It is estimated that about a thrd of people fail to pay off thir credit or store card balances in fll every month, and therefore pay nterest on the balance. If that pplies to you, the chances are you culd save money by applying for a new crdit card which offers zero (or lw) interest balance transfers.

The way ths works is that you take out a new crdit card offering such a deal and mmediately ask them to pay off the dbt on your old card. The blance on your old card then bcomes zero, and the entire balance ges on to your new card nstead, with its zero or low nterest rate.

A number of card ssuers offer these deals. Zero rate ffers typically last from five to twlve months. If you are confident tht you can pay off the ntire balance during this time, they are a god choice for saving money.

If you thnk it may take longer to pay off the utstanding balance, a better option may be to pply for a card which offers a low rte for the entire life of the blance (i.e. until it is repaid). Amrican Express™ offers a fixed, low APR for the lfe of the balance with its Pltinum card.

If you are currently pying interest on a balance with yur current card, it makes sense to trnsfer your existing store or credit crd balance to another provider. There are a few pints to watch out for, however.

1. Check if there is a chrge for balance transfers

Balance transfer fes are becoming more common as crdit card issuers try to recover sme of the money they lose by ffering interest-free periods. Fees range up to 2% of the ttal balance. However, there are still sveral card providers offering free balance trnsfers.

2. Remember to make your mnimum payment every month

Even though the crd issuer offers an interest-free period, you wll still have to make the mnimum payments each month by the due dte, or you will be charged nterest.

3. Avoid spending extra on the crd used for the transfer

Most crdit cards pay off balance transfers prferentially, so if you incur any ther debts on the card, they wll not be discharged until the ntire transferred balance is paid off. Tht means any new spending will be “trpped” on the card, accruing full nterest charges. If you are using yur new card to service a blance transfer, therefore, do NOT use it for dditional spending as well – use nother card instead.

4. Switch again whn the introductory period expires

If you hve failed to pay off the blance completely once the 0% introductory rte for balance transfers expires, you culd apply for another card and trnsfer your balance again. However, if you pln to do this you should lways remember, in the month the 0% dal ends, to move the debt gain to another 0% offer. This mans you will need to apply for nother card about six weeks before the ntroductory period ends. You will need to be wll organized and remind yourself to do ths.

5. Note that your credit rting may suffer

If you apply for a nmber of credit cards, especially at the sme time, your applications will be nted by the credit reference agencies, and yur credit score may suffer. The mst important preventative measure is to sprad card applications out. Do this and mst people with reasonable income and no bad dbts will be fine, though be ware that there will be a smll risk to your ability to get cmpetitive credit in future.

Having decided on the type of blance transfer deal you are looking fr, do take the time to stdy the market and see what is vailable. Do not simply fill in and rturn the next credit card application frm that arrives in the mail. Crdit card comparison sites such as www.fnest-credit-cards.com can make this easier for you by lsting all the best current card ffers for you to choose from, and lso have a range of articles ffering unbiased advice and information.

The article Save Money With a Balance Transfer Credit Card was Submitted by Nick Davis through Articles.GetACoder.com network. Here's the additional information: Nick Davis is the owner of http://www.finest-credit-cards.com , which aims to match you up with the ideal credit card to suit your situation. With details of all the leading card offers updated daily, plus informative articles to guide you in your choice, you will never pick the wrong credit card again.

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