subject: Using Balance Transfer Credit Cards To Reduce Interest Rates [print this page] What a title huh? I know what most consumers who are reading this are probably thinking rite now, This guy must be crazy! If I have credit card account debt now, why do I need another charge card?. Well, as much as a shocker as this may be, it is 100% possible for many people to get the financial relief they need by using a special kind of charge card account. This special charge card account is called a balance transfer credit card account!
Balance transfer charge card accounts are financial products that came about because of the overwhelming competition in the credit card account industry. Banks were forced to create new charge card products that would be greatly appealing to people. Thinking of what would be the best benefit to the average Americans, many banks started creating balance transfer credit card products. These financial products would allow Americans to pay off high interest rate debt with extremely low introductory and long term rates.
This was truly just what many people needed. Today, there are so many balance transfer charge card account offers that people don't have to look to hard to find one that will help their financial situation. When looking for a balance transfer charge card to use as a debt relief option, there are a few things that people really should remember. Here are some tips for the search:
#1 First and foremost, the key to using a balance transfer charge card as a debt relief option is choosing an offer that will provide a 0% introductory interest rate for at least 1 year! Introductory interest rates are the big bang when it comes to balance transfer charge card accounts. It is the reason Americans use them so much and can benefit so much from them. So, when searching for a balance transfer charge card, people should make sure they are getting a 0% for a minimum of 12 months.
#2 Next, make sure to pay attention to the standard interest rate on the account. If the standard interest rates on the balance transfer charge cards are the same or higher than the standard interest rates on the charge cards consumers are transferring the balances from, after the introductory period, people may find themselves in the same position! Always make sure the balance transfer charge card used as a debt relief option has a lower standard interest rate than the one the balance is being transferred from!
#3 Finally, people should pay close attention to any other fees that may be charged! I'm talking about annual fees that can go up to $1,000.00 and offset the savings of having the low interest rates. Also, most balance transfer credit cards will come with transfer fees. Transfer fees tend to be around 5% which is fine as long as Americans get a 0% interest rate for a minimum of 12 months and don't have to pay an annual fee!
Once Americans choose their charge card, the debt relief process is simple. Use apply for the balance transfer credit card account. Once approved, use the available credit to pay off higher interest rate accounts. Pay on time and enjoy the low interest rates that your new charge card has to offer!
