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0% APR Balance Transfer Cards

If you are currently carrying a lot of debt on a credit card with a high interest rate, a balance transfer credit card can be your ticket to a fresh start. Balance transfer cards let you move the balance that you owe on one credit card over to a new card, getting you better rates on the debt that you already have, and better rates for any additional purchases you might make. Using balance transfer cards can keep your interest payments manageable and affordable, and eventually help get you out from underneath your debt.

Read The Fine Print Before Transferring Credit Card Balances

It isn't the principal on your credit card that gets you-it's the interest you pay on it. If you've accumulated a fair amount of debt, and you are carrying it on a credit card with a high interest rate, it might be time for you to think about balance transfer cards. While your current credit card is charging you a high interest rate on the amount you owe, balance transfer cards can offer you a lower interest rate-frequently, even a period with no interest at all-and a way to get yourself back in control of your debt. Balance transfer cards can get you the interest rates you can manage, and the time you need to really start paying off your principal.

How can balance transfer cards do this? Balance transfer cards simply take on whatever amount you owe on another credit card, and apply their own rates instead of the other card's. This means that you can get away from a credit card with a bad interest rate, but it also means you have to pay close attention to the details. You want balance transfer cards that are going to help your financial situation, not saddle you with an even higher interest rate.

There are several things you need to examine when you are looking at different balance transfer cards. One of the first and most important things for you to think about is the introductory rate. First, find out if the balance transfer cards that you are looking at have one. An introductory rate is the rate that the credit card company will offer you for a period of time after you've signed up for their card. Ideally (and frequently), the introductory rate on balance transfer cards will be zero percent, giving you a little time in which to pay down your principal, without any interest adding up.

Next, you need to make sure that the introductory rate offered by the balance transfer cards that you're looking at actually applies to balance transfers. Often, credit cards will have different rates for normal purchases than for balance transfers, so you want to be sure that the balance transfer cards that you are considering have an low interest rate that applies specifically to balance transfers. Otherwise, you might just be hopping out of the frying pan and into the fire. Also, make sure that the introductory rate that is advertised is the rate that you will get. Rates frequently depend on your credit history, so don't just assume that you automatically got the rates you read about in an ad, without looking at the terms on your contract.

Another important thing to consider when you're looking at balance transfer cards is the duration of the introductory period. Most balance transfer cards offer an introductory period that lasts from six months to a year. Try to shoot for the balance transfer cards with the longest introductory periods, to get yourself the most time possible with the lowest rates. Balance transfer cards with an introductory rate of zero percent interest and a one-year introductory period will give you an entire year to pay off your principal, without accruing any more interest.

Finally, you need to make sure that the balance transfer cards that you are considering are the right financial choice for you in the long run. Even if the introductory rates on the balance transfer cards that you're looking at are incredible, if the interest rates jump to an unmanageable level after the introductory period ends, the cards you're looking at probably aren't a great choice. Used properly, balance transfer cards can get you the time you need to get your finances in order, so make sure you know what you're doing before you sign a contract. Many 0% APR balance transfer credit cards also offer low interest, cash back, gas rewards, airline miles rewards, or rewards.