April 1, 2005

Trying to get the right credit card to suit your needs is hard enough these days, but with every credit card and his brother offering special deals on things such as 0% balance transfers it makes it all the harder to figure out whether the card that you have is the right one and whether you should change over.

Credit card companies need you!..........

The fact is credit card issuers are fighting tooth and nail for every customer who doesn’t has a credit card and they are trying to entice you from your existing card lender, but the shoe is on your foot now as they need you to make money and by not paying the high interest charges and if we all stick together and refuse to pay their sky high APR charges.

By taking up the balance transfer offers it may make the credit card company’s take notice that we will not be as loyal as they would like us to be, unless they show some loyalty to us by giving us something back. So if they don’t do this by moving your debt to another credit card, will show that you wont be walked over anymore.

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Here is where you save......

Balance transfers are a bit of a godsend that will help you save some cash and help you reduce your debt faster. So find the best deal for you is imperative, start by finding a card with a 0% balance transfer, some of these cards are offering periods of 0% from 3-12 months. By going for a 0% will save you cash over this period of time, such as say you own a card with an interest charge of 27.9% on a balance of £2000 and you pay this back at £150 a month for 6 months then you will be left with a bill of £1,594 after the six months due to the interest, but if you have a 0% balance transfer period then you will have a bill of £1,100 at the end of the same period, a saving of £494.

This is some saving and it is all money saved that could go towards the rest of the debt. But if you are going to go for it then make sure that once the interest free period is over, the APR does not jump up to the level or over the level that you had before as this will only put you back into the position that you were before, so getting one with a lower interest rate is something to aim at. Or you could switch cards again and get another 0% balance transfer period and so on, this is of course if you don’t mind being called a “Rate Tart” which is the term used for jumping from card to card, though it can be detrimental to your credit rating, so be warned.