Are you searching for ways to pay down your credit card debt quicker? Or maybe you would simply like to consolidate all of your credit card debt into one payment?
If so, you are in the right place. Paying off your credit cards at high-interest rates will cost a lot of money and take what seems like forever. To remedy this, you can minimize the interest as much as possible and consolidate all of your debt into one credit card through a balance transfer credit card offer.
A balance transfer is when you take the balance owed on one card, or multiple cards, and transfer that balance to a single card with a lower interest rate, preferably one with no interest for a year or more. As you know, interest payments on your credit card every month will take away from paying down the principal, transferring your credit card debt to one single lower interest credit card will save you both time and money.
Two of the most important things you must keep in mind when considering offers for a balance transfer card is the 0% introductory interest rate period and any fees you will be charged when transferring the balance. Many lenders charge a small percentage of the balance to be transferred, in the form of a one-time payment. This fee is called a balance transfer fee.
The fee, along with the interest rate you will receive on your new card will determine the amount of time and money you will save by transferring your balance. It is important to shop around for the best zero percent period, and to find an offer that comes with no fee – commonly called a no balance transfer fee offer. These are the best balance transfer credit cards.
Many balance transfer credit cards will have introductory rates for new customers. You must carefully assess how you will be affected after that introductory period ends. You must make sure the account will still be beneficial to you unless you plan to pay off the entire debt during that introductory period, in which case you could use introductory rates to your advantage.
After you are approved for a balance transfer card you will be able to transfer up to your credit limit on this new card. So, if you have more debt than your new line of credit, you will not be able to transfer 100% of your debt. In this scenario, you should consider transferring the debt with the highest interest rate to save as much as possible.
After you are approved, the payoff process is relatively painless. You will provide the lender who gave you the balance transfer card the account information for the card you are paying off, along with the amount to be paid and they will handle the payoff process for you.
Once your balance(s) have been transferred and consolidated into one card it is important to try and pay off the debt as soon as possible. If your card is a 0% balance transfer offer it is even more important to try and pay off your card during that introductory period. Maintaining your payments on is just as important as maintaining payments on any other credit card.
A balance transfer card is a great option if you are in debt and trying to reduce the amount of interest you will pay on that debt, or want to consolidate all of your debt into one monthly payment. But a balance transfer card can also be kept on hand in case you ever need to transfer a balance, even though you may not necessarily need to at this point in time.
Even with the benefits of having a 0% balance transfer credit card, you must still carefully assess your options when choosing an offer that suits you. Because of the importance of choosing the best offer we have brought together information on some current offers, and grown a community to review and discuss the offers.