Credit Card Watch

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If you carry a balance on your credit card and are paying a high interest rate, using a balance transfer credit card that offers a 0% APR for 1 year is a great way to save money. There are literally hundreds of online offers for balance transfer credit cards that charge no interest for up to 1 year. And, with interest rates hovering in the mid-teens, there’s really no reason not to take advantage of these offers.

Let’s start by examining how much you can save with a 0% balance transfer credit card. Assuming your interest rate is close to the national average of 15%, every $1000 you carry in credit card debt costs you about $150 a year. Based on generally accepted estimates, the average household has approximately $8000 in credit card debt. That means, on the average, people are paying $1200 or more every year to their credit card company. The sad thing is that there really is no reason to be wasting this money.

0% APR balance transfers provide an easy way to stop interest expenses from accruing and help consumers pay down their credit cards. Plus, finding a good balance transfer credit card offer, applying online, and transferring a balance is a simple process. Here are a few tips to help you maximize the savings you can get with a 0% balance transfer:

Tip #1: Consider applying for a credit card that offers a 0% interest rate on purchases and balance transfer for 1 year. Some credit cards only offer 0% rates on balance transfers. If you apply for one of these cards and you make new purchases with this card or your old credit card, you end up paying interest again. There are tons of credit cards that offer a 0% APR on both purchases and balance transfers. Apply for one of these and you get a full year holiday from interest.

Tip #2: Apply for a different brand of credit card. If you have a credit card from Bank A, you won’t be able to transfer a balance to a new card from the same bank. Fortunately, there are a lot of companies offering 0% balance transfers, so finding a different bank shouldn’t be a problem. This does not mean that if you have a Visa, you can’t apply for another Visa, as Visa cards are offered by a number of banks.

Tip #3: Apply for more than one balance transfer card. Many companies offer tiered interest rates. For example, someone with excellent credit may get a 0% APR for 1 year and an 11% APR when the 0% period expires. A person with average credit will also get the 0% rate for a year, but may be offered a 15% interest rate after the 0% period expires. When you apply for more than one card, you can choose to transfer your balance to the card that offers the best interest rate after the 0% period expires.

Choosing to save money with a 0% balance transfer credit card is a no-brainer. If you’re paying interest on your credit card, you can stop this negative cash flow in a matter of minutes by applying online for a new 0% credit card. With so many offers available, there really is no reason to waste money on credit card interest. Unless, of course, you feel bad for the credit card companies and want to give them your money.

You can compare over 50 0% APR balance transfer credit card offers choose the best deal and apply online for
instant credit card approval at Smart Credit Choices

About the author: The author has been writing extensively on the
subject of credit cards for nearly four years. Among other
accomplishments, the author has been cited by MSN money writers, most notably as
a source in an advisory article entitled, “Credit Card Companies’ Evil Tricks.”

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