Many Credit Card Providers Offer Free Balance Transfer Credit Cards To Attract New Business

Category: Finance, Credit.

Free balance transfer credit cards are one of the most under utilized resources for financial management. We lurch from one bill to another and if we are not careful, fall further into debt in the process.

When we are financially stressed, paying far too much every month on debt, we are often unable to see a way out of our problem. Monthly interest charges are a killer! Savings of hundreds of dollars every month can make an enormous difference to your financial well being, even if only for a short period of time. Introductory rate cards provide a way to stop paying this interest for a period of time. Free balance transfer credit cards provide a way to reduce debt quickly if the interest savings are used to pay down the balance. However, if you are able to take a longer term view and use money you have saved on interest payments to reduce your credit card balance, you will very soon find yourself in the enviable position of being debt free. It can be tempting to blow the interest savings, after all hundreds of extra dollars every month can make life a great deal easier.

In other words, by simply continuing to make the same payments on your new card you will very quickly pay down your balance since interest is no longer being charged. You can use the savings to catch up on bill payments and replenish stocks. However, it may not be possible to continue paying such high payments and free balance transfer credit cards can provide much needed financial relief from an over- stretched budget. Nevertheless, once you have given yourself a little space, try to start paying more money back into your card so that your actual debt reduces. For people seeking a debt consolidation alternative that can both reduce monthly expenditure and reduce debt quickly, free balance transfer credit cards should seriously be considered as a short term option. Otherwise, when your introductory period ends and you are charged interest once more, you will be back in the same untenable position. Try to obtain the longest introductory period possible, preferably at least twelve months.

It may be helpful to seek professional financial advice to guide you in your decision. At the end of this period you can reevaluate your position and choose to consolidate into a competitive personal loan or transfer the balance again into another zero rate card. Many credit card providers offer free balance transfer credit cards to attract new business. You can choose from a number of zero rate cards by simply visiting an all- in- one credit card site, particularly one marketing introductory offers. Choose one with the longest introductory period and lowest establishment charges, fees and penalties. Just do an internet search and you will find a number of possibilities. Furthermore, at the end of the introductory period, there is nothing stopping you from doing it all again and transferring your balance to a new zero interest card.

Not only do these sites provide a comparison between different credit cards, they also offer you the opportunity to apply online to transfer your balance.

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