Using Balance Transfer Credit Cards
With the current economy there are more and more people defaulting on loans and getting behind on their credit card payments.
There are many people who are taking advantage of 0% interest rate balance transfer offers or low fixed interest rates for the life of a balance transfer. How can you make the most of your balance transfer credit card offer?
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You need to first decide what is best for you. The 0% credit card offer or a low 4.99% fixed rate for the life of a balance transfer offer such as Blue from American Express .
If you feel with the 0% offer you can make the required payments to pay the card in full over the 12-15 month intro offer than the 0% credit card is the way to go. If it will take you longer than you probably will want to take the low interest rate for the life of the balance transfer.
A few things to remember after you transfer you balances to the new balance transfer credit card is that you should treat this card as a low interest loan. Many times people will go out and make purchases on the balance transfer card and then are upset because they see they are being charged a higher interest rate than the balance transfer offer.
This is because the interest rate on purchases may be totally different than the rate on balance transfers. This is why you want to do the transfer and then put the card away and not use it for any other purpose. This way you will not have to worry about this issue. As a matter of fact if you are trying to really get your debt paid off you should not use any credit cards after the balance transfer. The idea is that you are paying your debt off not incurring more. Stay disciplined and in a few months you will be debt free.
Always make sure you pay this bill on time. If you are late just once you could lose this great interest rate and offer. Remember this offer is due to your good credit and was given to you because of it. Late payments can disqualify you so always make sure you pay this payment a week ahead of time to make sure it is paid timely so you can keep you low interest rate.
Set a goal and a plan when you do a balance transfer and stick by it. The time will pass quickly and you will see your balance eliminated and there is no greater reward than to see a zero balance on your credit card. Once you have acheived this goal you can make sure you pay your balance off each month and use your card to build air miles for vacation and travel. You will also have improved your credit score thereby giving you the ability to qualify for even better low interest rate credit cards and loans if you need them in the future.
If you want to review our top balance transfer credit cards Click Here