0 transfer credit card
When it comes to paying interest on your credit card it is difficult to meet up with the heavy payments because of the high interest rates. However you can have a solution to paying high interest on the credit cards. There is an offer available as 0 balance transfers on credit cards. With this offer you can get to lower your interest rate by transferring the balance to another credit card that offers 0% balance transfers.
By transferring all the balance into this new 0 transfer credit card you can lower your payments and pay off the remaining balance on your credit card. However while taking a 0 transfer credit card offer it is important that you consider a lot of things before you opt for it.
What to consider while taking a 0 transfer credit card
When taking a 0 transfer credit card it is important that you consider the following things:
The offer on the 0 transfer credit card is not valid for a long time. It just lasts for 6-12 months depending on the offer available with the provider. Once this offer gets over then you would be charged the regular APR on the credit card.
When taking up the 0 transfer credit card make sure that you look out for the late fees and the default rates. If you fail to keep up with the payments towards the new credit card after the balance transfer then you can end up with a higher APR.
When you opt for 0 transfer credit card keep in mind that you might be charged a fee for balance transfer. This fee can go up to as much as $99. So before you sign up for any 0 transfer credit card make sure that you enquire about the fees that might be charged for the balance transfer.
When you take a 0 transfer credit card offer then all your pending bills of the other cards are transferred to this card and you can keep making payments towards the previous debts at 0% APR till the introductory period gets over.
Get the right offer
There are a number of companies that offer 0% transfer credit card offers. However deciding which offer would be the best for you can be a bit difficult. You need to compare different aspects associated with the 0 transfer credit card so that you can easily decide which one would be the best for you.
When comparing the 0 transfer credit card offers make sure that you ask the provider about how long the introductory period is for and what would be the applicable charges after the introductory offer gets over. Also ask any additional charges that would be applicable on the card for transfer of balances. Also go through the terms of the credit card so that you know what are you signing up for.
Also before you take up the 0 transfer credit card make sure that you look up to certain things like would you be able to pay off the balance within the introductory period or not. Also make sure that you would be able to keep up with the payments towards the new credit card on time.
Examples of 0 transfer credit cards
Some of the providers for 0 transfer credit cards are mentioned below:
Bank of America Visa Platinum Plus Card: They offer 0% APR on purchases and balance transfers for 6 billing cycles there is no balance transfer fees and no annual fee charged by them.
Chase Platinum Visa Card: They offer 0% APR on balance transfers for the first 12 months there is no balance transfer fee and no annual fee involved.
Citi Platinum Select MasterCard : 0% APR on purchases and balance transfers for up to 12 months. Balance transfer fee. No annual fee.
American Express Clear: They do not charge any fees and you are entitled for automatic rewards and you don't have to pay any annual fee.
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