The 0 Percent Balance Transfer Credit Card – How to Get One
Yes the 0 percent balance transfer credit card still exists. It's hard to believe after all the mess we've all
been going through with our credit card companies, raising our rates, charging outrageous fees, etc.
Suffice it to say, they wouldn't be available if it didn't make them money. So read on to find out more if
you are interested in getting one.
For the most part people who carry a balance on one or more credit cards that they cannot pay off, are
the ones looking for the 0 percent balance transfers. If you can easily pay your bills every month, you
don't need this. Not that it isn't enticing, for sure, but your purchase rate after the transfer period may or
may not be as low as you are paying now if you have good credit. For those of us with plenty of debt
and credit cards, this can be a great way to lower the amount of interest we are paying, at least
temporarily, until we can pay down the debt further.
What To Do First
If you have any credit cards that don't have any balance on them at all, call those credit cards
companies first to see if they have either a 0 percent balance transfer special or a life of the balance
transfer special. The latter is the best, but fewer companies are offering them anymore. Still, you should
ask, because you never know and it's better to pay 5.9%-7.9% for the life of the balance than 0% for 6-
12 months, then 12-14% or more for the remainder of the balance.
What To Do Next
If you don't have a credit card available with no balance, call the ones you have with the lowest
balances to see what special transfer rates they have. Don't transfer your money yet! If one of them
does have a special you like, ask them how long you have to take advantage of it. Depending on what
they say, try to pay down as much as you can on the card first. This way you won't have much if any
balance with the higher rate, because you know the credit card companies will post your payment to the
lower interest balances first.
What To Do Last
If you need to apply for a new credit card with a 0 percent balance transfer offer, then research them
first before you apply. You want the longest period at 0%, but almost more important is the purchase
rate after that period ends. You want it to be reasonable. Depending on your credit score and payment
history, you can expect to pay anywhere between 10%-20%. Obviously the lower the better, but it
really depends on your credit report. Also the credit card companies are much stricter now than they
were before, so 12-14% isn't bad if you have decent, but not excellent credit.
You should consider what you are paying now as well. You would certainly not want it to be any higher
than that. You will need to actually apply first before they will tell you what the interest rate will be,
unfortunately. Keep in mind that you want to limit the number of applications you fill out to 2-3,
especially if you get declined, as that will knock off a few points on your credit score.
Getting a 0 percent balance transfer credit card can help you pay down your debt with less interest and
save you money. Just take the time to do some research first before making a decision on which one to
get. Sometimes a low interest rate credit card might be the best thing for your finances. Visit
http://www.freefinanceinfo.org/ for more finance help.