We are all feeling short of cash at the moment. 0 balance transfer credit cards can help enormously. If you owe a large amount of money on your credit card or cards it can feel as though you will never pay them off. A 0% card may well get you through until things improve.
With credit card companies looking to maximise their profits many people with a large debt on their card are finding their interest rates are being increased. These cards are offered by many card companies and are a great way to get control of your debt.
What is a balance transfer?
Put simply it is what happens when you pay off debt on your old cards with your new one.
* Say you have 2 cards a and b owing $2000 on each.
* You get a 0% balance transfer card c.
* You ask c to transfer the debt from a and b to c
* C pays off a and b and your debt is now on c at a low rate!
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The following tips are basic principles about obtaining and using credit cards that can save you some serious cash and keep you out of debt.
10. Have at Least One Credit Card for Emergencies – While we highly recommend having a rainy day fund for emergencies rather than relying strictly on credit cards, having a credit card with a low interest rate “just incase” is a good idea.
9. Rewards are not so Rewarding – Rewards can be a good thing, but only if used correctly. Rewards cards typically have a higher interest rate than regular credit cards, with the value of the rewards justifying the extra expense. The rewards are not usually as valuable as you may think. Typically the value of the reward is around 1 cent per dollar charged and often the rewards expire at the end of the year if you don’t use them. If you pay off your balance in full each month and charge a lot they can be worth while, otherwise you’re better off with a non-rewards card.
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