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Credit card balance transfers

One subject that many people may be considering at the moment is the transfer of their credit card balances to a new credit card in order to take advantage of the many 0% balance transfer offers available. So how does a credit card balance transfer work?

In simple terms one of the many credit card balance transfer deals on offer at the moment will allow you to transfer your credit card balance from one card to another while reducing or eliminating the interest rate payable for a defined period of time. Many new card applications will offer you the chance to transfer your balance and attract 0% interest on the balance for maybe one year, two years or even more. This should in theory give you the opportunity to realign your finances although you have to remember you will still be liable to pay the minimum credit card payments per month.

However, when looking at credit card balance transfers you will also need to look at the fine print to see if there are any charges associated with the transfer. Some credit card companies will charge you anywhere upwards of 3% of your balance transfer but if you do your figures this may well still be more attractive than remaining on your old card and paying a higher rate of interest. Professional advice should always be taken before carrying out any major financial transactions.

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