Credit Card Balance Transfers Can Help You Stop Putting Money Down The Drain

As you probably know, interest rates are at all time lowright now and if you aren't getting the bestdeal from your credit card company then they owe it to youto either lower your rate, or you owe it to yourself to find a better deal. You see, credit cardcompanies need your business in order to succeedand if you refuse to pay a penny more than you have tothen you'll be doing yourself and others a bigfavour indeed. By doing this, you'll avoid paying morethan you should and the companies will stoptreating its clients inappropriately.

Now that this is clear, we will talk about the essentialsof balance transfers, how they work and howyou can ensure that you get the absolute best possibledeal.

1. First and foremost, understand what a balance transferis. A balance transfer is when youtransfer the balance from one card to another in order toget a better interest rate than the one thatyou are currently getting.

2. Second, to find the absolute best deals, look totransfer balances on cards where the initialinterest rate is 0% and the amount after that is lowerthan the one you have now. For instance, ifyou're a cardholder that has an interest rate of 27.4% ona £1000 balance and you only pay £150 amonth for 6 months, you will not pay off the balance in 6months. Instead you will pay £247 worth ofinterest and your balance after 6 months will be £346. Incontrast, if you had a 0% card and make thesame monthly payment then your balance will be reduced to£100 at the end of the 6 month period, atremendous saving!

3. Third, don't throw those offers that you receive in themail away. If you have great credit thenyou'll likely have credit card companies vying for yourattention. Just use this power to youradvantage and find the very best 0% deal for you.

4. If no good deals seem apparent, then you have to findyour own deals. You can do this byconducting a thorough search on the internet to see if youcan find a 0% card offer.

5. Once you've done this, request information and thenreview it carefully. Pay close attention tothe rate after the initial introductory period is over.For instance, if you have two choices of cardswith 0% interest rates for 6 months and one charges aninterest rate of 15.00% after the initialperiod and one that charges 11.00% after the initialperiod then by all means choose the second onebecause it is by far the better deal overall.

6. Read and then re-read the credit cardholder agreement acouple of times. Make sure that youunderstand all of the jargon and if you don't, findsomeone that does before you sign it. Review itclosely to make sure that you are getting the best dealpossible. For instance, when evaluating deals,you should ask yourself these questions:

a. How long does the introductory rate last?

b. What will be the rate after the teaser expires?

c. What are the cards annual fees? Can they be waived?

d. Are there any transfer fees that you should be aware of?

e. Are there any perks that are offered? (Ex. frequentflier miles, free gifts, etc).

7. Once you've decided on an offer, fill out yourapplication fully and get it in the mail as soonas you can.

8. Once you get the offer, make sure that it is a 0%teaser rate and if it isn't, then contact thecompany right away. If they aren't open to doing so thentell them that you're cancelling the card andlook for another company that delivers what they promise.Your primary goal is avoid the old "bait andswitch" while simultaneously saving money on interest.

9. While waiting for your new card, make sure that youcontinue to pay on your old card to avoidglitches in your credit report and once you receivenotification that the transfer has been made, makesure you contact the old company and make sure that theyreceived the payoff amount.

10. After the teaser rate is up, don't be afraid to jumpfrom one credit card to another after theteaser expires. You see, there is absolutely nothing wrongwith surfing cards and taking advantage of0% offers whenever you possibly can. Just keep findingand researching great deals.

That's it my friend. Credit card transfers don't have tobe so confusing and daunting. If you follow the above mentioned steps then you can and will win the balance transfer rate and stop throwing your hard earned money down the drain.

Claire Bowes is a successful freelance writer and owner of http://www.the-credit-card-centre.co.ukwhere you will find further advice and money-saving tips on the best credit cards, 0% balance transfers and cash back credit cards.

More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More Credit Information:

Related Articles

Our World Of Credit Cards! Which One Is Right For You
There are not many of us who do not have a credit card these days. But, not all of us are as wise in the area of understanding how they work and how they make money.
The Best Strategy To Erase Credit Card Debt
Credit card debt is a growing sickness in the United States and Europe. It is very important to eliminate debt and take control of your financial health.
Credit Card Debt: One Way To Avoid It
One of the biggest problems people have in these modern times is Credit card debt, and worst is USA.Simply because there have always been so many laws and regulations before you could have acard in the rest of the world, you can't for instance borrow someone elses card and go shopping becauseyou always have to show some ID before they accept cards in Europe.
Four Tips How Homeowners Can Rebuild Their Life After a Foreclosure
Let's face it, if you are facing the possibilities of losing your home due to a foreclosure and you think that you may never be able to purchase another home anytime soon. Keep reading.
Building Business Credit
Most businesses want to be able to borrow money when they need it, without the owners having to guarantee the loans personally. This means less risk to the owners.
Credit and Its Cost
What is Credit?Credit is money granted by a lender (or creditor) to a debtor (or borrower) whereby the lender defers receiving payment of the debt for a period. In exchange for the credit allowed, the lender will get back the money lent plus interest.
Automobile Credit Report
When applying for a loan to purchase a car, the lender will want to take a look at a person's auto credit report. Credit reports tell lenders all they need to know about granting a loan to all applicants.
Free Credit Report - Watch Out for Scams
Many people may still not be aware of an amendment to the Fair Credit Reporting Act (FCRA) that Congress passed last year. This amendment allows U.
Bounced Checks - Straight Talk On Dealing With Bad Checks (NSF)
A check can be considered bad if it is bogus or the NSF checks (non sufficient funds check), also referred as bounced check.The issuance of a NSF or bad checks is an unlawful act and can attract civil and criminal penalties.
How to Deal with Hire Purchase Debt
WHAT IS HIRE PURCHASE/CONDITIONAL SALE?Although people often talk about "buying on HP", Hire Purchase Agreements are quite unusual these days. Cars are the most usual goods sold under Hire Purchase or Conditional Sale Agreements.
How to Get Credit Reporting Agencies to Help You
The process of clearing credit can be laborious and frustrating. Understanding your rights empowers you and saves you time and effort.
Restore Your Credit Rating And Reduce Your Debts
Your credit rating affects many areas of your life. Opening new credit accounts, buying a home or car, getting a new job, and receiving discounts on insurance rates are just a few of the things that are impacted by your credit score.
Searching For A Low Interest Credit Card?
These days, people need to very carefully consider whattype of credit card they will carry in their wallets. Thereare so many options out there, and each individual hasdifferent needs.
How to Evaluate and Raise Your Credit Score
Why do some people get offers for pre-approved credit cards and others don't? What do car dealers know about your financial health that you don't know? The answer is your credit score.Your credit score is a number generated by a mathematical formula to estimate how likely you are to pay your bills.
Free Credit Reports Now Available From the FTC
The Federal Trade Commission (FTC) has set up a new website (www.AnnualCreditReport.
Credit and Loan Help for Mortgage Loans
Mortgage loans are some of the most difficult loans to receive if you havebad credit because lenders focus heavily on your credit score and historyof making payments on time. However, there is credit and loan help forindividuals interested in home mortgage loans.
What is on Your Credit Report?
Your credit report is a very important piece of the puzzle in your financial picture. It contains a historical record of your personal and financial information including a listing of your current and past debts and the timeliness of your payments.
Do You Know The Top Five Credit Card Mistakes?
When you're dealing with credit cards, you're playing with fire. Unfortunately, there are plenty of people out there who don't realise that, and make all sorts of dangerous mistakes with their credit cards every day.
Negotiating Rates with Your Credit Card Company
Ok, let's face it, everybody hates high credit card rates, and they drain hard earned money out of your wallet. As a valued consumer, it is apparent that you learn how to negotiate to get the absolute best rate that you possibly can.
Rebuild & Keep Good Credit Ratings by Understanding Your Credit Cards
Secured Credit Card is similar to a prepaid credit card since the funds you are using are actually yours and not the issuer of the credit card. Generally people who apply for secured credit card or prepaid credit card are people with poor credit or unemployed.