If the bane of your life is looking at your credit card statement and seeing that most of this months payment is going towards the interest payments, then finding ways to cut the interest is there for anybody that holds a holds a more than respectable credit rating

Choosing the credit card deal that suits you best can do this. If you have the funds to pay off your credit card debt within the year, then a 0% deal with the longest period is ideal for you. Some of the that will offer up a long 0% period include Barclaycard who’s offer lasts till 1st March 2006, though a transfer fee of 2% to a max of £50 is attached to this. Others who offer 9 months are, HSBC, Mint and Virgin.

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Having a good credit history will let you become what’s known as a “Rate Tart”. This will give you the freedom to move from 0% card to 0% card as you avoid your debt from getting interest charges added to it. Though you have to very disciplined with it and make sure that you keep track of when your current 0% card is due to expire and transfer it to a new 0% card, this should be done at least 6 weeks before the original 0% deal runs out. Because if you are not up to speed with when to change a little warning, get it wrong it will cost you more than it would have originally.

Some are also going that step further than just a plain old balance transfer, with the recent introduction of the Super Balance Transfer Ability, which will allow you to add any loans and overdrafts to be paid along with the that you have transferred to the account. Virgin, Egg and Mint are the main players with this type of transfer.

If you are the more loyal of customer then a “Life of Balance” transfer will be ideal for you, this involves changing to a credit card that offers a favourable rate such as Texaco card at 3.9% and British Airways AMEX and AMEX Platinum cards with an APR of 4.9% for the duration of time that it takes for you to pay off the debt, remembering that a minimum payment will have to be made every month, if not you could incur penalties and you could also loose your special deal.

The biggest and most important thing to remember to do is “DO NOT MAKE PURCHASES ON A BALANCE TRANSFER CARD” as you are trying to save cash on your debt not increase it.