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If you have huge card debts the best thing to do would be to find balance transfer credit cards that have 0% APRs. This is a very good strategy to reduce card debt. Irrespective of whether you have store card debts or credit card debts the 0% balance transfer cards are a simple solution to get rid of card debt and save huge amounts of money as well.  These balance transfer cards will offer 0% introductory APR for the entire length of their promotional period and you could make use of that offer to effectively reducethe debts.

While doing balance transfers you will be transferring your existing credit card debts onto another card which offers a lower interest rate and preferably a 0% balance transfer for an introductory period.

Some useful tips:

  • Ensure that you are doing the balance transfers onto a card that has 0% introductory offers on the purchases as well as balance transfers.
  • Ensure that you don’t delay on the monthly payments and always pay up on time.  If your payments are delayed you are bound to lose the entire benefits of doing a 0% balance transfer.
  • Ensure that you know the minimum amount that you can transfer from the existing card to the new card. Many cards have raised the minimum balance transfer amounts and that makes it difficult for the cardholders to pay off their debts in full before the expiry of the 0% balance transfer period.
  • Make a foolproof plan to ensure that you pay off the balances well ahead of time before the 0% balance transfer period expires. If you feel that you might not able to clear the balances before the end of the introductory period, then opt for a card that has a longer introductory period of maybe two years and one that has a lower APR after the introductory period.
  • Check out the annual fees and other fees that you will have to pay. They might charge balance transfer fee, late fee, over limit fee, cash advance fee etc. Most issuers charge a 5% balance transfer fee. There are cards with no balance transfer fees too.
  • If your credit score is poor then it is better not to opt for a card with a shorter introductory offer.
  • Go online and compare hundreds of credit cards and choose the best offer to do your 0% balance transfers.