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The 0 APR Balance Transfer - How to Find and Benefit

By Edited Nov 13, 2013 0 0

Do you have a bunch of different credit cards that have huge balances on them? The interest penalties are enough to consume your entire minimum monthly payment, and balances that are very high will affect your credit rating. Finding a card that offers a 0 APR balance transfer may be just the answer that you are looking for if you are looking for a way to get a lower interest rate. That then makes it is possible to start paying the principal of your balance down and get out of debt. 0 Apr balance transfers also enable you to close all of the other accounts that you have and focus on paying off one account. There is no sense in spending all of your hard earned money making interest only payments when you can take advantage of 0 APR balance transfer offers that have a lot of benefits attached to them.

There are certain things that you will help you to determine if a certain offer is good for you or not. One thing that you will need to be looking for when you are searching for a 0 APR balance transfer offer is checking to see if the offer also has a zero percent APR on new purchases that you make. Some card offers that you will get in the mail, for instance, have only a zero percent rate on the transferred balance but not on new purchases. Some have a special zero percent rate on purchases for a limited time like 6 months or a year. And some don't offer the zero percent rate on new purchases at all. Companies like Wells Fargo, Chase, Citibank and American Express generally all have multiple offers for a 0% APR credit card going at the same time to different potential customers based on credit scores. It can be very confusing. You also want to be sure that an offer you choose does not include an annual fee or you will not be getting as good of a deal as you think. A lot of companies offer a 0 APR balance transfer but sneak an annual fee in on you to make up for it.

Another way that you can benefit from finding a 0 APR balance transfer credit card is finding one that offers rewards and incentives. There is a lot of competition among different credit card companies, so in order to set themselves apart from the pack different companies will offer different rewards and incentives. I currently have one of these zero interest cards from American Express and Amex has a great point system rewards plan for customers. You may find that some companies offer a cash back incentive on certain types of purchases. These are items such as gas, airfare, and meals at restaurants that these companies have deals set up with. You will usually find that these 0 APR balance transfer credit cards will give you around five percent cash back for making these types of purchases, so it may be well worth it to go with a company that offers a deal like this if all of the other parts of the offer match the things that you are looking for. And that is the key to picking any of these offers. You have to ask yourself if the overall deal is worth moving an existing balance from one or more of your credit cards to one of these 0 interest credit cards.

You will want to be sure that you read the service agreement contract thoroughly before you decide that a particular company is the right one for you. Some contracts state that the 0 APR balance transfer will only last for six months, some a year, and still others have other periods of time that the 0 percent will last. Make sure that you read carefully and ask questions about anything that you do not understand. If you are filling out an offer on a website there will usually be a customer service number where you can call and talk to a representative of the company and they will answer any questions that you may have as well as explain additional things that you may need to know.

Choosing a company that is reputable is a great way to be sure that you get the best service. Names like Wells Fargo, Bank of America, Chase, and Citibank are a known quantity. You may have your opinion about a particular company, but they are all big banks that offer 0 APR cards. For example, a Visa 0 APR balance transfer will have agents who are trained to help you deal with any problems that you run across, whereas Joe Blow's offer of a 0 APR on balance transfer may not come with any customer service at all. You may have a difficult time getting through to anyone who can answer your questions if go with a company that you have not gotten information on first.

One other thing that you want to make sure that you check into when you are looking for a 0 APR credit card balance transfer is what the rate will be when the 0 percent term has expired. Sometimes you will notice that a rate is astronomical, so if you do not intend on paying off your credit card by the time that the zero percent rate expires you will want to try to find a card with a low APR after the initial period. Yes, you can do the math and try to figure out whether it will be a good deal to take advantage of one of these offers over some period of time considering a limited zero interest period, but unless the entire transferred balance stays at the 0 APR until paid off, you may want to pass on the offer. Inevitably, things come up and many people will not end up paying as much off as they intended and then you might end up snagged in a much higher rate than you are paying now. Just make sure to read the fine print.

There are a lot of ways that you can benefit and take advantage of a 0 APR balance transfer. Combining all of your high rates into one low rate is an easy way to get your debt paid off. There are also a lot of perks that you will be able to get by taking advantage of a 0 APR transfer balance. Be sure to look over the terms of service contract thoroughly in order to ensure that you are getting the deal that you think you are. You will be able to experience freedom by paying off all of your debts.



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