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See What Balance Transfer Credit Cards Can Do for You

Balance transfer credit cards are a marketing tool designed by credit card companies to get your business. They offer these cards in the hope that you will transfer large credit card balances to their company and then when the 0% transfer rate runs out, they can collect the interest payments from the unpaid balance of your debt. Make no mistake about it, these cards are designed to benefit the credit card company not you. However, if used at the right time and used wisely these 0 balance transfer credit cards can help you to eliminate your credit card debt.

Find For The Right Card

The first step in using balance transfer credit cards to get out of debt is by choosing the right card. You will want to look for the credit card which has the longest time period for the 0 interest rate on transferred balance. Most cards offer between 6 months and a year and choosing a card that extends the 0% interest rate for a full year is always the best option.

You are also going to want to choose a card with little or no fee for transferring those balances. If the transfer fee is more than you will save on interest forget using that credit card as you won’t save any money. You are also going to want to make sure that once the interest free period ends that the interest rate you will be charged is either less or equal to the interest rate you are paying now. Unless you can pay off the entire credit card balance during the interest free period a higher interest rate later may take away from any savings during the 0% interest period.

Using Your Card Wisely

Once you have found the right card then transfer the balances from those credit cards that either have a high interest rate or on which the balance is high. Once these balances are transferred don’t charge any more to your credit cards and pay as aggressively on these balances as possible. Paying more than the amount on each months statement will quickly lower those balances as during the no interest period all money paid will go directly to your balance. In some cases you may be able to pay off your entire balance before the interest rate kicks in and in others you will lower your balance significantly so that you will pay less interest overall.

Related Information:

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