Tim Pim Blog

As you may already know, a balance transfer credit card allows us to transfer the unpaid balance of the current credit card to another card that offers a lower Annual Percentage Rate (APR). Annual percentage rate is a combination of low interest rates and less cash charges. Credit cards with 0% APR balance transfer offer better money saving options. Balance transfer allows customers to pay off their debts quickly and saves them from paying huge amounts as interest.

0% Balance Transfers on Balance Transfer Credit Cards

It helps to move your balance from an existing card to a card that gives a better APR. For example, if your card charges an APR of 27.8% on a balance of $500 then even after paying $75 monthly for a period of 6 months and an interest of approximately $134, you end up still owing a balance of $174. If the same amount is put into a balance transfer deal at the end of the six months the amount due would be $50, thus saving you $134 - a neat profit. This balance is debited into the new balance transfer credit card account by your current credit card company.

Choose the Right Balance Transfer Credit Cards

Keep yourself open to new deals. Check your junk mail for newer credit card companies, offering better APR percent. Remember, credit companies need your business. So, do a quick search on the Web for credit card companies that offer the best balance transfer deals. It is worth your while to search for the best deals on the Internet. Hunt for credit card companies that offer 0% interest for a period of 6 to 9 months or even a year. Select the best balance transfer credit cards and take full advantage of such a deal by negotiating hard.

Remember to check the APR charged by the company after the free period is over. If the APR after the initial 0% interest period is less, then you can go ahead with the balance transfer. Be aware of the new deals and consider a change after the initial free period is over, again following the same pattern for selecting the best balance transfer credit card.

If you think you can make a bundle of money by constantly hopping between cards, think again. At most, you can reduce your debt burden marginally. Such a strategy can only help reduce the interest you pay on your debt. If you wish to make money or pay off your debt, then do so by planning your finances, living frugally, and making monthly payments on time.

Hot Tips for the Best Balance Transfer Credit Cards

Make a balance transfer just before the credit card balance of the coming month is tabulated. This ensures that your interests for the following month are included into your bill, thus transferring a lower amount to your balance transfer credit card.

Gone are the days when people stuck to only one credit card company. Companies are offering better and cheaper interest rates for attracting more and more customers. Saving money by transferring balances is the call of the day. Therefore, go ahead and choose the best balance transfer credit card. Balance transfer credit cards maybe the answer to your financial woes.

For more information on how a balance transfer credit card can save you money, Bert Wills recommends that you visit CreditCardAssist.com

Not all credit cards are created equal. There are many various types of credit cards, and if you are looking to apply for a credit card, it may be difficult to decide which type of card is best for you.

In this article, we will look at several popular types of credit cards, to help you figure out which type of credit card meets your unique needs.

Low-Interest Credit Cards
These credit cards are often useful if you are currently carrying a balance on some of your current credit cards. Low Interest credit cards, also know as balance transfer credit cards, are offered at significantly lower interest rates than what you may be used to. They are good for transferring balances to a new card at a lower rate. Often times, this will allow you to pay off your balance in a shorter amount of time, and for less interest.

Rewards Credit Cards
As the credit card industry becomes more and more competitive, companies are scrambling to get and keep cardholders and they are willing to bribe you to use their cards. This is where rewards cards come in. Each program has their own rules, but they all work in a similar fashion. By using your rewards credit card, you accumulate points that can then be redeemed for prizes, and sometimes even cash. There are many options available as to what type of reward cards you can
choose. If you use credit cards frequently anyways, you might as well get something for it, right?

Bad Credit Credit Cards
Even if you have poor credit, you can still be approved for a credit card. Now, credit cards offered to people with bad credit often times have much more restrictive terms, higher fees, lower limits and a higher interest rate. If your credit is particular poor, you may have to go with a secured credit card where by you put down a security deposit, or prepay your credit limit. Why do that? Because, by using one of these credit cards and diligently paying your bill on time, you can actually improve your credit and before long you will be eligible for lower rates through a traditional credit card.

Student Credit Cards
These credit cards often have a lower limit than their more grown up counterparts, making them a perfect “starter” credit card for students. Young people can learn how to control debt without the risk of getting in too deep. As you can see, there are nay choices in credit cards.

By choosing the right credit card for your particular situation, you can build your credit in a responsible way and enjoy perks that suit your lifestyle.

To learn more about credit cards and how to select the right credit card for you, visit our website.