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Balance Transfer Credit Cards

Balance Transfer Credit Cards are one of the easiest ways to save money on your credit card balances. If you have one or more credit cards with a high Interest Rate — you may wish to apply for one of the following Balance Transfer Credit Cards. Transfer you high rate balances to one of these cards offering 0% interest on Balance Transfers.

The Citi Diamond Preferred Card, the Discover it Card and the Citi Simplicity Card are all offering a 0% Introductory rate on Balance Transfers for up to 18 months. The Citi ThankYou Card is currently offering a 0% Introductory rate on Balance Transfers for up to 15 months. After the introductory period, regular interest rates will apply.


Balance Transfer Credit Cards
Transfer Balances to a Credit Card with No Interest for up to 18 Months


Save Money on Credit Card Interest with a Balance Transfer Credit Card

The easiest way to save money on your credit card interest is to do a balance transfer. Statistics indicate the average consumer is paying 15% interest on their credit card balances. This means if you have a balance of $5000 you will pay $750 in interest charges over the next year.

If you find a balance transfer credit card offering 0 interest for 12 months or more.. you can save yourself several hundred dollars by applying for the card and transferring your balance from the old card to the new card.

When doing a balance transfer between credit cards you will normally incur a transfer fee of 3%. That means a transfer of $5000 will cost $150. However.. if you are transferring your balance to a credit card offering 0% interest for the next 12 months.. even though you are paying this transfer fee you will still be saving an average of $600 in interest charges over the next year.. depending on the interest rate you are currently paying.

This offers the benefit of being able to pay down your balance and reduce your debt faster with 100% of your payment going toward reducing the principal each month, rather than wasting so much of your money paying interest.

Back when the economy was booming.. you could often times find no-fee balance transfer credit card offers. However, with the economic downturn credit card companies began to limit their special offers. No fee transfer offers have been extremely rare in recent years. They have been available only through direct offers from the credit card issuers.

As the economy begins to show more improvement, the credit card companies may make the decision to begin offering customers no fee balance transfers once again. Until that time.. you can still save quite a bit of money on your credit card interest by taking advantage of current balance transfer offers.

As noted.. even with the cost of the transfer fee you will still save several hundred dollars. Simply compare the balance transfer offers from the above credit card issuers and enjoy the savings!


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