Most people tend to rate paying off credit card debt at second number, behind paying off student loans at number one. However, unlike low-interest student loans, paying off credit card debt should not be done passively.  If used the right way, a 0% balance transfer APR credit card may be a first step. But they are a slippery slope that you must tread carefully.

Balance Transfer Precautions

There are a few steps which you need to follow if you wish to play the balance transfer game without getting burned. Read the full story

Credit card balance transfers enable a person to pay off his old bills by opening a new credit card. It can be considered as a refinance, as your old credit card balance is paid off, and you start off with a new credit card balance with a new rate and terms.

Let’s look at a quick example

Let us suppose that you have an American Express Card with a balance of $1,000 and a 20.99% APR. Whereas you can get a new Visa card with a credit line of $5,000 and 0% APR for 12 months.

If you choose the balance transfer offer using your new Visa card, you’ll pay off the $1,000 balance which you had with American Express with your Visa credit card, and the balance on your Visa card will become $1,000.

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There are many credit cards available in the market offering different terms and condition and interest rates. If you decide to go for debt consolidation, you may see a variety of credit card companies advertising various balance transfer deals. Some may offer 0% APR for six to 15 months, while others offer a low fixed rate for the life of the loan balance.

But you should be careful as this is the point from where things get somewhat tricky. You need to consider your current debt situation in order to decide which offer will help you save money the most. Let’s take a look at the pros and cons of each type of offer to determine which will work best for you.

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There are credit cards available in the market that offer a 0% APR introductory period. Most credit cards offer 0% APR for the first 12 months for purchases and balance transfers, and this can mean some serious savings if you plan ahead. Thus try to go for this type of credit card when you decide to get one.

Advantages of 0% APR Credit Card

A 0% APR credit card allows you to make purchases for the first 12 months by paying only the minimum payment each month. This way you don’t have to worry about paying any interest or finance charges for 12 months.

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As now the credit card late fees is on the rise and associated costs have become more severe, now it has become more important for us to make timely payments each month.
It is true that still people are using conventional methods for paying credit cards, such as snail mail and telephone payments, but nowadays there is a much better method available for paying credit cards. This method is free, fast, and secure, and by choosing this method you may avoid late payments.

The method about which I am talking is electronic payments. It would be very easy for you to setup electronic payments with your credit card issuer so that you could quickly and safely send payments online from your bank account to any of your credit card providers.

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