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When it comes to using balance transfer credit cards, many consumers are filled with questions and concerns. While there are many benefits to using a balance transfer credit card, it is always best to have these questions answered and the concerns satisfied before moving forward with applying for one of these cards.

How Can Balance Transfer Credit Cards Save Me Money?

Balance transfer credit cards can save you money by reducing the amount of finance charges you pay every year. If you transfer even a small amount of money, such a $1,000, from a card with a higher APR to one with a lower APR, you will see a difference. For example, if you have a credit card with a 20% APR, you will pay $200 per year to maintain that $1,000 balance. On the other hand, you will pay only $80 on that same balance if you have a credit card with an 8% APR. That is a savings of $120! Imagine how much you will save on larger balances.

Even better, the best balance transfer credit cards offer 0.00% introductory APRs, which means you will pay no finance charges while that introductory period is active. With some balance transfer credit cards, this special rate remains in place until the entire amount you transferred is paid off.

What is an "Introductory Rate?"

An introductory rate is a special APR that lasts for a limited time. Often, the length of time this rate is in place is determined by your credit history. The introductory rate can be in place for as long as one year, though more common durations are six months, three months, and one month.

What is a "Fixed Rate?"

A fixed rate is a rate that does not change. Balance transfer credit cards with a low fixed rate may not offer a 0.00% introductory APR, but they might offer a 7.99% APR that remains this low no matter how long it takes you to pay off your balance, rather than skyrocketing up to 19.99% after the introductory period is over.

Why Does Everyone Say Balance Transfer Credit Cards are More Convenient?

Many people feel balance transfer credit cards are more convenient because it places all of your debt in one place. This makes it easier to track your expenses, to create a budget, and to get your bills paid on time.

Is it OK to Pay Only the Minimum Payment on My Balance Transfer Credit Card?

From a legal standpoint, all you are required to pay on your balance transfer credit card is the minimum payment. From a financial standpoint, however, this is a bad habit to get into. If you pay only the minimum payment, it can take you decades to pay off your debt - and that assumes you are not adding any more debt to your balance. So, if you want to get out of debt (and who doesn't?), it is best to pay off more than your minimum payment. Set up a budget that allows for regular payments above your minimum payment to be sent to the credit card company - and stick to it.

Will a Balance Transfer Credit Card Get Me Out of Debt?

Yes and no. If used alone, a balance transfer credit card will not get you out of debt. If you transfer all of your credit card balances to your balance transfer credit card and pay only the minimum payment, it can still take you years to pay off the debt. Therefore, a balance transfer credit card should be viewed as one tool in you tool belt for helping you work your way out of debt. If used correctly and to its fullest advantage, it can help you get out - and stay out - of debt.

For more on the benefits of balance transfer credit cards, Robert Alan recommends that you visit CreditCardAssist.com.

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  • About: mony transfer

    The balance transfer credit card is one of the starkest examples of how competition benefits the end consumer. Consumers with good credit and high credit card usage can use balance transfer credit card to save dollars from a few hundred to much more depending on their credit card usage and the amount of balance transfer.

    In simple terms, if you have good credit, companies are looking to provide the offer, even if they do so at a lower rate of interest. You benefit from low interest and they acquire a valuable customer. So, a balance transfer credit card enables you to transfer your existing balance or even debt to a credit card with low or no interest.

    Credit Card Balance Transfers Math

    A look at the math of a credit card balance transfer will make the situation clearer. For instance, suppose you apply for balance transfer credit card from a reputed online vendor. Now, your interest on credit card debt runs up to, say $1450 dollars a year at an average with your credit card that has an APR of 10.99% assuming you have a good credit rating. Now the competing credit card company offers you a credit card with a 0% introductory APR for the first 12 months. By making a simple balance transfer to your new credit card, you save on one year's credit card interest. Now that is math that one can live with!

    Shopping Guide To Balance Transfer Credit Cards

    Initially consider the size of the balance transfers to be made, and correspondingly the amount of financial gain that follows. The period of 0% APR is important, how much credit do you expect to use, and correspondingly how much interest will you save from credit card balance transfers during the offer.
    Do the balance transfers incur a transaction fee and if so how much? Consider how long the introductory APR lasts and the APR after that in your calculations. And, as always, be sure to read the fine print. You don't want to encounter unexpected costs. The best offer sometimes is not the one with the lowest rate of interest.

    Balance Transfer Trivia

    The best type of balance transfer credit cards are the ones with a 0% rate of interest. Many companies have begun offering such cards, at an incredible introductory period of up to one year. It is possible to transfer your debt to a credit card with a 0% APR, and then retransfer it to another one at the end of the introductory APR period on the existing card. However this is not a recommended action as it can result in a lower credit rating for you. Credit card balance transfers can be done online; most companies offer this system of balance transfer.

    Credit Card Balance Transfers In A Nutshell

    Substantial savings can result if you get you balance transfer credit card arithmetic right. Before applying for one look, be sure to look at the fine print. Good financial sense with credit card balance transfers can make for good finances. If you have spent substantially utilizing "plastic" money, a balance transfer credit card just might make good financial sense for you.

    For more on how a balance transfer credit card can save you money, Robert Alan recommends that you visit CreditCardAssist.com
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