Balance Transfer Credit Cards How Good Are They
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Balance Transfer Credit Cards: Are They Worth It?
Summary:
Many people remain loyal to their old credit cards, unaware of the significant savings they could achieve by transferring their balance to a card with a better offer. With credit card issuers competing for customers, now is the perfect time to take advantage of the numerous 0% introductory offers available.How Balance Transfer Credit Cards Can Save You Money
Are you looking for ways to save money? Consider switching to a credit card that offers a balance transfer deal. Credit card companies are competing for your business, providing an excellent opportunity for you to explore their offers and save money.
What Are 0% Balance Transfers?
Balance transfer deals are designed to save you money. Here's how they work:
A balance transfer involves moving your outstanding balance from one credit card to another that offers a lower Annual Percentage Rate (APR). Many companies offer 0% interest for a promotional period, typically lasting six to 12 months.
For example, if your current card has a 27.9% APR and you owe $2,000, your monthly payment might be $300. After six months, you'd pay $494 in interest, still owing $694. By switching to a 0% balance transfer card, your balance after six months would be $200, saving you $494.
Finding the Right Card for You
Take your time exploring various deals. Check your mail or browse online, as there’s likely an offer that suits your needs. These companies are eager for your business, so compare to find the best deal.
When you switch to a card with a 0% interest period, ensure the post-introductory APR is lower than your previous card to avoid extra costs. Once the initial 0% period ends, consider switching again to continue benefiting from low rates.
For more credit card advice, visit [here](http://www.creditcards-gb.co.uk/creditcardadvice.html).
Key Points to Remember
1. Shop around for the best deal.
2. Consider your personal circumstances.
3. Be aware of the new card’s APR after the introductory offer.
4. Avoid applying for too many credit cards at once, as this can affect your credit rating.
By following these tips, you can take advantage of the competitive offers available and make your credit card work for you.
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