0 Apr Credit Cards On Balance Transfers

By on June 27th, 2011

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0 Balance Transfer Credit Cards And The Road to Debt-Free Finances

If you're hunting around for 0 balance transfer credit cards then presumably you have some high-interest debts that you would like to consolidate on to one card at a low introductory interest rate.

If this is you, then it can make a lot of sense to do this. Interest payments that have spiraled out of control are no laughing matter and they can affect people for years of their lives while they try to get them under control. Often the interest payments end up dwarfing the initial debt and then you enter into a debt spiral that can be difficult to dig yourself out of.

If you are in real financial trouble then you can seek some free governmental financial advice. Another path you may want to try is the 0 balance transfer credit cards which are designed to offer a zero rate of interest for a limited period of time - usually 6 or 12 months - during which there will be no extra interest incurred. So you can pay off all the other high interest debts you have with the one new card and you will pay no additional interest for that period. If you are realistic and disciplined this set up can enable you to clear the new principal debt without having to also cover an extra 15 or 20% in interest each month, potentially saving you large amounts in interest payments and putting you in a better position to clear the total debt.

0 Apr Credit Cards On Balance Transfers

If you use these 0 balance transfer credit cards to clear debt then you are being financially smart. If you are not disciplined enough financially to be able to do this then the truth is that they can drag you into more trouble. Making new purchases may attract a high interest rate; also, if you don't clear the balance transfer amount in the specified time, the cash advance rate (over 20%) may be applied to remaining debt which can put you into the same situation of high interest payments that you were trying to escape from. It is called a "cycle of debt" for a reason - you go round and round!

Debt-free finances is possible but it takes planning, budgeting, working within spending limits and keeping an eye on statements and agreement periods. If you are not the sort of person to be able to budget your finances well, check monthly bank statements or to take much notice of when the balance transfer period expires then either take steps to remedy that or don't consider one of these types of cards.

About Author
For more information regarding 0 balance transfer credit cards, low interest rate credit cards and credit card deals, please visit: www.lowerbills.com.au

0 Apr Credit Cards On Balance Transfers

Source: http://www.sooperarticles.com/finance-articles/credit-articles/0-balance-transfer-credit-cards-road-debt-free-finances-482622.html

Frequently Asked Questions

  1. QUESTION:
    How can I get a small business credit card that offers 0% APR on balance transfers?
    I own a successful small business with excellent credit rating. I need a small business credit card that offers 0% APR on balance transfers and/or outstanding rewards-points program. What can you recommend to me? Also, isn't there a web site that helps you find/match personal credit cards to your preferences - is there such available for business too?

    • ANSWER:
      I googled business credit cards for ya and sites like Findbizcards etc don't have anything in terms of business credit. You're going to find that since this economy is in the crapper, banks are less than willing to lend to a business, even if it's successful.

  2. QUESTION:
    Is it bad to keep transferring credit card balances to 0% APR cards?
    Every time the APR on my credit card kicks in, I search for a new credit card with 0% APR and try to transfer the balances. Then I cancel the card that I just had the balance on. Is that bad to do? It seems to help whittle down the total when I'm not paying any interest.

    • ANSWER:
      Transferring credit cards on a regular basis has a slightly negative impact on your credit score. But it's only short-term. If you aren't taking out a mortgage (or other BIG loan) soon... I wouldn't worry about it too much. Here's a great place to compare 0% credit card deals:

      http://www.asapcreditcard.com/0-apr.html

      Unfortunately, it will be almost impossible to find a 0% credit card without a 'balance transfer fee'. The credit card companies have caught on to tactics like yours and are trying to limit their losses. But depending on your balance-- you can still save a ton of money using these offers.

      Since you probably won't find a card without a 'balance transfer fee', look for offers with a CAP or LIMIT on the charge. For example, the Discover More and Chase Platinum cards both have a limit on their 'balance transfer fee'. This will help you save the most.

      Hope this helps. GOOD LUCK!

  3. QUESTION:
    Should I pay the minimum on credit cards with 0% APR on my balance transfers?

    • ANSWER:
      NO!

      It is a fixed deck. It will never be paid off in your lifetime that way. Eventually, the interest rate will go up, or you will have a "financial Emergency", and they will jack the interest up to 29% and then you are screwed.

      Pay it off as fast as possible, but pay the highest interest rate credit cards first.

  4. QUESTION:
    I was offered 0% interst on credit card balance transfers..Should I do this to save on APR?
    I have 2 cards with 0 balances allready. If I have too many accounts open will that hurt my credit? I also want to save interest and transfer a higher rate cc to on of the balance transfer offers I got. How many credit cards are tooooo many?

    • ANSWER:
      So are you wanting to actually transfer to a new card or is this an offer on an existing card?

      The more cards you have and the more times your credit is checked in order to open new accounts, cards, or loans the lower your credit score can go, especially if you have a number of cards with balances. Now, if you have a small number of cards with low or no balances and high limits that's good.

      If you are talking about opening a new card just for the balance transfer but you have two cards with no balances you should call one or both of those card issuers and tell them you have a better offer elsewhere but you'd rather do a transfer to them and ask if they will either meet or beat the competitor's rate and time frame for the balance transfer. Don't ruin your credit score by having too many cards....later in life, if you haven't already, that credit score will dictate your home loans' and car loans' interest rates which is tons of money in question depending on your rate.

  5. QUESTION:
    Credit card with 0% APR on balance transfers for life?
    I am looking for a credit card that has a 0% APR on balance transfers for the life of the transfer, preferably with not balance transfer fee. I have searched MANY sites and only found 0% for the first 6, 12 or 15 months then the regular APR (usually like 15% or so) from that point on. Can anybody recommend a card that will do this?
    I do not receive offers through the mail...I signed up to stop receiving those (figures that as soon as I do I would like to have one lol). My credit rating is excellent, so I should have no problems getting almost any card.

    • ANSWER:
      Most of the answers above are spot on. (there is no free lunch)

      1. you either get a 0% deal on balance transfer for a fixed period - 12 months is a good deal.

      2. Or you get a fixed rate (above 0%) for the life of balance. Many American Express Cards have the fixed rate for life of balance offer. In fact, they are actually the one that started this. Examples of amex cards that offer fixed rate for life of balance are :

      1. Blue
      2. Blue Cash

      Both give you a 0% apr on purchases and 4.99% apr on balance transfers for life of transfer.

      Hope that helps.

  6. QUESTION:
    Are there any 0% APR balance transfer, NO FEE credit cards out there?
    It seems to me after some searching that these cards don't exist anymore. I can see 0% but there is a fee or a no fee on balance transfer but a small % APR.

    anyone know of a card that has 0%APR on balance transfer AND no fee?

    thanks

    • ANSWER:
      I have not seen any 0% no fee ones, but there are a couple with limited fees. Barlclays bank US is offering one through Air Tran airways (if you go to Airtran.com you can see a link) that offers 0% for six months, and a fee limited to . I thought that was a great deal.

      I also had good luck with pentagon federal credit union, who offered 2.99% for life of the transfer with a fee capped at 0.

      If you are looking to move more expensive debt, and can keep yourself from adding any more purchases to the PenFed one, it's a very good offer.

      Good luck.

  7. QUESTION:
    Anyone have a WaMu Visa Platinum credit card with 0% fixed apr on balance transfers??
    I am thinking about going ahead and getting it to transfer some other balances but NEED to know good and bad things about WaMu?? Thank you!!

    • ANSWER:
      wamu's stocks are doing bad so i would suggest staying away from them to avoid uncertainty. If you are looking for a good 0% APR, then i found some cards listed at the following site. Stick with the big players like Amex, citi, discover. They are all listed on the site below. You can even apply online and get approved instantly. good luck!

  8. QUESTION:
    What no-fee credit card offeres the longest 0% APR on balance transfers? (preferably a free balance transfer)?
    Looking for a credit card that has a no-fee 0% APR on balance transfer - for as long as possible.

    Advice?

    • ANSWER:

  9. QUESTION:
    I need a credit card with 0% APR and 0% on balance transfers?
    I really need to find one before September. I need one that offers up to 12mos w/out having to pay anything during that time period.0% on everything.
    I really need to find one before November. I need one that offers up to 12mos w/out having to pay anything during that time period.0% on everything. I have one right now but the promotion on it is ending in Nov. I have excellent credit.

    • ANSWER:
      Check out below sites for Credit Cards with 0% APR and 0% on balance transfers.

      http://loan-house.we.bs/creditcards.html

      http://loan--house.blogspot.com/search/label/Credit%20Cards

      Best of Luck...

  10. QUESTION:
    Is there a credit card with no fee balance transfer and a 0% APR on balance transfers?
    Hi,

    I made a big purchase in June and that bill (,000) is coming due in early August. I wouldn't mind delaying that payment somehow. I was thinking of transferring the balance to another card if possible. Are there any good cards out there for such a thing? (I always pay my bills on time and have excellent credit.)

    Thanks a lot!

    • ANSWER:
      Not any more.


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