Balance transfers are a handy way of saving having to pay interest costs, by switching to one of the many that are offering special 0% deals, this is something that most of you should be aware of by now and hopefully if you have given it a go, it has been a worthwhile exercise that has saved you a bit of cash and made you feel as if you are playing the credit card issuers at their own game.

Super Balance Transfers....

But did you know that there is another way of balance transferring that is lurking around just waiting to be used in your favour as well, no? Well I’m about to let you in on it, if you haven’t already been up to speed with this. First things first is to let you know what’s the name that has been given to this, it’s called, wait for it, A Super Balance Transfer, original eh! But what its name lacks in originality it more than makes up for it when it is put in to practice.

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How it works......

Now to try and explain to you how it works, well you should know by now that a normal balance transfer means that by moving your debt from your existing card to a new card that is offering a period of 0% interest, usually 6-9 months, to save you some cash, that’s it in a nutshell. Well a Super balance transfer can be used to pay off any debts that you have that are not credit card related, this is done by paying the money that you will get from the new credit card straight into your bank account, leaving you free to pay off any manner of debt that you have.

Remember to make the minimum payment....

Another point that can be made is that you can also transfer this cash into your account even if you don’t have any debt, leaving you some spending power if you wish, or put it into a high savings account and when the 0% interest period is about to expire, take from the account what you need to pay off the credit card and you are left with a tidy sum of interest that is basically free money sorted. Though remember to always pay the minimum payment at the end of each month.

Now to get to which cards that are offering this service, most of these cards are offering the 0% super balance transfer deals and they are, Abbey, Alliance & Leicester, Egg, MBNA, Mint and Virgin being the major credit card company’s that are giving this service. But the first card to try on you list should be the Egg card that will be free from any sort of fee to use this service, where the others have a 2% charge of the amount transferred into your account, up to a max of £50, except Alliance and Leicester who’s maximum is only £30.

So once that you have secured a card, it’s just a matter of calling the credit card issuer to transfer the money into your account and hey presto! Saving money can be that simple.