Finance Tips

The best balance transfer credit cards can serve many purposes, including making life much simpler. Case in point – credit card consolidation. Instead of paying several credit card bills every month you can consolidate all of your debt onto a single account.

There’s no question doing this will instantly simplify your finances. no more sending payments to American Express, Discover Card, Bank of America, Chase and whoever else. By consolidating what you owe into one charge card account you pay one bill and that is that.

However, I must state that if you are considering doing this you must keep several important facts in mind. First off, you must know what the interest rate is. If it is a zero percent interest balance transfer then you can bet it is only an introductory offer and it won’t last forever.

Typically 0% APR balance transfer offers will last from 6 – 12 months. At the end of the introductory period the current interest rate, whatever it may be, will kick in and you will be charged against the balance that remains on your account. Zero percent offers are great but they don’t last forever.

I know I don’t need to remind you but I’ll say it anyway, banks and credit card companies are in business to make a profit. Many issuers will use credit card balance transfers as a way to draw in new customers. And you can bet that when the introductory period ends they are hoping that you still carry a balance that they can charge interest on.

If you are actively seeking balance transfer credit cards to reduce your current debt, then good for you. It is a wonderful way to do it. Do your math and figure out how much you will need to pay each month to pay off what you owe prior to the intro period expiring.

But hey, even if you have substantial debt and can’t pay it all back before the favorable interest rates expire and the long term rates kick in, pay down as much as you can. You will have saved a great deal of money taking advantage of the 0% APR and will be that much closer to being rid of your debt.

You must also be sure to find out if there are any balance transfer fees and annual fees associated with the offer. Even some of the best balance transfer credit cards will have fees. Please carefully read the terms and conditions that are spelled out on the credit card application.

Finding a quality 0% APR balance transfer credit card has never been easier. The Internet makes comparing balance transfer offers from banks and credit card companies such as Chase, American Express, Bank of America and Discover Card a snap. There are many quality web sites that will allow you to check out the various credit card deals in an efficient manner.

Could you just imagine spreading out all the credit card solicitations that come through the mail on the kitchen table and attempting to sort through them? Yeah, I’ll take a pass on that too. But now, thanks to the World Wide Web, finding a 0 APR balance transfer card that fits your financial needs is as easy as doing a search using your favorite search engine such as Google or Yahoo.

An individual consumer or business owner may have several reasons for wanting to transfer balances. Chief among these reasons is the desire to save money by taking advantage of special rates. Many credit card issuers offer 0% APR balance transfer credit card introductory rates that last anywhere from 6 to 12 months. I have even seen some offers that last for as long as 15 months. Advanta is one such offer.

Now here is what you will want to look for as you compare the various offers:

1) Is the rate being offered an introductory rate

2) How long is the introductory rate good for

3) What will the interest rates be when the intro period expires

4) Check to see if there is an annual fee charged

5) Find out if there is a balance transfer fee

6) Find out what the credit limit is

These are the main criteria for choosing your balance transfer credit card. These terms can be found on the application that accompanies the offers. Please read them carefully. Far too many individuals simply skip over the terms and conditions from the banks and issuers and suddenly find themselves having to pay rates and fees that they never bargained for. Don’t make this expensive mistake. We hate surprises.

Balance transfer fees are pretty much a foregone conclusion. Almost all issuers charge them. They usually run around 3%. But as for annual fees… there is no way you should pay for these. If a 0% APR balance transfer credit card that interests you has an annual fee, skip it. Look elsewhere. Make sure that the credit limit will cover the amount you want to transfer as well. Following these steps can mean substantial savings. And I’m all for that.

Legal credit card debt elimination is an unsecured program for credit card debt elimination. There are many legal agencies, which provide you the facility of eliminating your credit card debts.

Legal debt elimination agencies help you to get out of your debts by negotiating with your card provider to get a reduced balance, which you would be able to pay off in a reasonable amount of time. But most legal credit card debt elimination programs may result in negatively affecting your credit history.

Legal credit card debt elimination helps you to eliminate your debt much more quickly, usually within 90 to 120 days. Most agencies will demand you to minimize your credit card use during the period of debt elimination. Some agencies recommend to eliminate the credit card debts with the highest interest rates first. Others may recommend to eliminate those with smallest balances first.

Legal credit card debt elimination programs usually cover all unsecured credit card debts such as those with Visa, MasterCard, Discover, and American Express cards. Department store debts, gas station charge cards, and secured loans such as home, auto, and boat loans, and student loans are often not covered under this process.

Getting legal credit card debt elimination is a difficult and lengthy process. There are many types of credit card debt elimination plans. It is helpful to have short-term and long-term goals in mind before you go for debt elimination. Before signing a contract ask contacting creditors for a lower interest rate. Remember that usually you are not permitted to engage in any new obligations after a credit card elimination process has started. You also have to make your minimum monthly payments on time to the credit card company until the debt is eliminated.

You have to beware of credit card debt elimination programs that are illegal and charge an interest. According to federal and state usury laws charging interest on credit cards is illegal.