer deal then the amount due at the end of the six months would be £200, saving you £494 how good is that!Choose the card that suits you…
Take your time when looking for these deals as there are many out there. Check the junk mail, as it might not be junk after all, or on the Internet, there has never been a better time to take advantage of these great deals. These companies want your business so look around for the best deal to suit you.

If you change your credit card to one with the 0% interest free period, please double check the APR once your free period is over to make sure it is lower than your last card, as you don’t want to be costing yourself more money. Once you decide to switch cards, and your initial 0% interest free period is up do not be afraid to change to another one and use that one in the same way, it is about time we got something back from these credit card companies.
For credit card advice please visit here
1) Shop around for the best deal
2) Take into account your personal circumstances
3) Make sure you are aware of the new credit cards APR after the introductory deal is over
4) Do not apply for too many credit cards at once as this may affect your credit rating

Balance Transfer Credit Card Rules

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A balance transfer credit card aids in consolidating credit card debt and sometimes can also be a way of steering clear of the burden of debt. You will find as you are searching through all those credit card company offers you receive all the time that they are now offering balance transfers in a variety of ways. You will also notice they all these credit card companies are all competing for your business so the incentives are becoming more and more appealing all the time especially when it comes to credit card balance transfer offers. The dream of most Americans is to have an interest free credit card all the time, not only during an introductory special. There are a few rules that you can use to ensure that you get the most out of a balance transfer.Pay close attention to any balance transfer offers that you may find. They change all the time and you do not want to apply after they are no longer offering this special deal on Balance Transfers.Watch that your credit card balance transfers are completed on time without any overlapping time from one credit card to another. You will find yourself paying a lot more in interest charges. When you are responding to banks and credit card companies by mail, remember to take in consideration the delay that normally happens with mail. The company must have time to receive your correspondence and then reply to you. Are you going to have a balance transfer to a store card or a major credit card? You should pay attention to the APR on the credit card that you plan to place your balance transfer. Many store cards have a higher APR than major credit cards; choose a credit card for your balance transfer that has a low APR. The way in which you handle your credit card balance transfer can be practical and expedient, and can be a great way in which to evade extra credit card debt.Always read the fine print. If you are applying for a 0 APR credit card then that is what you should be receiving, make sure the 0% includes your balance transfer and the length of time you have before the APR changes. Do not apply with any company that you do not trust. You should be able to understand their terms and conditions, their rules regarding balance transfers, etc…

If you have never heard of the company do your own investigating, never feel pressured to applying because you are afraid of missing a good thing, you may be in fact saving yourself some heartache and financial drawbacks.Find out as much as you can about the company that you are applying with, are they quick with balance transfers and do they respond quickly with answers to your questions and information regarding your account.

Balance Transfer Credit Card Offers Gaining Momentum

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Only two out of three credit card customers pay their balances off every month, paying more than they should (and could). If you’re one of them, do not despair; with a credit card balance transfer you could easily do a balance transfer and save! If you recently made a big purchase but you can’t possibly make your payment on time, try using a balance transfer credit card that would allow you to you could save a lot of money transferring your balance to other balance transfer credit cards that will allow a very low or even a 0% APR on balance transfers. Sounds confusing? Not at all! Here’s how this can be done. You fill out an application for a new balance transfer credit card; enter your other credit card accounts and the amount you want transferred from the old account to the new one.  Your balance switches accounts, and your interest costs plummet.  Generally, you will have up to a year to pay this balance off with a zero percent (or very low) interest rate. Some other “traditional” credit cards will even offer a low interest rate over the lifetime of the balance until it’s paid off.  If you are not sure if you could pay the whole balance in the prearranged zero-interest time-frame, this may seem to be a better option for you. But, using balance transfer credit cards would never be a risk if you plan effectively in advance for balance transfers and, in turn, will help you to save a lot more!
A balance transfer credit card would prove to be a great advantage if you have several cards with outstanding balances. Balance transfer credit cards permit you to do credit card balance transfers all into one account, and pay zero interest for the introductory months. Here are some things you should know, however, before you take the leap.
1. You should end up with a smaller payment amount.
Balance transfers would allow you to bring your interest costs way down, allowing you to make monthly payments, eliminating your debt gradually over the zero interest period.
2.  A balance transfer does not mean debt elimination… 
NEVER regard balance transfer credit cards to be the answer to all your prayers; it is NOT a way to run away from debts! If you are not able to pay off your balance in full during the introductory period, you may be charged interest on the entire amount of the consolidation, which would prove to be much, much more.
Be sure you check the terms and conditions of the card you apply for. Also, some customers see the new credit cards (or the newly paid-off old cards) as free money, and they continue to spend on them, with the result that they will have just as much debt as they did when they started – plus the balance on their new balance transfer credit cards.   Yikes!
3. Transfer at the right time
If you transfer a balance from a card right before the finance charge is accrued and calculated for that month, you will get almost a month’s free of interest expense.  If the balance transfer is done before the interest and finance fees get placed on your statement, you should not have to pay those costs!
4. Cutting back = GOOD; Overspending = BAD
Some credit card companies will charge substantial over limit fees if you go over your assigned credit limit.  A balance transfer credit card can give you some wiggle room if you have emergency expenses.  Transferring high balances to new accounts can avoid these fees.

5. How do credit card balance transfers really work?
A credit card balance transfer is just like making any charge on your other credit card accounts.  The difference is that the debt obligation moves from one credit card issuer to another, rather than from your credit card to a retailer.  When one credit card is debited, the other is credited.  Make sure you research your options, so that you know the balance transfer steps for the cards that you are using.  It may be good to contact your existing creditors to find out if there are specific requirements on their cards regarding balance transfers.  Sometimes companies make this a difficult process to navigate so make sure that you are absolutely clear about how the process works for each specific balance transfer offer.
As long as you use your balance transfers in the right way, it can be an excellent tool for financial management in difficult times.

Balance Transfer Credit Card Offers - Join the Wave

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Balance transfer credit car offers have been a popular means of literally transferring a balance from one credit card to the next. The primary reason that someone would enact a balance transfer is so that he or she could obtain a lower interest rate than his or her current credit card offers. Balance transfers are relatively easy moves, provided that you find a balance transfer credit card that can accept you into the lucrative balance transfer program at a lower rate than your current company. There are a few essential items that you should know about balance transfers before you begin the process and "join the wave". What Is a Balance Transfer?A balance transfer is a simple strategy that many people use in order to obtain the most appealing interest rate. Quite literally, a credit card balance transfer requires that you take the balance on your current credit card and roll it into a balance transfer credit card program with a competing credit card company. It is important to note that while many credit card companies offer appealing balance transfer credit cards, you should first ensure that you are eligible to perform a balance transfer and lock in at a low rate before you initiate the procedure. If you have a low credit score, you may not find a credit card company that will offer a balance transfer credit card to you until your score increases.How Balance Transfers Effect Your Credit ScoreWhether you think it's fair or not, if you frequently switch from one balance transfer credit card program to the next, you will not proceed unnoticed. Credit card companies will eventually catch on to your migrant tendencies and thus, decrease your credit score and increase the available rate for you. Therefore, if you are a chain user of balance transfer credit cards, you run the risk of negatively effecting your credit score in the long-run. Credit card companies will be weary of an individual that has a history of performing balance transfers, and therefore, may lock you into a higher interest rate to ensure that they do not lose money by taking you on as a client.When Not to Initiate a Balance TransferIf you are lucky enough to be locked in with a credit card company at a good interest rate, then it is a bad idea to engage in a balance transfer. Like any other balance transfer, a credit card balance transfer will most likely clear your credit card account with your original company and, thus, lock you into a relationship with a new credit card company. That new company may raise your rates to a level that is higher than your previous company after the initial low interest rate trial period. Therefore, before you initiate a balance transfer, it is important that you read the fine print on the company offering the balance transfer credit cards.

It can feel like finding a pot of gold when you find a balance transfer credit card that offers a low interest rate and other incentives to encourage you to make the switch. However, as with anytime you engage in a balance transfer, it is essential that you do ample research into exactly what the new credit card provides. Chances are good that any company that offers balance transfer credit cards is using the tried-and-true credit card balance transfer strategy to get a quick influx of clients. Educate yourself so that you can make an informed decision about your own balance transfer possibilities.

Balance Transfer Credit Card Facts and Myths

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There are a number of balance transfer credit card facts and myths that are important to be cleared up.  Understanding these facts and myths will help you to better keep your finances under control.Myth:  I can get arrested for continually transferring my credit card balances.Legally, you can transfer your credit card balances as often as you want.  So long as you are making your payments and not attempting to defraud your lender, the law does not concern itself with how you choose to handle you finances.  It is, however, a bad practice to continually move your balance transfer credit card to another.  This is because, in order to do this, you need to open up several credit card accounts.  When it comes to your credit rating, having a large number of open accounts can lead to a bad credit rating.Credit cards utilize what is known as "revolving credit."  This credit is different from something such as a car payment, which is paid back in installments.  Too much available revolving credit puts you in the high-risk category.  The basic thought process behind this is that it would be too easy for you to acquire a great deal of revolving credit, use it all up, and then default on your payments.   Therefore, using balance transfer credit cards to consolidate bills one time is a good idea, but it shouldn't be a routine practice.Myth:  The best balance transfer credit cards have a 0.00% APR.While it is true that the best balance transfer credit cards should offer a 0.00% APR, there are more factors to consider when choosing the best card.  For starters, you need to learn more about this special APR.  Do you need to complete the balance transfer at the time of application in order to qualify for the 0.00% APR, or do you have a window of time during which you make transfers?  Does the 0.00% APR last for the lifetime of the balance transfer, or will it rise to an above average APR within a few months? Does the balance transfer credit card offer other benefits, such as travel insurance and fraud protection?  Does the card offer a low APR for purchases, as well, or is it best to use the balance transfer credit card only for transfers?Myth:  Balance transfer credit cards are the key to getting out of debt.While balance transfer credit cards can assist you in taking control of your debt, they should not be considered your primary means of getting out of debt.  Instead, you should look at the balance transfer credit card as one tool in your tool belt of obtaining financial freedom.  You can consolidate all of your higher interest rate credit cards onto one balance transfer credit card, thereby paying less in finance charges.  It also makes it easier for you to keep track of your debts and your bills because all of your payments will be made to just one credit card.  Nonetheless, it takes responsibility, diligence, and proper planning to get out of debt - not just getting a balance transfer credit card.

Myth:  Balance transfer credit cards are hard to find.Many people mistakenly believe it is difficult to find a great balance transfer credit card, but this is not true.  Many credit card companies offer special introductory rates in order to entice people to apply to their card.  After all, the more money you transfer to their card, the more money they can potentially make on the finance charges you have to pay.  In fact, you might even be able to make a card you currently have into a balance transfer credit card by calling the credit card company and asking them if they would be willing to give you a special deal.  Many companies will waive fees and lower interest rates to keep you with them.

Balance Transfer Credit Card - The Easy Way To Avoid High APRs

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Nowadays, credit cards offer many features designed to appeal to everyone -- from cash back and rebate offers to point systems and frequent flyer miles. Many of these offers work to your advantage only if you make large and frequent purchase. On the same hand, you get more in return if you can pay off the balance each month. Otherwise, the annual fees and high interest rates typically found on these types of cards will make the rewards seem worthless. But what about the credit card holders who always carry a balance or can't seem to get out from under the tight grip of debt? Balance transfer credit cards might be a temporary solution to your problem.Are You Drowning In Debt?
Many Americans have several credit cards and are in debt up to their eyeballs. It is easy to fall prey to the trap set by creditors. Credit card companies and banks make it tempting to spend beyond your means, overextending yourself to the point of no return. Gaining control of your debt can be difficult. And, if you can only afford minimum payments on your accounts that barely puts a dent in the total amount you owe. It can take years (or decades) to get that card paid off. Plus, you'll end losing hundreds and thousands of extra money in finance charges.But don't fret! Balance transfers can pull you out from under and have you back on track or debt free.Grab Hold Of The Lifesaver

If you're finances are a little out of control but you've managed to maintain good credit then you're in luck. Grab a hold of the floatation device and see the light again. You don't have to let revolving credit rule you. Turn the tables and take control of it - benefit from the use of a credit card balance transfer.Credit card balance transfer terms can vary greatly so it's in your best interest to shop around for the best deal. Many balance transfer cards offer 0% APR on all balance transfers. Some have higher introductory rates from 2% to 9% APR or more.Balance transfer interest rates usually apply for a limited time. This could be 3 months, 6 months, 9 months or 12 months. Some cards (rare cards) even offer transfer rates for an unlimited number of months. Once the time period has ended, the normal interest rate is applied. This can be anywhere from approximately 9% APR to as high as 30% APR.Getting Your Head Above WaterSome may compare the use of balance transfers to "robbing Peter to pay Paul." In other words, you shift your money around from one place to another trying to avoid the consequences of poor money management. It may seem like you are handling your situation, when in reality you are not. However, when used carefully, a credit card balance transfer from high interest cards to balance transfer credit cards can give you more breathing room and time to get caught up. Balance transfer credit cards offer many options, particular for consumers who always carry a balance on their credit or who may be in over the heads with credit card debt. These cards can help you use a credit card balance

transfer to get out from under hold of plastic and back in control of your finances. If you're stuck with high interest rates and realize how much money you are losing than balance transfer credit cards are for you. Just be sure not to let the dangerous snare of the plastic monster get a hold of you again.

Balance Transfer Credit Card - Debt Consolidation

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Balance transfer credit cards can provide an excellent option for debt consolidation.  Many Americans are currently in debt and struggling for a way out.  Some choose to use a home equity loan to help get themselves out of debt, but not everyone has a home with built up equity to use for this purpose.  In addition, putting your home up as collateral for debt consolidation can be a bit nerve-wracking and many banks enforce annual maintenance fees and monetary penalties if you try to close the equity line before a specified period of time.  Rising Interest RatesAnyone that has been a credit card holder for some time or who pays attention to the financial marketplace knows that credit card rates on many cards have been on the rise.  Often, credit card companies are more than happy to increase interest rates when the prime rate is raised, but they are not so quick to bring the rates down when the prime rate decreases.  By consolidating your debt with a balance transfer credit card, you can remove your debt from your high interest cards and place it on your card with a lower interest rate.  The best balance transfer credit cards offer low introductory rates or low fixed rates on balance transfers, making them a great option for debt consolidation.What to Look For
When looking for a balance transfer card for debt consolidation, you generally want to find the card with the lowest long-term rate.  More than likely, you will be consolidating a debt that you will be unable to pay in a short period of time.  If this is the case, your low interest introductory period may be over long before you are done paying off the debt.

You also need to be cautious about fees when looking to consolidate debt with a balance transfer credit card.  Many credit cards charge a fee for transferring balances from another card onto theirs.  The best balance transfer credit cards will not charge an additional fee.  In addition, some balance transfer credit cards require transferred balances to be requested at the time of application for the card in order to be eligible for the special introductory offer.  While this may be fine for some people, you might want to have the flexibility to transfer balances.  In this case, you will want to select a card that allows you to transfer balances any time throughout the introductory period.For the very best balance transfer credit cards, you will want to find one that maintains the low APR throughout the life of the balance you have transferred.  In other words, a balance you transfer on a card may have a 0.00% APR for the first six months, but then rocket to 19.99% when the period is over.  On the best balance transfer credit cards, however, the low introductory offer remains in place until you pay off the entire amount you have transferred.Self-DisciplineObviously, a balance transfer credit card cannot do all of the work for you.  While you can consolidate all of your bills onto just one card, you will need to be disciplined enough to pay the balance off.  If your introductory period expires after so many months, you should create a budgetary plan that will have the balance paid off by the time the period is over.  You might need to cut out some of the extras, such as the cup of fancy coffee you grab every morning, to help create a little extra cash flow.  It will be well worth it when you find yourself out of debt.  In addition, the money you are saving in finance charges should be paid toward your credit card debt