Credit Card Balance Transfers To 0% Interest

One of the best ways to eliminate credit card debt is to utilize credit card balance transfers.  There are several companies that offer zero percent interest rates on credit card balance transfers for a certain period of time, and this in itself can easily assist you in eliminating your debt.

There are a few things to look for when doing credit card balance transfers.  Many companies will offer zero percent interest rates, but you will need to look into how long this period of zero percent rates lasts.  They certainly do not last indefinitely, and the periods range anywhere from one or two months to upwards of one year.  I recently received a credit card offer that was for zero percent interest until February 2008, which was a year and a half.  Personally, that was the best offer I have seen for credit card balance transfers so I went ahead and applied.  I am now using the card while paying off my balance that I transferred, and any balance that is left over after the introductory period has a low rate of eight percent.  Overall it was a fantastic deal, so I snatched it up.

Another thing to look for is if there are any fees involved when doing credit card balance transfers.  Some companies have great introductory interest rates, but attach large fees when transferring a balance from another credit card company.  Many times the fee is a certain percentage of the balance that is being transferred, generally being about three to five percent of that balance.  If your balance is low, it most likely will not be of much consequence.  But if you have a higher balance those fees can quickly cut into savings that may be obtained from transferring balances.  There are several companies that do exist that offer credit card balance transfers with absolutely no fees.  In my opinion, you should wait for an offer that does not have any fees attached since they are out there.

Even if you do not qualify for a credit card that offers zero percent interest and no fees on credit card balance transfers, it most likely is still a good idea to transfer your balances from high interest rate credit cards.  Even a difference of one to two percent per month can change how quickly you are able to pay off your credit card debt, and you should always be looking out for better offers than the one you currently have.