0 balance transfer Credit cards – Why you need... - Balance Transfers Questions


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0 balance transfer Credit cards – Why you need them?

Answered on | Updated on June 11th, 2010
The content is accurate at the time of publication and is subject to change.

Financial companies have come up with zero percent credit cards that enable you to avail of amounts with no interest or zero percent interest for a specified period of time. With the recession hit economy, there are many takers for zero percent credit cards and if you have plans for availing a zero percent credit card, then you better understand the benefits and make the right choice so that you can make the most use of it.

First of all select a zero balance credit card that has terms and conditions which benefit you. Different companies have different terms and conditions and there are companies that allow you a longer period of time before you can pay interest. You should also have a planning of the time you require to repay. If you need a longer time to pay off the debt, then it would be better if you opt for lifetime balance credit card. If you can take some time to compare the various cards in the market and the deals available on them, you will be able to make a better choice in terms of the card.

It would be better if you consider the different costs involved in transferring money from a 0 balance credit card or from a loan. Banks charge fees in order to prevent customers from switching from one card to another, so make sure you understand the fees charged in this account before you make a decision. If you can find 0 on balance transfer to a low interest card, you could opt for that and then pay off the outstanding amount in no time. This way you will be able to work off the debt you owe with a little more time and peace.

While using a zero balance credit card, make sure you do not affect any purchases. For cash withdrawals and purchases banks charge very high interest rates and fees. Often when a company offers a balance transfer it is not extended to purchases, you must not lose sight of your final goal which is to make sure you can pay off your debt, not incur more debts on your card. If used with care, you can fix all your problems. Planning and careful organized payment of bills will save you from getting over your head in debt with your credit card.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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Intro APR on Balance Transfer: 0% 15 months on Balance Transfers

Ongoing APR on Balance Transfer: 15.49% - 25.49% (Variable)

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Excellent, Good Credit

Intro APR on Balance Transfer: 0% Intro APR for 12 months

Ongoing APR on Balance Transfer: Variable APR of 14.99% - 24.99% will apply after the Introductory Period

Balance Transfer Fee: Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check

Good, Excellent Credit
See Rates & Fees

Intro APR on Balance Transfer: 0% 18 months on Balance Transfers*

Ongoing APR on Balance Transfer: 15.99% - 25.99% (Variable)

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Excellent, Good Credit

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