0 Balance Transfer Credit Cards

I think it’s definitely smart to be looking for 0 Balance Transfer Credit Cards.

I’m fortunate that I have great credit score. For which I genuinely owe a personal debt of gratitude to my mother and father, who not only guided me financially via my initial bank card transaction, but also helped fund my college education and typically kept me on the appropriate path, monetarily. So although I’ve in no way earned a especially huge quantity of funds, I’ve in no way accrued a especially significant amount of consumer debt, either. And what debt I’ve had I’ve been in a position to spend down rapidly and, if not effortlessly, then at least it’s been manageable.

What Is A 0 Balance Transfer Credit Card?

If you need help with hard-to-handle credit card debt, you might be looking for 0 balance transfer credit cards. Basically what this means is that you take the credit card debt from one card (say your Mastercard) and transfer the debt over to your Visa. In order to reward you for bringing them the business, the Visa card initially charges you a “zero” interest rate on that new debt. This low interest rate will last for some period of time, and then get boosted up to a higher amount, so Visa can start making money off of you. Be sure to read the fine print and know when the interest rate will start being applied. Also, sometimes if you take an action they don’t like (such as your credit score dropping too low) the credit card company may boost the interest rate above zero, more quickly than you anticipated.

How To Get Educated About 0 Balance Transfer Credit Cards

Others aren’t so lucky as I have been. My girlfriend, for example, comes from a family which is much more well to do than mine. And their attitude toward income seems to have encouraged her toward a bit of recklessness when it comes to our finances. To that end, when we got together eight years ago, she was carrying seventy thousand bucks worth of student loan financial debt and fourteen thousand dollars worth of bank card debt. Which was daunting, considering that combined we ended up making less than sixty thousand bucks a year even though living in New York City, the most costly city in the world.

As soon as we decided to combine our finances, we came up that has a plan to pay off her credit card debt, and it resolved around locating a affordable credit card nearly every month to shift account balances. I would use my great credit ratings to get 0 balance transfer credit cards, then switch a massive chunk of her financial debt to that card, and then start paying the personal debt down with out accruing any extra interest. The key, though, was obtaining that affordable bank card which would approve transferring large sums.

It was significantly simpler to search out a affordable charge card back within the early and middle part of last decade, when we were doing our financial gymnastics, than it is now.

When she was carrying her fourteen thousand dollars of bank card personal debt, she was paying a 22% interest rate because her credit rating was so bad. I was in a position to get approved for two credit cards that offered zero percent interest on balance transfers for two years – one which has a ten thousand dollar credit limit, the other with a five thousand dollar limit. By transferring her debt to the 0 balance transfer credit cards, I was in a position to wipe out interest payments for 24 months. In that time we paid off four thousand dollars, bringing her total down to ten thousand dollars.

Because then we’ve been repeating the same method, even as it becomes harder to find credit score cards that will give a zero % interest rate on balance transfers. But it’s worked for us, at least, and this year we finally broke the thousand dollar barrier. We’re down to triple digits for the first time since we’ve been together.

The 0 Balance Transfer Credit Cards definitely gave us a head start!