Take Advantage of Balance Transfer Credit Card Financing

Balance transfer offers are by far the best benefit a card can offer, but be careful and read the fine print. One quick way to reduce your debt quickly is to transfer your balance from the high interest card you have to a 0% balance transfer card. Remember to read the fine print, some cards charge a fee to transfer the balance. The fee is generally 3% of the amount transferred. Some of the better cards cap the fee and the best cards do not even charge one. Once you have transferred your balance keep paying as much as you can. On a 0% interest card every penny you pay reduces your balance. This is like earning the same rate you were previously paying, which I have seen as high as 24% on some cards. Where else could you get a 24% guaranteed return?
When you have transferred your balance to your new card remember, DON'T USE IT FOR ANYTHING ELSE! Most cards have a payment structure that will pay the lowest interest part of the balance first, so purchasing that $100 tank of gas could end up costing you an extra 15 to 20% each year. Remember to keep the card you transferred the balance from and don't use it either, it might be the source of a future balance transfer when your current one expires. If managed properly at the end of the introductory period, you should look to transfer your balance again to another lower interest card, while continuing to pay as much o the balance as you can. If you are like most consumers you probably have a few different credit cards already, many of which will have similar balance transfer offers.