Credit Card Balance Transfers By FederatedCreditCards.Com Copyright © 2008

If you are paying interest on substantial credit card balances then a 0% balance transfer card can be a great tool for saving and reducing your payments. Many credit card offers allow you to transfer existing balances during their introductory period for very low or no interest. Consider the savings if you are paying 18% interest on a substantial credit card debt. Various balance transfer programs give you from 5 months to 1 year to pay off the balance interest free or at a low rate. Again, think of the savings. Balance transfers are available with most credit card offers and provide various benefits, --as long as you know how to take advantage of them in the right ways. Review the tips and information below in order to make the most of your balance transfer.

1. Know when the end is coming! Not the world but the end of the introductory rate. The most popular introductory offer is 0% APR. Some cards only take five or six months until the 0% APR expires, while others can take up to a year, or more. Or even until the full balance has been completely paid off. Either way, you need to know when the ongoing rate kicks in, how high it's going to be, and have a separate means of financing ready to go.

2. You also need to know whether there are any fees for balance transfers, and how much they are. Sometimes the fee is waived during the introductory period, though most of the time it is still in place, and can averages three to five percent. If there is a balance transfer offer, however, the best possible way to make the most of your savings is to transfer only once. Making multiple balance transfers, with the fee in place, can end up costing you more money than you counted on.

3. Using convenience checks to boost your bank account? Think twice! Although convenience checks are, well, convenient for giving your bank account some extra funds, they can pack a double whammy. Using them to make purchases, for example, if you have not read the fine print on your agreement, might end up costing you a high advance cash rate.

4. Know the triggers that will cause higher interest rates! Let's face it; there are things you can do that will make your life harder, and knowing what they are, and when not to do them, can seem like a luxury. It doesn't have to be, at least with your credit card account. Some of the most frequently stumbled over triggers are really just basic common sense: make payments on time, make payments in full as often as possible, don't exceed your credit limit, --and card issuers do review your credit report, so make payments on time for any other creditors as well.