Menu Close

BALANCE TRANSFER CREDIT CARDS. SHIFT EXISTING CARD DEBT TO 0% INTEREST FOR UP TO 34 MONTHS

TO CHANGE THE EXISTING CARD DEBT AT 0% INTEREST FOR A MAXIMUM OF 34 MONTHS

BALANCE TRANSFER, If you have a balance transfer credit card, you can shift existing card debt to 0% interest for up to 34 months.

WHAT IS A BALANCE TRANSFER CARD?

It is a 0% balance transfer credit card, if you get a new card to pay off your existing credit card and store credit card debt, you must pay it off, but at 0% interest. Such a card will have a 0% period, during which you will pay no interest and sometimes pay a small fee. This means you will get out of debt faster, as more of your payments reduce the debt, rather than paying interest.

WHICH BALANCE TRANSFER CARD IS BEST?

First, you can’t transfer balances between cards at the same bank. So, where you transfer the debt from will narrow down this choice. Which one to choose will depend largely on which cards you are eligible for, as you will need to pass a credit check as part of the application.

If you qualify for many cards but aren’t sure which one to choose, follow this rule.

THE FIVE GOLDEN RULES

Getting it wrong will cost you a lot, so you can do the following.

  1. Pay off the debt or switch back before the 0% or cheap rate ends, otherwise costs can skyrocket.
  2. Pay at least the monthly minimum, otherwise you may lose the cheap rate.
  3. Don’t spend or withdraw cash at a high rate.
  4. To get the 0% and the rate, you should almost always make the balance transfer within the first 1-3 months.
  5. You cannot transfer balances between two cards from the same bank or, often, the same banking group.

THE BEST 0% BALANCE TRANSFER CARDS

If you need help choosing between cards, you should opt for the lowest rate for as long as you are sure you can afford it. The longer ones charge you a one-time fee, as a percentage of the amount of debt you. However, there are shorter options that have no fee, so there will be no cost if you manage to pay off your debt within 22 months or sooner. If you’re not sure, play it safe and see it through.