Make Balance Transfers work for you
Wednesday July 2, 2008
One of the easiest ways to consolidate your credit cards is to use balance transfers. With balance transfers, you can manage your credit card debt easily, or preferably, balance transfers can help you avoid debt altogether.
When looking for balance transfers that will work in your favour, you should be looking at credit cards that offer zero or low interest rates for a period of time that will give you the most time to pay off your owing balance. Most banks have a balance transfer introductory period of 0% interest for the first six months.
Before you sign up to anything, check with your bank to see what your interest rate will be after your introductory period ends. If you can't pay off your owing balance within the introductory period, you could be hit up for high interest.
Many credit cards that offer balance transfers also come with reward programs, which can be useful - but the key point with balance transfers is to reduce your debt as soon as possible.
Learn more about the Benefits of Balance Transfers Credit Cards and learn How Balance Transfers Work.
