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0% Balance Transfer Credit Card Offers

Those who have accrued tremendous credit card debt realize quickly that their misery is twofold. First of all there is the initial amount charged, known as the principal, and needs to be repaid back to the creditor. Secondly, the double-whammy, there’s the interest or financing charges on top of the initial amount.

Depending on how the interest in calculated the daily balance increases as well, typically known as the Annual Percentage Rate (APR). Basically, interest is compounded (or charged) on the existing interest, and the hope is to pay off the debt before it snowballs out of control

Lucky for you, there are techniques to relive the load debt. One method banks use to take on new customers is to offer credit cards that has a promotional 0% APR on all balance transfers from existing credit cards. The lucky applicants who are qualified to get a new 0% balance transfer credit card can transfer their existing credit card balance onto the new card, and for a promotional period of time receive 0% interest on the balance being carried!

Another way to say the same thing, no interest is being calculated on this debt! Something to be aware of, there typically is a one time transfer fee, usually 3% to 5% (don’t be afraid to ask for this to be waived or lowered – ask for their manager if you need to) of the total amount being transferred.

This percentage is typically added into the balance being transferred. New purchases, or new transactions, are subject to the normal non-promotional rates, but a balance transfer is a fantastic way to gain some additional time to pay down your debt, provided the transfer fee (3% – 5%) works in your favor compared to continued to being charged for compounding interest.

One thing to know is, regardless of how much or little you are struggling to pay off your debt, it’s absolutely imperative that you make all your payments on time. The reason for this is, usually, applicants who make their monthly payments on time are approved for the 0% balance transfer promotional offers.

How Balance Transfers Save you Money

Balance Transfer Credit CardsIt is critical that if using a balance transfer to have an overall plan to pay off their debt. This plan should concentrate on minimizing expenses, maximizing one’s income, and pay as much of their debt as one can on a timely, regular basis, especially before the promotional time frame ends.

It is very clear how a balance transfer fits into this overall strategy to eliminate debt, and this should be used to your advantage. For example if one is carrying a balance of $20,000 with a card that has a 15% APR the month payments would be $250 per month.

At a rate of $1,00 per month payment, it would take 20 months to completely pay off the balance. However, if one was to use a balance transfer with a 3-5% transfer rate for 12 months at 0%, one could make the same payments and make the same payments, it would be a lot less interest (or lower the monthly payment and take the same length of time to pay the debt off). Either way you stand to save thousands of dollars by taking advantage of a balance transfer.

If you’re looking to potentially save thousands of dollars by taking advantage of a 0% (or low interest) balance transfer here are some of the the best credit card offers on the market that offer a 0% balance transfer credit cards.

Since paying off your debt should be the main focus I’m a little hesitant to even mention this but this card also has a rewards program. An additional perks, especially for international travellers is that this Discover More card does not charge you any foreign transaction fees when making purchases abroad. This card also does not have an annual fee.

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