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Below is her story along with the different choices out there on the market today, including a couple options with no balance transfer fees. I never bothered, though. The tactic seemed weird.
I used one and it helped pay off my debt a year ahead of schedule! That got my interest. Then she made every effort to pay off the balance. It was a great strategy because based on her calculation, the lack of interests helped her reach her credit card debt free goal days ahead of time.
She said more people should take advantage of these offers to get out of debt and I totally agree. Sure, this may seem like a foolish exercise in futility at first glance — taking out a new credit card account to get rid of credit card debt — but nevertheless, the fact remains that this can be a remarkably effective tool in your arsenal when you want to save money and diminish credit card debt.
While these balance transfers are effective for the credit card companies, they also can be a powerful aid to customers who wish to save money and pay off credit card debt. This is how the process works: These are not usually difficult to find, although there are variables about which customers should be aware.
Some balance transfer offers are considerably longer than others, and in this case, longer is definitely better.
In addition, customers would be well advised to pay close attention to the interest rate after the period of zero interest expires. It will, of course, be increased. However, some companies will charge incredibly high rates after the end of the initial period with no interest.
Because of the importance of these types of details, it is absolutely vital that a customer read the fine print very carefully before deciding which credit card offer to accept.
Once the new account has been opened, customers will usually find the telephone operators with their new credit card company more than willing to assist them in transferring the balances to their new account.
This is to be expected, of course, because they want as much of that money transferred into that account as possible — right up to the limit. How that account is managed after the transfer is what will make the difference in how much money is saved over the course of the zero interest period.
Once the new account has high-interest funds transferred in, this is the best time to pay down that balance as aggressively as possible. By doing this, customers may be able to completely pay off much of the credit card debt without incurring any interest fees at all, saving significant amounts of money.
It is, however, vital to remain aware of when the zero interest promotion ends. The offer permits you to transfer balances from other credit cards onto the new card at an amount up to your credit limit.
After this period of time, any remaining balance will default to the normal interest rate, under the terms of most cards. This fee used to be capped, which meant that there was an upper limit maximum that would be charged.
This will depend on the amount of money you owe and the interest rate you are currently paying. This will make a vast difference in determining whether a balance transfer makes sense in your situation or not. If you are making larger payments, you will pay less in interest.
While this is a savings, only you can decide whether that amount of money is worth the hassle of transferring a balance.A Lloyds Platinum 20 month balance transfer card is ideal if you’re looking to save by transferring from a different non-Lloyds Bank credit card.
For PTPTN loan borrowers, you may now check PTPTN loan account balances at faster way using mobile phone anywhere by SMS. Below are the examples of how to use SMS to check .
This posts lists a bunch of the 0% balance transfer credit cards on the market today, and having the list in the first place was motivated by a reader who managed to pay off her debt with these 0% balance transfer .
This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at [email protected] India is the second fastest growing economy in the world and.
Balance Transfers - November 8th. Roundup: The Longest 0% Balance Transfer Offers Available in November With 0% balance transfer offers continuing to prove popular with consumers, Canstar can reveal which credit cards on its database currently offer the longest 0% balance transfer deals.
Risk. Writing a check to yourself with borrowed funds is a dicey proposition, because it could backfire. Any credit card balance lowers your credit score by adding debt to your profile and increasing your credit utilization rate -- the percent of your credit card limit available.