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3 Tips to Generate Maximum Benefits from Balance Transfers

[Wednesday, February 22nd, 2012]

Are your credit card balances showing no sign of improvement as a result of exorbitant interest rates even though you are making payments every month? Well the smartest move you can make at this moment is to look out for credit card balance transfer deals.

A credit card balance transfer deal allows credit card consumers to swap their extremely high interest credit cards for low interest cards in order to make substantial savings and improve their chances of paying their credit card debts in full. These deals used to be abundant a couple of years ago but the global economic meltdown has impacted negatively on the willingness of lenders to make such offers. However there are still a couple of offers available as long as you conduct effective research.  So how can you generate maximum benefits from credit card balance transfers?

1.Sign Up for Balance Transfer Deals with Minimum Interest

Firstly the only reason why you are signing up for a credit card balance transfer offer is to be able to reduce the interest rates on the amounts already borrowed so you will be able to settle your debts before they get out of hand. This is why you should look out for new cards that offer minimum interest rates, keeping in mind that zero interest cards are even possible. Minimum interest rate cards will substantially reduce your cost of borrowing and help you make generous savings on your debt.

2. Get Balance Transfers with Long Introductory Periods

Almost all credit card balance transfer offers come with an introductory period within which you will be offered minimum interest rates for your debt. Since these periods are never permanent, it’s important that you look out for deals with these periods lasting as long as possible. It’s important that you make a realistic analysis of how long you will need to be able to pay off your debts and make sure the introductory period will cover that period or at least be very close. This will give you the chance to wipe off a substantial amount of your debts at low interest.

3. Look Out for Offers with Generous Interest Rates After Introductory Period

Keep in mind that upon the expiry of the balance transfer offer, the debt will come with a new interest rate which will be substantially higher than the introductory rate. It’s important that you look out for deals with the most attractive interest rates after the introductory period so that you don’t end up with another high interest credit card that will suck the life out of your bank balance and get you into more debt. This is especially vital if you know you won’t be able to settle your debts in full within the introductory period.

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