How balance transfer cards can pull you out of the rut that you are in

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Balance Transfer Cards » How balance transfer cards can pull you out of the rut that you are in

How balance transfer cards can pull you out of the rut that you are in

The content is accurate at the time of publication and is subject to change.
Having a balance transfer credit card is one of the best things to assist you when burdened with a huge debt you cannot pay. It is in fact no charity what the credit card companies are doing, but it is one of the best marketing tools ever invented in the industry. They offer zero percent credit cards to entice customers to pull out their outstanding balances from costly high interest rate credit cards onto their zero interest rate credit cards. Once the introductory period is over, the balance is charged the regular interest rate by the new credit card company. You can make use of this credit card if you are diligent enough to take advantage of the zero percent interest rate, and then pay the remaining outstanding balance at the end of the grace period. Hence, when used sensibly, a balance transfer credit card can help you say goodbye to all your problems, and you can pay away your high interest rate credit card bills. Many people have utilized these types of credit cards in order to get out of the rut that they are in. You can do the same; all it requires is careful planning. The first thing you need to do once you've determined you want to proceed with a balance transfer, is to select a good credit card. Try to find the longest interest free introductory period. A lot of banks will provide anywhere between six months to a year as an introductory period. Some banks even offer two years as an introductory period. The longer the period, the better it will be for you, as you will have more time to make the repayment. Also look for credit cards that offer a low charge on the balance transfer itself. If the transfer charge is much more than what you can save with the prevailing interest rate, you should not consider applying for that particular credit card. You will also need to find out what the interest rate will be at the end of the introductory period. If you are unable to make the repayment within the introductory period, you will end up paying that interest rate on the outstanding balance. Applying for balance transfers all the time is also not advisable, as this negatively affects your credit score. Each balance transfer application is in essence an application for a new credit card. If you are rejected, your score will suffer. Even if you are accepted, it will suffer as your number of credit lines will increase. Using a balance transfer credit card diligently is all about utilizing the time wisely to save some money. A balance transfer credit card can buy you time, but it will not help you change your lifestyle. This will need dedication from your side. Cutting down on expenses during that interim period is the only way to save enough cash to make a repayment on the outstanding balance.

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.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Citi Premier® Card – A World Elite Mastercard Travel Credit Card

Citi Premier® Card – A World Elite Mastercard Travel Credit Card

Posted: February 10, 2021

Citi, a Credit-Land.com advertising partner, offers the Citi Premier® Card, which gives elevated ThankYou points for your travel expenses and, with the recent update of the rewards program, for purchases at restaurants, supermarkets, and… Continue reading

Discover it® Miles Review: Turn Miles Into Travel Experiences or Cash

Discover it® Miles Review: Turn Miles Into Travel Experiences or Cash

Posted: February 10, 2021

Many travel credit cards come with tempting perks, requiring some effort bonuses, a complicated rewards structure, and steep annual fees. The Discover it® Miles is probably the best Discover card for travel, especially if you do not travel… Continue reading

Top 5 Secured Credit Cards: June 2021 – Experts’ Choice

Top 5 Secured Credit Cards: June 2021 – Experts’ Choice

Posted: October 22, 2020

The COVID-19 pandemic has made significant changes not only in people’s lives and their financial standing but also in the entire financial sector of the U.S. We have collected the best secured card offers from our partners so that you can… Continue reading

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!