There are plenty of reasons why a 0% balance transfer credit card could be the solution you’ve been searching for. Aside from paying much lower interest rates on your current card debts, you’ll also be able to begin repaying your outstanding balances much faster than ever before.

If you take a look at your current credit card statement, you’ll see that there are interest charges added onto your balance once a month. The minimum payment you make throughout that month is barely enough to cover the amount of money you’ve just paid.

So if you were to keep making that same payment off your card balance each month, but you knew you had a 0% balance transfer credit card, you’d have no interest adding to your debt every month. You’d also know that the payments you make come straight off your debt, reducing your balances.

What You Should Know About 0% Balance Transfer Credit Card Offers

Instead of paying such high rates of interest on your debts, you have the option of transferring all the balances from your credit cards or store cards over to a new card that charges much less.

Most 0% balance transfer offers only extend for an introductory 6 months. This means after the initial low interest rate period is finished, your interest rate will revert to the higher standard purchase rate for that particular card.

If you’re careful about shopping around before you apply for your zero percent card, you should be able to find a card that offers a competitive interest rate after the honeymoon period ends.

This means that if you can’t repay your full debt before the 0% balance transfer offer ends, you’ll still be paying a lower interest rate than you’re paying right now. You’ll still be saving money on how much your debt is costing you at this moment.

You should also check whether there is an annual account fee charged to the account you’re willing to switch over to. Sometimes banks charging 0% interest rates make up their lost profits by charging customers higher annual fees.

You should also take the time to check whether you’re being charged a balance transfer fee. This is a fee calculated as a percentage of the amount you’re transferring from your old cards over to your new cards that could be added onto your debt levels.

As long as you’ve taken some time to study credit card comparison sites and check the 0% balance transfer card you’re thinking of applying for, you should find you’re saving plenty of money. You’ll also find you’re able to begin paying off your card debt much faster than you thought possible.

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What Exactly Are Balance Transfers?

At their simplest, balance transfers are simply the process of transferring some or all of the balance on one credit card to another card. The problem is that unless you know what you are doing, performing a transfer is extremely hazardous as the pages and pages of legal stipulations and conditions make it very easy for the credit card companies to make money from you – sometimes a whole lot of money. This is why companies advertise so heavily to transfer your balance to them, because they stand to gain a great deal from it.

Transfer Fees

Another thing to keep in mind is that balance transfers may cost you money just for the privilege of doing a balance transfer. The amount of the fee is usually a minimum of $5 and generally, it comes in the form of a percentage rate, around three to five percent. Depending upon your contract, there may be a cap on the fee that is charged, but how much this cap is will depend on your provider, and some companies have no cap at all. This makes transferring a $1000 to a different card potentially a very expensive proposition.

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1. How Long Is The 0% Really 0%?

The first thing you need to ask when looking for 0% balance transfer no annual fee credit cards is how long does the 0% interest rate last? After all, if it’s only a 6-month offer and you owe thousands of dollars, chances are you won’t have time to pay it off before the “real” interest rate kicks in.

Which brings us to point number 2…

2. What’s the “Real” Interest Rate?

If the 0% offer isn’t good for the life of the balance, what does the rate go up to when the offer expires? If you’re looking at a 22 percent interest rate after six months, you might be in worse shape in six months than you are right now. In this instance, the 0% balance transfer no annual fee credit cards can be your worst nightmare – not your best friend.

So how do you avoid the nightmares? By knowing what’s out there. Which brings us to our other points…

3. Life of Balance Offers Do Exist

No matter what your credit card companies want you to believe, life of balance credit card offers are out there. However, 0% balance transfer no annual fee credit cards that offer a 0% interest rate for the life of the balance are very hard to find. Even if you do find them, you have to have excellent credit to qualify.

If your credit is less then perfect, this type of card isn’t going to be an options. That being said…

4. There Are Suitable Substitutions

If you don’t qualify for the 0% balance transfer no annual fee credit cards that offer a 0% rate until the balance is paid in full, opt for a low-interest fixed-rate card instead. A low interest rate of, say, 9.9% over the life of the balance is a lot better than a balance transfer of 0% that jumps up to 22% a few months after you transfer your balance.

5. Get To It

So now that you know what to look for, try to see if you can find some 0% balance transfer no annual fee credit cards that you qualify for. If you can’t, then opt for a low-interest fixed-rate card instead. Then, as your credit improves, try for the 0% balance transfer no annual fee credit cards again.

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Starting at the very top of the pile is the Virgin card UK customers should take very seriously. Coming with 14 months 0% balance transfers and 0% on purchases, customers will be impressed with its 16.6% Typical APR. The Virgin card also comes with a host of extras including discounts on Virgin Holidays, Virgin Media and other products, making it one of the most attractive cards available.

Similarly attractive among credit cards is the Barclaycard Platinum which boasts 0% balance transfers for 16 months (with a 2.9% fee), 0% on purchases and a Typical APR of 16.9%. It also comes with a new rewards programme called Barclaycard Freedom, which will be of great benefit to any customer.

The Halifax All In One offers 10 months 0% balance transfers (with a 3.00% admin fee) and purchases, which is bolstered by an extremely competitive Typical APR of 15.9%. The APR alone make this a formidable contender among the cards and it should be given due consideration by all users.

Customers will get an instant decision on the MBNA Platinum and, should they be accepted, will then enjoy 13 months 0% on balance transfers (with a 2.90% admin fee), 3 months 0% on purchases and will benefit from a 16.9% Typical APR.

Security is everything these days. The Halifax Plus card is one of the few cards to come with online fraud protection as standard. Complementing this with 13 months 0% on balance transfers (with a 3.00% admin fee), 3 months 0% on purchases and 16.9% Typical APR the Halifax Plus Card should be on every customer’s radar.

If you are looking for a UK credit card which will significantly strengthen your credit rating, then the Capital One Classic is the best performing out of all the cards. The card provides £1,500 spending power at a Typical APR of 34.9%.

Far from exhaustive, this list will nevertheless give you a good range of the top UK credit cards to consider. Do some research, consider your options and choose the card which best fits your particular requirements

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At times it is so that the interest you pay would depend entirely on how good or bad you fair in credit ranking. Your annual income and nature of past payments also matter a lot. If you have had a bad credit history then you might have to pay a higher interest as compared to those who have good credit ranking. Thus, by paying off your balance on time or even before the due date you can easily assure the interest free credit card for your good credit ranking. Today all the major credit card companies provide customers with interest free credit cards whether they are Virgin credit card or Egg credit card or even Natwest credit card accompanied with additional offers.

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Any interest free credit card can prove very advantageous for you by many means. This option gives you the chance of balance transfer and helps you to pay off your existing outstanding balance of your borrowings without added burden of interest. This card proves to be the handy tool when you are looking forward to a big purchase and want to repay in the easy installments. This card proves to be a boon for you if it is used wisely. Unfortunately the credit card issuers generally hide the actual APR and which comes into picture once the interest free period is over. This proves hard because now you have to pay more than what you may wish to.

Interest free credit cards are a great option for those running into high debts. Since, you can get an opportunity to pay back your debts without mounting any more of them. But do not let the concept of interest free credit cad pile up your debt any further. Within that interest free period you have to repay your outstanding amount within the stipulated period. The best way to find the interest free credit card is to go for a detail market research, seeking all the avenues available for the information and then go for any credit card.

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Start Making Money

There are ways to make money from credit cards rather than them being a drain on your finances. One such way that many may do not know about is the 0% “Super Balance Transfer“, another step up from the 0% Balance Transfer, which lets you move your debt around to save you from paying interest charges. The 0% “Super Balance Transfer” allows you to pay other debts.

This is how it works, a 0% “Super Balance Transfer” can be used to pay off any debts that you have that are not credit card related. This is done by paying the money that you will get from the new credit card straight into your bank account, leaving you free to pay off any manner of debt that you have, this is where it differs from the normal 0% balance transfer facility.

You can pay off any debt that suits

This cash can also be transferred into your account even if you are free from any debt, which means that you can place your credit limit into a high savings account, then once the 0% interest period is almost over, you take the cash that the credit card company “lent” you and pay it back into and thus clearing the credit card debt. Always remember though that while this cash is lying in your savings account gathering interest you will still have to meet the minimum payment set by the credit card issuer, which is normally 2% of the balance or a minimum of £5.00.

The golden rule! Do not use this card to make purchases!

Once you have paid off the credit card you will be left with a profit for borrowing someone else’s cash, but what you have to remember is that you don’t spend on the credit card, this will only eat into the profits that are there to be made and could defeat the whole purpose of why you were doing it in the first place.

Finding the credit card companies who offer this service wont be too difficult, but most will require a fee to transfer your credit limit into your account, this will normally be a 2% charge to a maximum of £50, though you may find that a few credit card companies will not be charging as much as this.

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Many cards offer a 0% introductory offer for a period of time and that means you can apply the entire payment to the principal and as a result significantly reduce your debt as long as you maintain the same monthly payment as if you would have been charged interest.

The selection of cards with no balance transfer fee is decreasing, but even if you are charged a fee it can still be a good deal. The standard transaction fee is 3%, but the rate on your current card is probably closer to 10% APR. That means if you have a $4000 balance that is being transferred you will be saving almost $400 in interest the first year without paying a fee, but even with the fee you are still saving over $250 compared to your current card.

This is a very good deal for the consumer, but it is important to stay disciplined during the introductory period. If you read the fine print it will indicate that if you fail to make a payment on time you will be charged the default rate, which is over 20%. If this happens you are not only paying a higher interest, but you have also increased your balance by 3% if you were unable to find a card with no balance transfer fee.

You also need to remember that the introductory offer will expire at one point. Unless you plan on paying off your debt within this period it is important to find a card that offers the same or lower rate than your current card.

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The quickest and easiest way to find the best 0 interest credit cards is to use an online service that provides a range of good introductory offers from reputable companies. Without the benefit of one-stop shopping for credit card deals, you could well find yourself wading through pages of internet search results and associated information trying to discover the best deals.

You have a vast choice of many different types of category, from cards with very long introductory 0 interest periods to rewards cards of all types, and accounts for students, business people or people with a bad credit history.

These all-in-one online credit card facilitators usually offer online applications as well and a few of the better ones even provide a reminder service to inform clients when their introductory period is about to run out. A reminder service is highly valuable because it enables you to transfer the balance of your credit cards to other ones so you never actually have to pay interest.

Instead of spending hundreds of dollars every month on credit card interest, you will have more disposable income for other things. If your family budget has been stressed because of high interest payments, the decision to take advantage of these special credit card deals can immediately alleviate the situation. 0 interest credit cards can also offer a painless way to consolidate and reduce debts. If the balances of a few different credit cards are transferred to one single introductory offer card, not only will you not have to pay interest for the introductory period, you will only have to find one minimum payment instead of many.

No matter how you look at it, transferring credit card balances to o is a good thing. Not only will you not be paying excessive interest to financial institutions, you will have placed yourself in a strong financial position to get rid of debt, save and invest, and be able to afford to pay important expenses. Debt stress will quickly be relegated to the past if you take full advantage of the introductory period and transfer the balance to another zero rate card before interest payments kick in. It makes great sense and it is easy to organize. You just have to make a decision.

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It can be quite challenging when you’re trying to find the best credit card balance transfers on the market if you don’t completely understand how they work. Balance transfer cards are a great way to handle an existing debt on one of your credit cards, but you need to know what to look for to find the right card. There are few different transfer cards available and it is important that you pick the right one so that you get the most out of the card.

There are a few important things that you should look for when you are comparing best credit card balance transfers. Some of these include the annual fee, the handling fee, the interest rate and how long the balance transfer interest rate lasts.

The annual fee

Every card has a different annual fee. It is important that you compare what the fees are on balance transfer cards before applying for one. Some cards charge as high as $200 or more for this fee, and you don’t want to find out too late that you have picked a card with an outrageous fee. When you’re looking for the best credit card balance transfers you will find information about the annual fee on the credit card site.

The handling fee

Most credit cards do charge a fee for making a balance transfer. This is usually between 2% and 3% and finding a card with a lower rate is sure to save you money. You should also find out if there is a maximum limit on this fee, especially if you are transferring a large balance. Some credit card companies will only charge you $50 as a maximum fee, which is quite reasonable.

The interest rate

Many credit cards offer a promotional interest rate for balance transfers. The interest rate can be as low as 0% for six months and may reach 7% or 8% if you choose a card that gives you an unlimited amount of time to pay off the balance. These rates are very low when compared to the standard rate of interest you will find on the average credit card. In order to get the best balance transfer card for your needs, you will have to find the card with the lowest interest rate that matches your own financial situation.

How long the special rate lasts

Many cards will give you six months to repay the debt at a 0% interest rate. Some cards will give you up to a year with a very low rate, and some cards will give you as much time as you want to pay off the balance. Usually the interest rate goes up as the time limit becomes longer to pay off the debt. You will have to figure out how long you need to handle the balance and then choose a card appropriately. Once the time limit is over for the promotional rate you will have to start paying the standard interest rate on any of the remaining balance. It is wise to choose a card according to your budget and how long you determine it will take to clear up this debt in full.

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The use of credit cards has increased enormously over the last decade or so. Lenders are not always responsible about who they offer cards to – often people who clearly have no chance of paying them back if they use them to their full credit limit. Spending money on credit cards is one reason for many of the personal debt problems that people have today.

If you are one of those people with credit card debt, there are certain ground rules that you need to be aware of if you want to put the debt behind you. First and foremost being that you should not consider borrowing more money to pay off your debt, or taking out more credit cards for spending. Debt is rarely improved by borrowing more money and your situation is much more likely to be made worse than it was before. With credit card debt the best solution is to try to move your debt to another card with the lowest interest rate you can find, preferably 0%.

Balance Transfer You Way Out Of Debt

You need to look for cards with the best interest rates for ‘balance transfers‘. It doesn’t matter what the rate is for purchases, because you aren’t going to be making any. This is a very important rule – when you do a balance transfer, you must forget that card as far as spending goes. You will rarely find a card that has a special deal on both balance transfers and purchases, so chances are you will soon lose anything you gain on the balance transfer deal if you start spending on the same card.

You need to have some idea about how long it is going to take you to pay off the total debt on your credit cards. If you know you can do it in about a year, then you can look at doing one balance transfer with a good 0% deal and that should be all you need. Once you have transferred, you can just concentrate on paying back what you owe, without being charged any more interest. Just make sure you focus on when the 0% deal runs out and that you can pay if all off by then.

If you need longer than that to pay it off, then you can either find the lowest rate you can for the ‘life of the balance‘ (you are guaranteed that rate until the debt is all paid off) or if you are organised and disciplined you can keep transferring your balance to the next special offer 0% deal and avoid paying any interest at all. I stress that if you are not organised this will not work and you will end up paying interest and other charges. Be honest and decide whether this is for you or not.

Understanding Credit Cards

The way you deal with credit cards will be improved by facing up to some basic truths about them first. The first thing to remember is that the every single credit card is designed to make money for the card company – they would not exist otherwise. This does not mean that there are not ways to take advantage of the benefits of credit cards without paying the card companies, but you need to understand where the traps are and how to avoid them.

They turn a profit by making it very easy for you to spend money you don’t have, and charging you on what you have borrowed until you pay it back. The big difference between cards and loans is that with a loan your repayments are fixed, so you definitely pay interest, whereas with a credit card you can avoid paying any interest at all if you pay off everything you spend every month.

The card companies have a vested interest in you not clearing your balance each month. They hope that you will not repay everything you owe so that they can charge you interest on the money you have borrowed. Credit card companies are also good at building in additional charges for things like late payments or going over your credit limit, so there are lots of ways of getting more money out of you if you do not understand and follow the rules carefully.

In the UK you will see the term APR used in all credit card advertisements. APR stands for Annual Percentage Rate and is the rate of interest that you would need to pay on any debt using the card over the course of a year. Putting the APR on information about credit cards is a requirement of the Consumer Credit Act 1974, and is intended to allow people to understand the longer term impact of the interest rates, and to enable fair comparisons between different cards. You can imagine how difficult it would be to compare the deals offered by several cards if one used monthly interest rates, one annual, etc.

The Minimum Payments Trap

All credit cards have a minimum payment amount which is the least you must pay each month and this is generally about 2 – 5% of the balance. As this is such a small proportion of the debt, you will take an awful long time to pay it off if all you do is make the minimum payments. Remember, the longer you take to pay back the debt, the more the card company will get from you in interest charges.

What the credit card companies dream of are customers who promptly pay the minimum payment each month. This gives the companies the reliability of someone who pays them regularly, but allows them to charge a great deal of interest because they take forever to pay it back. You should aim to pay off the full balance every month if you can, but even if you can not manage that, you ought to arrange a fixed payment for the most you can afford. Always avoid the trap of just paying the minimum payment.

The Cash Advance Rule

Credit cards have their uses, but getting cash advances is not one of them. You will almost always be charged a lot of money for doing this, so the best approach is to act as if it is not possible, and use other means for getting cash. If you do use a credit card for a cash advance there are likely to be additional problems such as any repayments you then make not going towards paying off any of the very expensive interest on the cash advance until you have cleared all the other debt.

Follow these guidelines and you can use credit cards for cheap borrowing and free credit, without paying for the privilege.

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