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.