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What are Balance Transfer Credit Cards?
Most everyone in today's world carries some sort of credit card debt. And with all of this debt piling up, the credit card companies have figured out a way to “win your debt over to them”. What we mean by this is credit card companies will offer you 0% Interest APR for so many months in order to Transfer your Debt Balance over to their card. In other words, a credit card balance transfer is the transfer of outstanding debt on a credit card account to an account held by another credit card company.
Whether you are looking for a break from current interest rates with a 0% APR for only 6 months or up to 18 or 21 months, you will find our current offers here.
Real World Example
Lets say you currently have $10,000 in debt on a credit card. And your current interest rate is 18% APR. If you paid the minimum monthly payment of $50 for 18 months your total interest charges would be close to $3,000. Now paying this additional interest would not be something I would be happy about. Luckily there is something you can do about it.
So you see a commercial or an advertisement of 0% APR Balance Transfer for 18 Months (Promotional Period). Now is your opportunity to stop getting charged interest on the $10,000 in debt you currently have. Go to the company or their website and open an account for the 0% APR Balance Transfer Card they advertised about. There you will be able to open the account and transfer your outstanding balance of $10,000 to the new card with 0% APR for 18 Months.
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At this point you have transferred $10,000 worth of debt that you could have been paying close to $3,000 of interest on over the next 18 months to a new card with 0% Interest APR. This saves you from paying the roughly $3,000 in interest on your old card that you could have been paying if you would have left your debt where it was. But instead for the next 18 months you get to pay off the $10,000 in debt without accruing interest. Although most of these types of Balance Transfer Offers come with Transfer Fees. So be cognizant of what you are signing yourself up for.
With this real world example, this should be able to answer your question of: What are Balance Transfer Credit Cards?
Check our our Current Listing of the Longest 0% Interest APR Credit Card Offers with No Balance Transfer Fee
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Are Balance Transfers Good or Bad?
We have several articles to help you determine whether or not Balance Transfers are good or bad. See links below.
Will Balance Transfers Affect my FICO Credit Score? See how balance transfers can impact your credit score and what you need to know when applying for a Balance Transfer Credit Card by clicking HERE.
See how Balance Transfer Credit Cards can be a very good way to manage your debt and even help you to become debt free. Click here to learn more.
Check our our Current Listing of the Longest 0% Interest APR Credit Card Offers with No Balance Transfer Fee
Whether you are looking for a break from current interest rates with a 0% APR for only 6 months or up to 18 or 21 months, you will find our current offers here.
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Summary: What are Balance Transfer Credit Cards?
With the amount of debt piling up today, Balance Transfer Credit Cards can be a good way to relieve you from interest payments temporarily. With the proper money management skills and being diligent about paying off debt we find most Balance Transfer Credit Cards to be a good way to manage your debt.
Just remember Balance Transfers can be good if you properly manage your debt. We recommend using these offers to pay your debt down or pay your debt off completely. Do not use these to acquire more debt that you will not be able to pay off.
More Related Articles to: What Are Balance Transfer Credit Cards? And Are Balance Transfers Good or Bad?
Check our our Current Listing of the Longest 0% Interest APR Credit Card Offers with No Balance Transfer Fee
Whether you are looking for a break from current interest rates with a 0% APR for only 6 months or up to 18 or 21 months, you will find our current offers here.
*Disclaimer: BestPrepaidDebitCards.com is an independently owned and operated, advertising-supported financial product comparison service. Many of the credit card offers that appear on linked sites are from companies from which BestPrepaidDebitCards.com receives compensation.