If you have existing credit or store card debts that you pay interest on then you could save money by simply transferring your balance onto a new credit card. This simple change could save you hundreds or even thousands of pounds, depending on the amount of your initial debt.
Choosing the right balance transfer deal depends on your personal circumstances and you should think about how much debt you have, how quickly you can repay the outstanding amount and your credit score.
Keeping your credit card interest rate as low as possible is vital when trying to keep on top of your debt. If the interest rate on your current credit card has crept up then it might be time to shift the balance onto another card.
It seems a fruitless exercise to pay high interest on your current credit card debt when you could transfer the balance to a new card with a lower interest rate from which you can benefit.
A credit card balance transfer simply means moving the balance from an existing card onto a new card, generally with a different provider. This is a saving savvy way to reduce interest paid, especially if your new card has an introductory offer like 0% interest on balance transfers for a certain time period.
Spend a little time carrying out some research to ensure you find the best offer on the market as a little time spent at the beginning can pay off in the long term.
Many credit card providers offer a 0% balance transfer credit card, with recent additions to the market boasting the added benefit of a tailored credit limit. This helps you to streamline your spending with your lifestyle and helps to ensure you have money in place when you need it the most.
0% balance transfer credit cards are fairly common so some card providers are offering incentives that offer the consumer even more advantages.
Look out for credit card deals offering 0% introductory interest-free rates on not only balance transfers but any purchases you make as well. Introductory offers that give you interest free purchases for a few months and interest free balance transfers for twelve months are a wise choice as they allow you to enjoy the best of both worlds.
What you do need to remember is that many balance transfer deals are dependent on you making the minimum payment on time each month as well as staying within your credit limit. Failure to meet the minimum payment or late payments can push your balance up to the standard interest rate and you lose the benefits that attracted you in the first place.
Once you have found your ideal credit card transfer deal then all you need to do is apply, usually a user-friendly procedure. You can apply for most balance transfers online so everything could even be arranged from the comfort of your own home.
Matthew Pressman writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.