Balance Transfer Credit Card
Looking for a way to better manage your credit card debt, a credit card balance transfer with 0% Interest for a balance transfer period, maybe the answer.
A balance transfer is designed to deliver savings on interest charges by transferring the balance from your current credit card, which probably has an interest rate close to 20% p.a., to a new credit card featuring a 0% p.a. Balance Transfer promotional interest rate.
Once the credit card balance transfer has been made to a new 0% balance transfer credit card you make repayments to this new card in the knowledge that every dollar of your repayments are contributing to reducing the principle amount, as opposed to paying interest costs in addition to the principle amount, as was the case on your old credit card. While the total amount owed on your new 0% Balance Transfer Credit Card is the same, you are saving significant amounts of interest, as your debt is not incurring any interest charges.
The guide below is designed to help you understand how a credit card balance transfer works and how it can deliver significant savings in interest costs when managed carefully, It includes details of how to compare 0% balance transfer credit cards to find the best 0% balance transfer for your financial circumstances, and finally, offers some tips on how to maximize the interest rate savings from making a credit card balance transfer.