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0 APR Balance Transfer
Have you considered a 0 APR balance transfer to help you save on your credit card debt? You may have received credit card offers in the mail or have seen them online that offer no interest or low interest balance transfers. What do they really mean, and what are the benefits of a 0 APR balance transfer? If you have a balance on a high interest card, using a balance transfer to a low or no interest card for a bit can help you save on interest while you pay off your credit card debt.
If you are considering a 0 APR balance transfer, you should read the terms carefully. Be certain that you will incur no fees in the balance transfer, and that you understand how long the introductory period for the lower interest rate is. In some cases, if you begin carrying a balance on the card above and beyond your balance transfer you may find that the entire balance is subject to the card’s interest rate. The terms of the best balance transfers include a 0% APR for 12 months on balance transfers; however, you will see cards with a 0% APR offer for as little as 3 months or as much as 15 months. Some cards may have a balance transfer fee; however, if the terms of the card are good, it may still be the right choice for you. You should also be aware that payments will go to the lowest interest debt first. Thus, if you accept a balance transfer offer, and then accumulate debt on the card, the purchases made on the card may accumulate substantial interest. Those considering a balance transfer offer should also be aware of universal default law, and thus understand that a late payment on any bill can leave you with a very high interest rate on all their credit card debt, including the balance transfer.|
| | Chase Platinum Visa Card |
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Intro APR - 0%
Intro Period - 12 Months
Regular APR - 11.24%
Annual Fee - $0
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| Blue From American Express - 0% For 15 Months |
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Intro APR - 0%
Intro Period - Up To 15 Months
Regular APR - 12.24%
Annual Fee - $0
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| Discover More (SM) Card - Top Cashback Offer |
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Intro APR - 0%
Intro Period - 6/12 Months*
Regular APR - 10.99%
Annual Fee - $0
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What are the benefits of a 0 APR balance transfer? First and foremost, it can allow you to move high interest debt to a lower interest card. If you can pay off your credit card debt within the 0 APR introductory period, taking advantage of a balance transfer can help you save substantially on interest. Some savvy Americans have even worked the system to their advantage, by taking out a balance transfer, earning interest on that sum while it is at 0 APR and then paying it off just before it would begin to accumulate interest.
If you have good credit, but are making payments on some high interest credit card debt, a 0 APR balance transfer may be a good idea. Do make sure that you have good spending habits, control over your own credit card usage and can pay all your bills in a timely manner before considering accumulating more credit card debt. The 0 APR available in some balance transfer offers can be a useful tool for consumers looking to save on interest fees, but it is best used with a repayment plan in mind. If you have excellent credit, you may even be able to use these 0 APR offers to finance a major purchase.
As with anything, buyer beware. Be certain that you fully read and understand all terms and conditions associated with the card. Moreover, you should also have a repayment plan in place. If you are using the card to help you correct past debt, it is especially important that you avoid accumulating new debt. Smart shoppers can make good use of these offers, and help themselves save by using the money as they need, then paying it off before interest is charged.
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