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U R @: Education Center : No Longer Relevant : Save with 0% APR Balance Transfers


SAVE WITH 0% APR BALANCE TRANSFERS

Overview

The 0% APR balance transfer is the lifesaver of the credit card world.  When you apply for this type of offer, you can take balances from your high interest credit cards and defer paying interest for one year (or even more).  If you haven't paid your balance in full at the end of the 0% period, you can opt to do another balance transfer and defer interest again.

There are essentially two types of balance transfers.  A standard 0% APR balance transfer deal offers a special rate for a limited time, generally 6 months to 1 year, but charges a 3% balance transfer fee for every transaction. 

To maximize your savings, look for a 0% APR credit card that offers low fee balance transfers.  Many companies have increased balance transfer fees to 5%.  Finding a card with a 3% fee can thus save you $20 for every $1000 transferred, or $100 on a $1000 0% balance transfer.

While there are a number of factors to consider when making an online balance transfer, the two most important are the duration of the 0% APR and how much your balance transfer fees will be.  For most, a 0% APR balance transfer that lasts for 12 months or more and charges a 3% balance transfer fee will likely provide the best value.

Should you have any questions regarding the balance transfer process, please feel free to contact us.  At SmartCreditChoices.com, we strive to answer all visitor emails within 12 hours.


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