subject: Can You Use A Super Balance Transfer Credit Card? [print this page] In many ways super balance transfer credit cards are the calling cards of the clued-up personal finance gurus: this is a way of actually using credit cards to make money in a way that was never intended by the providers, truly beating the credit card companies at their own game.
Perhaps because of this, however, the credit cards which have the capability to be used in this way are fairly rare and there tends to be a few obstacles along the way.
So, if you're thinking of using a super balance transfer credit card the very first things you should ask yourself are: am I both experienced enough and savvy enough to pull this off?
The experience you'll need will be a history of successfully managing credit cards probably including some reward cards, since these require an excellent credit history in the first place.
The savvy you'll need will be organisational skills.
Then there's finding the credit card: super balance transfers can be found in any table of 0% balance transfer credit cards.
The only difference is that they enable the user to transfer the balance to a current account as well as moving a higher credit card debt onto a 0% rate.
Super balance transfer credit cards are therefore also useful for paying off loans with a lump sum, paying back cash debts or money owed to friend or relatives.
Most famously, though, they're a money-making tool so if you want to use one for this you'll need access to a high-interest savings account.
Then you just transfer the money to savings, take off the interest and pay it back to the card.
Making at least the minimum repayment is also important as introductory rates can be withdrawn if this isn't met.
So to run through the basics again:
You'll need to be experienced and savvy with financial products (high interest bank accounts and credit cards).
Then you'll have to use a credit card comparison site to find the longest deal.
Once that's done you'll need to move the balance of the credit card to a current account and pay it back again in full before the introductory rate runs out and without incurring any charges.
In short, this is a crafty financial move but not one that many people will be able to make work.
