Credit Card Balance Transfers Can Help You Stop Putting Money Down The Drain

As you probably know, interest rates are at all time low right now and if you aren't getting the best deal from your credit card company then they owe it to you to either lower your rate, or you owe it to yourself to find a better deal. You see, credit card companies need your business in order to succeed and if you refuse to pay a penny more than you have to then you'll be doing yourself and others a big favour indeed. By doing this, you'll avoid paying more than you should and the companies will stop treating its clients inappropriately.

Now that this is clear, we will talk about the essentials of balance transfers, how they work and how you can ensure that you get the absolute best possible deal.

1. First and foremost, understand what a balance transfer is. A balance transfer is when you transfer the balance from one card to another in order to get a better interest rate than the one that you are currently getting.

2. Second, to find the absolute best deals, look to transfer balances on cards where the initial interest rate is 0% and the amount after that is lower than the one you have now. For instance, if you're a cardholder that has an interest rate of 27.4% on a £1000 balance and you only pay £150 a month for 6 months, you will not pay off the balance in 6 months. Instead you will pay £247 worth of interest and your balance after 6 months will be £346. In contrast, if you had a 0% card and make the same monthly payment then your balance will be reduced to £100 at the end of the 6 month period, a tremendous saving!

3. Third, don't throw those offers that you receive in the mail away. If you have great credit then you'll likely have credit card companies vying for your attention. Just use this power to your advantage and find the very best 0% deal for you.

4. If no good deals seem apparent, then you have to find your own deals. You can do this by conducting a thorough search on the internet to see if you can find a 0% card offer.

5. Once you've done this, request information and then review it carefully. Pay close attention to the rate after the initial introductory period is over. For instance, if you have two choices of cards with 0% interest rates for 6 months and one charges an interest rate of 15.00% after the initial period and one that charges 11.00% after the initial period then by all means choose the second one because it is by far the better deal overall.

6. Read and then re-read the credit cardholder agreement a couple of times. Make sure that you understand all of the jargon and if you don't, find someone that does before you sign it. Review it closely to make sure that you are getting the best deal possible. For instance, when evaluating deals, you should ask yourself these questions:

a. How long does the introductory rate last?

b. What will be the rate after the teaser expires?

c. What are the cards annual fees? Can they be waived?

d. Are there any transfer fees that you should be aware of?

e. Are there any perks that are offered? (Ex. frequent flier miles, free gifts, etc).

7. Once you've decided on an offer, fill out your application fully and get it in the mail as soon as you can.

8. Once you get the offer, make sure that it is a 0% teaser rate and if it isn't, then contact the company right away. If they aren't open to doing so then tell them that you're cancelling the card and look for another company that delivers what they promise. Your primary goal is avoid the old "bait and switch" while simultaneously saving money on interest.

9. While waiting for your new card, make sure that you continue to pay on your old card to avoid glitches in your credit report and once you receive notification that the transfer has been made, make sure you contact the old company and make sure that they received the payoff amount.

10. After the teaser rate is up, don't be afraid to jump from one credit card to another after the teaser expires. You see, there is absolutely nothing wrong with surfing cards and taking advantage of 0% offers whenever you possibly can. Just keep finding and researching great deals.

That's it my friend. Credit card transfers don't have to be so confusing and daunting. If you follow the above mentioned steps then you can and will win the balance transfer rate and stop throwing your hard earned money down the drain.

Claire Bowes is a successful freelance writer and owner of http://www.the-credit-card-centre.co.uk where you will find further advice and money-saving tips on the best credit cards, 0% balance transfers and cash back credit cards.

---

Pitfalls of the Credit Industry

The credit industry if rife with pitfalls. If you have... Read More

4 Steps You Can Take If Your Online Credit Card Application Has Been Refused

Help! I've Been Turned DownYou received an envelope in the... Read More

Have You Checked Your Permanent Record Lately?

As a young student I feared getting bad grades because... Read More

Useful Tips on Using Credit Cards

Here are some useful tips on using credit cards. Whether... Read More

What is the Check 21 Act?

Check 21 is the common name for the Check Clearing... Read More

Minimum Credit Card Payments to Rise

For years, major credit card companies have allowed cardholders to... Read More

Good Credit is King, When Qualifying for Mortgage Programs

If you want to purchase a new home or refinance... Read More

Saving Money: Quick Cash, High Cost

I didn't think it was possible. But it is. Folks,... Read More

Credit Report ? Check Yours Regularly - and for Free

In the twenty-first century, there are few documents that have... Read More

Bankruptcy Myths Busted

The average American knows very little about bankruptcy. Most people... Read More

Fixing A Credit Report

Fixing a credit report starts with seeing what's on it.... Read More

What Can Happen to You as a Victim of Identity Theft, Facts & Figure

Is identity theft really that serious? Thousands of people every... Read More

SuperCharged Secret 1 of 5 - Credit Card Utopia

I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!Note: The... Read More

Your Credit Rating and How To Check It

There is a lot of confusion surrounding UK credit ratings,... Read More

How Businesss Mess Up Their Credit Policies

In "Become the Squeaky Wheel" a book recently published, Michelle... Read More

Keep Your Credit History Clean - Remove A Negative Credit Record From Credit Report

The three major credit bureaus, Experian, Equifax and Trans Union... Read More

Top 7 Factors to Consider While Reviewing Credit Card Offers

Credit cards have migrated from being hip or convenience product... Read More

Myths and Truth about Credit Scoring

Credit score is the key factor determining approval of almost... Read More

Credit cards

If gold medals were awarded for marketing consistency, the credit... Read More

Understanding Your Rights Under The Equal Credit Opportunity Act

It wasn't all that long ago that lenders blatantly discriminated... Read More

Credit Card Debt: How To Control It

A lot of people spend more money than they can... Read More

Maximizing Credit Card Rewards

In their quest to get you to sign up for... Read More

Inflexible Friends and Plastic Assets, Why Money isn?t Buying Love Anymore

Consumers reject financial advice in favour of financial frivolityIt would... Read More

Rewards Cards - Are They Right For You?

Rewards cards have become the latest rage in the credit... Read More

It Takes Credit To Build Credit

Using a credit card wisely is an important step in... Read More

Free Credit Reports - How to Maintain Your Credit Profile

Maintaining your Credit ProfileEvery consumer should be maintaining their credit... Read More

Credit Counseling: Is it Really Necessary?

Not everyone has a positive experience with credit counseling. Potential... Read More

The Hazards Of Your First Credit Card

You probably don't need me to tell you credit cards... Read More

What is on Your Credit Report?

Your credit report is a very important piece of the... Read More

Why Does FACTA Matter to Me?

FACTA stands for Fair and Accurate Credit Transaction Act. FACTA... Read More

Top 5 Reasons To Check Your Credit Report Regularly

#1 Make sure mistakes aren't hurting your credit.Reviewing your credit... Read More

Credit Cards and How To Choose Them:

It may seem like a simple question but its important... Read More

Free Credit Report ? A Website Typo Could Be Costly

In 2003, Congress passed the Fair and Accurate Credit Transactions... Read More