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When you hear of zero percent, this will surely excite you. Yes, zero percent interest rates are possibly offered by banks especially on their balance transfer program. More often than not though there would be a catch to this offer so be very careful. Don`t get too excited, better yet research and investigate.
Balance transfer is actually the most common options for people who are too burdened with the interest charges from their existing credit card debts. But before you go ahead and apply for one, you should ask yourself if this is the help that you really needed. Going over reviews and information online can help you understand and decide easily.
Once you`ve decided to go for it then there are some steps you may want to follow.
Be aware of the duration of the promo. Most banks offer low to zero percent introductory rate. Once you are offered of their zero percent promo, then don`t forget to make the payment within the promo period or you will lose the chance to enjoy a real zero percent promo. While on a balance transfer period, no purchases should be made. Remember that you are trying to clear out your debts so shopping would only be defeating your purpose.
Grace periods usually last from six months to a year so within this period make sure to manage your resources so you can fully avail of the program.
Look closely on the rates. The amount of interest depends on the amount transferred which could be two to three so it is important that you go over as many sites or banks as you can until you get the best rates and deals.
If you can`t decide, go over reviews or forum which talks about balance transfer; you can find a bunch of them on the net. You can find some advice, comments and recommendations from people who have tried it and what do they have to say about their experiences. Their first hand experiences can be the best guide for you or better yet talk to someone you personally know.
Owning a credit card calls for great responsibility. If you think you can`t manage having the card then better not force yourself to have one. Most problems root from the wrong usage of your credit card. While there are some ways to get you out of debt, nothing is better than living a burden-free life.