Use Balance Transfer Credit Cards to Pay Down Debt in Slow Economic Times

Use Balance Transfer Credit Cards to Pay Down Debt in Slow Economic Times

Like it or not we’re stuck in a downward economic cycle.  The good news is that the economy always pops back. Just like people, it has some down days, but then picks itself up, dusts off and goes back to normal. The bad news is that we don’t know when the economy will pick up and get back to where we want it to be.

In the meantime, many people are struggling. The cost of living has been consistently going up, while pay scales are not keeping pace. If you have a job you are not going to say anything about that lack of pay increase because you’re just happy to be working, as you see many companies around you laying employees off or closing their doors altogether.

The current economic situation is a recipe for major debt to be piling up.

Most people came into the economic downward trend with some amount of debt accumulated. With the increase in the cost of living, expenses have gone up and there is less money to pay down that previous debt. Interest is being tacked on month by month and no matter how hard you try your debt may be getting deeper instead of going away.

What can you do?

One solution is to change the way you are paying off your debt. If you have a loan or a Credit Card holding all that debt, you are most likely paying a good chunk every month just in interest. Instead you could pass on paying interest and just work on the principal by using balance transfer credit cards.

Balance transfer credit cards are just what they sound like, cards that you can use to transfer your balance from other cards and loans to one card.

If you’re thinking this is no different than the situation you are already in, except that you have all your debt on one card, think again. Many of the best balance transfer credit cards offer a little something extra for deciding to use them, they are 0% interest balance transfer credit cards. This means when you transfer the balance from your other cards or loans over to this card, you will not have to pay any interest for a predetermined time. Others have very low interest rates that won’t keep choking you.

When you are selecting the best balance transfer credit card you should make sure to look at the duration of the 0% interest or low balance transfer interest offer. Most balance transfer credit cards offer these types of deals for 6 months, 8 months, a year or more. The longer the better as that is more time you have to pay off your debt without seeing it grow due to interest.

The Best Balance Transfer Credit Cards: Get Yours Now!

The Best Balance Transfer Credit Cards: Get Yours Now!

If you have been juggling all sorts of credit card payments and are drowning under a sea of monthly bills, you may be looking for a way to make things a lot easier to deal with. You need to be looking into balance transfer credit cards.

The idea of a balance transfer credit card is to offer you one card where you can consolidate all those other cards and have only one monthly payment to pay. In addition to making things easier, if you look for the best balance transfer credit cards out there you may well be able to save a bit of money while paying off your debt.

The key to finding the best balance transfer credit cards is to shop around and ask a few questions:

What is the introductory rate?

By shopping around you may be able to find great introductory rates for your balance transfer credit cards. Some of the best balance transfer credit cards offer 0% interest. This means you can just work on paying down your principal and not worry about interest stacking on for the duration of the introductory rate.

How long does the introductory rate last?

While a 0% introductory rate is a good thing, it is important to note the length that rate will be available will change by company. Some companies only offer the rate for the first 3-6 months that you own the card. Others offer a year or more with that 0% interest rate. The longer the introductory rate stays in place the more you can pay down the principal on your balance transfers

What will the standard rate be?

You should always know what the interest rate will be once the introductory rate has ended.  All cards will switch to a ‘regular’ rate after the introductory period and this is the interest you will be paying on any remaining money on the card. The lower this is, the better.

Is there a transaction fee?

Most cards will charge a balance transfer transaction fee. This is a fee you will have to pay to move your money from your old cards to the new credit card. You should find out how much this will cost to see if it is worth it.

Is there an annual fee?

Some credit cards charge annual fees, others don’t.  Make sure you know if the card you are considering does so you are not surprised by an annual charge you were not expecting.

Are there credit standards to be met?

Before you get your heart set on a balance transfer credit card you should make sure you can qualify for it. Some cards want higher credit standards and if you have less than perfect credit you could find yourself disappointed by rejection.

What’s in the fine print?

Always read the fine print and know what is expected of you when using the card. Many of the best balance transfer credit cards only work well if you follow the rules. The first time you are late or miss a payment, you may void the introductory rate and a high interest rate may kick in for the remainder of your balance.

Best Credit Card Balance Transfer Rate: It Pays to Shop

Best Credit Card Balance Transfer Rate It Pays to Shop

If you are like many people today you are balancing a lot of debt. You may have high balances on many of your credit cards or other credit loans and are sick of writing out a handful, or more, of checks each month trying to pay a little on each one. There is a better way to do this – you can transfer these balancesto a credit card and only have to pay one payment per month. Here are some of the things you should consider before you take this step.

Know Your Debt

Before you look for the best credit card balance transfer rates and select a card to put all that debt on, you need to know how much debt you have. Not only will this give you the big picture of your debt situation, but you will also be able to know how much credit you will need apply for when getting your new balance transfer Credit Card. You need to make sure there is enough credit on the card to handle all your debt, and a little more, just in case.

Why You Need the Best Credit Card Balance Transfer Rates

The important thing to look for when it comes to balance transfer credit cards is the rates. This is simple math. The lower the rate for the balance transfer credit card, the less you will have to pay extra each month as you try to get rid of your debt. The best option is to find a card that has 0% interest on balance transfers for the first six months or even a year so you can use your money to pay off the principal and not the interest on the money you owe.

Find the Best Credit Card Balance Transfer Rate

While you may like the idea of getting what you want when you want it, this is one case where it will pay to be a little more patient. There are a lot of balance transfer credit cards out there and while they will all do the same job, getting the best balance transfer credit card could mean that you will be able to pay off your debt more quickly and easily as there will be lower interest rates. Look around before you apply. Find out what offers are out there and then choose the ones that are the best for your credit needs.

Save With Balance Transfer Credit Cards

Save With Balance Transfer Credit Cards

Want to get an upper hand on your debt? Balance transfer credit cards may well be the way to do it.

Balance transfer credit cards are those that allow you to transfer the balance from another credit card or any other debt at low or no interest rates. Essentially, think of balance transfer credit cards as setting up your own debt consolidation program. Whether it’s balances from other credit cards or the remainder on your car loan, you can put it all into one card, and save with the low or 0% interest rates.

You may be wondering why credit card companies would offer Balance Transfer Credit Cards with no or very low interest. Isn’t interest how they are making their money? Are they just trying to be nice helping you pay off your debt? No. The reality is they don’t expect you to pay off your debt during the time period they are offering the special low interest rates. Once that time period is over (usually 6, 9 or 12 months), they’re going to hit you up for their regular interest rates. You need to find out what these rates are going to be to know how much you may be paying down the road.

With that said, balance transfer credit cards can really be a savior to someone who is buried under a lot of credit card debt. Instead of making a payment that mostly goes to interest and a little to principle, when there is no interest, all of your payments will go to the balance transfers on the card, cutting it down to size much more quickly than you were able to before.

There are a few important things to know before you start using balance transfer credit cards. A lot of people want to start using the card for other charges. While there may be no or low interest on your balance transfers to the card, that may not hold true for new purchases. If they are being charged at the regular interest rates, you will quickly get yourself back into the situation you were in before.

When you send in a payment, most credit card companies put it towards the items with the lowest interest rates first. That means the new purchases you are making are continuing to accrue interest until you pay the initial balance transfer off.

Also keep in mind that if you are late on just one payment, the whole balance may become susceptible to the card’s higher interest rates.

Balance transfer credit cards can be a great ally in the battle against debt, but also an enemy if you don’t use them wisely. Do your research and know your options before you make a selection.

Learning About Balance Transfer Credit Cards

Learning About Balance Transfer Credit Cards

Balance transfer credit cards are the perfect solution for the borrower with lots of different credit card debts. With the many different types of credit cards to choose from today, it’s often difficult to choose the right one. You’ve been told to compare credit cards and to get the one that’s right for you and your lifestyle. One of the most important details to look for is a low interest rate. Many people today get credit cards without paying attention to the interest rate they’re being charged each month. Soon, they’re in debt over their head with credit cards.

Balance transfer Credit Cards are a good way to help lessen your monthly credit card payments. You can transfer the balances from your other credit cards to your new balance transfer credit card and make one monthly payment rather than many. However, there are still things to consider when choosing from the many balance transfer credit cards. As with all credit cards, check what the interest rate is on the balance transfer credit card. Some credit card companies offer a 0% introductory interest rate to entice you into signing up for their credit card. Then after the introductory period, they increase the interest rate.

When credit card companies offer you balance transfer credit cards, they usually make these offers for so many months such as 6 to 18 months. If you have good credit, they’ll often offer you a low interest rate even after the introductory period is over. You should also check what their fee is for transferring the balances to your new credit card. While some don’t charge any transfer fee, most of them charge a certain percentage, usually 3% of the balance. Most of them also have a minimum transfer fee of $5 to $10.When you apply for your credit card, find out all these details before you fill out the application. Once you have the card, it’s too late.

Balance emaxbet transfer credit cards have a line of credit limit stating the maximum you can transfer onto the card. If you have $8,000 in credit card debt, it won’t do you much good to apply for a card with a balance transfer limit of only $1,000.

Balance transfer credit cards are very handy things to have around, but they don’t come without some exclusions, limitations and requirements. One of the requirements is that your monthly bill be paid on time. Failure to make your payment on time may cause the credit card company to increase their introductory rate to a higher rate. This rate can be very high, often 25% or more. If you go over their credit limit, they may also increase the rate. Because balance transfer credit cards offer you low rates and bonuses, you need to be sure you do not default on the agreement.

Best Credit Card Deals Charge You the Least

Best Credit Card Deals Charge You the Least

Everywhere you look you see credit card companies offering credit card deals, each one appearing better than the one before. Some of the most popular ones are the cash back credit cards and 0% APR credit cards. If you’ve been wondering if you should accept some of these offers of loyalty rewards credit cards, the answer is yes. Most people want to get these kinds of credit cards. This is the day and age of plastic. Most people have at least one credit card; others have many credit cards and are used almost daily.

If you’re going to be using a Credit Card, you may as well use one that gives you rewards each time you use it. The age-old question has always been which credit card you should choose. Although in places like the UK, it may seem as though there are several types or rewards or cash back credit cards, they actually fall into two categories, both based on loyalty: product-based loyalty reward credit cards and cash back credit cards. Before you can answer that, let’s take a look at each of these cards mean and have to offer:

Cash Back credit cards – are very popular everywhere. Although these cards sound wonderful, they may not suit every person. You’re probably wondering how the idea of getting cash back for using your credit card would not be a great idea for everyone. The reason is simple. Cash back loyalty credit cards are most beneficial for those that pay off their balance each statement period. Some credit card users use their credit cards for convenience and make the minimum monthly payment or maybe a little more. Over 50% of credit card users do not pay off their balances each month. If you fall in this category, you may find that the interest and fees you are being charged are a lot higher than the cash back you’re receiving. Unless you’re using 0% APR credit cards, you’re not really coming out ahead.

Product-Based Loyalty Credit Cards– These types of credit card deals are probably the best cards you could get, especially if you shop at a certain store that offers this card. If you’re getting the product or shopping at a certain store anyways, why not get the loyalty benefits?

0% APR credit cards – These are always the best credit card loyalty program you can be offered. Regardless of what type of rewards or points you’re getting, if you’re not paying interest, it can’t get much better than that. So when you’re comparing credit card deals, remember the lowest interest rate is always the best.