Finance Tips

Planning for a balance transfer can be a tricky task. A good solution would be to gather information from all available sources on which are the best credit card companies to transfer your remaining balance from the previous account. So in conclusion, below are listed three of the best credit cards for balance transfers:

Discover More Card

The Discover More Card offers card owners a chance to save more money from his or her everyday transactions. It offers a low introductory annual percentage rate or APR on balance transfers to new customers when transferring balances from credit cards and loans with high interest rates as well as on outgoing purchases. You can also get unlimited Cashback Bonuses, which allows you to get cash back from all of your purchases such as travel, home, clothing, restaurants and more. Some of the detailed features of the Discover More Card include:

1. Cash bonuses at top online retailers that are up to 20%.

2. No annual fees

3. Online services such as account access and bill payments

4. Get More: an easy way to gain rewards for free. You can get 5% in Cashback Bonuses under popular categories like travel, home, apparel, movies, restaurants, and lots more.

Citi Platinum Select Card

The Citi Platinum Select card offers its customers 0% annual percentage rates on balance transfers and purchases up to twelve months. Aside from this, security on your account and personal information is assured with the Citi Identity Theft Solutions feature that is included in your credit card plan. You get all kinds of protection for safer online shopping, protection from credit card frauds, and a lot more. Some of these defenses include the Citi Photocard, Virtual Account Numbers, Retail Purchase Protection, and more. All these you can avail for free, along with a $1,000,000 travel and car rental insurance that you can avail of when you charge your travel tickets and car rentals to your Citi Platinum Select card.

Blue Cash Card from American Express

Features of the Blue Cash card include:

1. 5% cash back on your everyday purchases including gasoline

2. No annual fees

3. 12 months of 0% introductory annual percentage rate

4. A low balance transfer rate – a fixed APR standard of 4.99%

With all this, you can be assured of quality services with your Blue Cash card such as earning up to 5% cash back from almost all of your everyday purchases at supermarkets, malls, and other retail stores. If you are interested, you can easily get your own Blue Cash card in just 60 seconds.

As you can see, some of the common features among these three cards include low annual percentage rates on balance transfers, cash back opportunities from all of your everyday purchases, and absolutely no annual fees. Look for credit card companies that also offers other incentives to your plan such as account security, online shopping security, and fast and effective customer support in case of any problems and difficulties that may occur.

Whether your credit card debt is out of control or you’re just trying to save money, it makes sense to try get a lower interest rate on your credit balances, and if you can transfer those balances to a no balance transfer fee card, you’ll be saving even more cash. The trick is finding a no balance transfer fee card with terms as good as a card that does charge fees.

Some plans might not sound as if they’ll save you much money, and they might not if you have only one small balance or a few small balances. If you transfer a small balance of $1000 to a card that offers no interest but charges a 3% balance transfer fee, you’ll pay about $30. If you transfer that balance to a no balance transfer fee card, but that card charges 3% interest as its low rate, you’ll pay $30 a month instead of just one time. The best choice is clear, pay the fee once and get no-interest or lower interest on an ongoing basis.

But if you’re transferring several balances, you’ll pay a fee for each one, usually about 3%. If the amounts are substantial, each transfer fee could be up to $75. Take the time to add up these fees and compare with the savings. Be sure you’re aware of how long that low introductory interest rate will last, and how high the interest will jump at the end of that period . A no balance transfer fee card with terrible terms can easily cost you money in the long run even thought it cost you nothing to transfer balances. It might be worth paying those balance transfer fees to a card with a longer low-interest period, or one in which the interest rate after that period stays lower.

It takes a little math to determine your best course of action, but almost always, transferring to a lower interest credit card with good post-introductory terms is a great way to save money. And a no balance transfer fee card can make the deal even better.

If you have a great credit rating and no debt, then you could be in line to make some money. And you can do it using the tools that credit card tarts have been using for years.

The Credit Card Tart System

Credit card tarts have used the incentives offered by lenders to their advantage for quite a long time. These incentives often consist of 0% interest on balance transfers for a fixed period of up to 12 months. Borrowers who have a debt apply for a new 0% credit card and transfer that debt to the new card. They make repayments as they normally would, but the balance owed is reduced since no interest is being charged.

When the incentive period is due to end, credit card tarts look around for a new 0% deal. They apply for the new card at least six weeks before the expiry of the old 0% deal, so they have plenty of time to transfer the outstanding balance onto their new 0% card.

This serial card switching allows borrowers to clear debt without paying any interest. Lenders have begun to fight back as they are losing hundreds of thousands of pounds’ worth of interest. Many of them now charge a balance transfer fee of about 2%. However, there are still some fee free balance transfers available, which is good news fro debt-free consumers looking to use the system to make some money.

How To Earn Money On A 0% Card

To make money from a 0% balance transfer card, it is necessary to have a good credit rating and to get two new credit cards. One credit card has a 0% balance transfer rate. This must be a card that does not charge a balance transfer fee. The second allows credit card cheques at no additional charge.

The borrower can use the balance transfer card to transfer a sum of money onto the card that allows credit card cheques. The borrower can then write a cheque for that amount and pay it into a high interest savings account. This strategy only works if the interest earned is more than the amount being paid. Borrowers can use the same technique to get a low interest loan. Long term balance transfer rates are lower than standard interest rates on loans.

But Is It Legal?

There is nothing to prevent borrowers from using their cards in this way. As long as they make repayments on time and in full, there are unlikely to be complaints. It is also essential to keep credit card applications to a minimum so there are no red flags on the borrower’s credit report. There’s no reason why borrowers who stick to these rules and make payments on time shouldn’t make a bit of money from their credit cards. And while they’re shopping around for the perfect credit cards, it’s worth checking out the other incentives as well.

Even if you have a good income, you could be facing escalating credit card debt. There are times when this can not be avoided. However, you can get it paid off without too much hassle. A 0 apr on balance transfers is possible.

Though it should not be considered lightly, using a 0 interest balance transfer, which is paying off the amount owed on one credit card with a different credit card, can be something to take into consideration. Up to recently a balance transfer could be done without a balance fee. Now credit card companies are charging as much as 3%.

0 interest balance transfers are normally for 6-12 months. A high balance can result in having years of credit card debt for many people. Once introductory rates expire, interest rates can go rather high in the next few years. It is not unusual for people to discover that they are now paying up to 25% on the original balance.

If you have credit cards with high interest rates, finding a credit card company that has lower fixed rates is something you may want to take into consideration. By transferring high interest credit card balances to a card with lower interest rates, you can get those debts paid off at once and have a monthly payment that is lower.

To determine if this is a good solution for you, get a calculator and all the relevant paperwork and figure out what your monthly payments are each month with your current credit cards, being sure to estimate any interest rate hikes. Then calculate what your payments would be after transferring those balances to a o interest rate credit card. These calculations may be a bit time consuming but can help you find the best solution.

Be cautious when looking at credit card offers. Some companies are known to offer easy o balance transfers with generous grace periods and extremely low payments as a come-on to get new customers. If your debt is nearly paid off or if you know you will be getting a large amount of money before the grace period is over, you might think about this. But be sure you know whether the payment will go up and by how much once the grace period expires.

Another thing to check into are any penalties, withdrawal fees or termination of service fees you might have to pay. This needs to be calculated into the picture, too.

Knowing everything you possibly can about your credit card accounts is the most useful weapon you can possess. You need to know where all your money is going each month. Call the credit card company you are thinking transferring balances to and consult with one of their representatives before you make a commitment so you know whether it is the best thing to do or not. A good representative will assist you in mapping out your payments to see how this will work out for you in the long run.

A balance transfer can be a way to make getting out of debt faster. But you need to be mindful of everything involved in the process and keep track of your rates every month. If this is manageable for you, a balance transfer could be a good way for you to get your debts paid off and become financially solvent again. Hopefully a no balance fee will be available again in the not to distant future.

If you listen to some consumers, you’d think all of the 0% balance transfer no annual fee credit cards have all magically disappeared from the market. Horror stories abound about people signing up for what they thought were these cards, only to be hit with high fees later. Believe it or not, these elusive credit cards do still indeed exist. It’s just a matter of knowing what to look for. Here are some tips to keep in mind.

1. How Long Is The 0% Really 0%?

The first thing you need to ask when looking for 0% balance transfer no annual fee credit cards is how long does the 0% interest rate last? After all, if it’s only a 6-month offer and you owe thousands of dollars, chances are you won’t have time to pay it off before the “real” interest rate kicks in.

Which brings us to point number 2…

2. What’s the “Real” Interest Rate?

If the 0% offer isn’t good for the life of the balance, what does the rate go up to when the offer expires? If you’re looking at a 22 percent interest rate after six months, you might be in worse shape in six months than you are right now. In this instance, the 0% balance transfer no annual fee credit cards can be your worst nightmare – not your best friend.

So how do you avoid the nightmares? By knowing what’s out there. Which brings us to our other points…

3. Life of Balance Offers Do Exist

No matter what your credit card companies want you to believe, life of balance credit card offers are out there. However, 0% balance transfer no annual fee credit cards that offer a 0% interest rate for the life of the balance are very hard to find. Even if you do find them, you have to have excellent credit to qualify.

If your credit is less then perfect, this type of card isn’t going to be an options. That being said…

4. There Are Suitable Substitutions

If you don’t qualify for the 0% balance transfer no annual fee credit cards that offer a 0% rate until the balance is paid in full, opt for a low-interest fixed-rate card instead. A low interest rate of, say, 9.9% over the life of the balance is a lot better than a balance transfer of 0% that jumps up to 22% a few months after you transfer your balance.

5. Get To It

So now that you know what to look for, try to see if you can find some 0% balance transfer no annual fee credit cards that you qualify for. If you can’t, then opt for a low-interest fixed-rate card instead. Then, as your credit improves, try for the 0% balance transfer no annual fee credit cards again.