Finding the Best Balance Transfer Deals

August 25th, 2010

When you are looking at credit cards offering low balance transfer deals, you need to consider a few things in order to find the best card for your needs.

First of all, you need to ask yourself how much of your outstanding balance you intend to transfer over to the card. Then, you need to think about how much time you’ll need to pay that debt off.

0.99% p.a. for 12 months

Choosing Cards with Balance Transfer Deals

You should also take time to consider the other benefits in addition to the low balance transfer deals to make sure you are getting the perfect credit card to match your financial needs. When you finally do locate the right card and move your balances over, you should find that your high monthly interest costs are greatly reduced. More of your monthly payment will be going directly towards paying off your balance instead of paying off the interest bill.

There is no better time than right now to find low balance transfer deals. These deals are lures that the credit card companies use to get you to sign up with them. Of course they want your business, so the best way to ensure that is to give you the best deals possible. They have the idea that if they can offer you a low rate on balance transfers, you won’t hesitate to sign up so you can save money that would otherwise go to interest.

What do They Get?

In return, they are expecting that you will accrue some interest and that you won’t be able to pay off the balance you transfer within the time frame you’re given. This is called an introductory offer.

It’s when the credit card companies say you don’t have to pay any interest, or low interest, on balance transfers and you have three to six months and even a year to pay it off before it starts accruing interest. The credit card companies are literally banking on your not paying off your debt by that deadline. This, they expect, will make them a lot of money.

However, you can take advantage of these introductory low balance transfer deals and pay off your debt, which in turn will save you a lot of money. If you’re smart about it, you can be free of that credit card debt in a few months.

Not only that, but you’re saving a lot of money that otherwise would have paid interest. Most of the time when you make the minimum payment to a credit card company, your payment mostly goes towards the interest and then goes towards the principal balance. This way, you are only paying on your debt and that means you’ll be able to pay it off much quicker.

Not only do you get great low balance transfer deals, but you have a powerful credit card in your pocket that’s accepted at over 24 million locations worldwide.

Editors Choice: Featured Credit Card Deals

	Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
Westpac 55 Day Credit Card	0% for 5 months (reverts to 19.59% )	3.99% for 6 months	$0	21.49%
Citibank Clear Platinum Card	11.99%	2.9% for 12 months	$99	21.74%