Saving Money With 0% Balance Transfers By Elizabeth Williams At Isnare.com Ezine Articles

Whenever you have credit card balances with high interest rates, you should be looking at 0% balance transfer credit cards. Here are a number of ways you can save money using a 0 apr balance transfer:

Get a Cash Advance. Many of the no interest credit card offers allow you to take cash advances from any ATM for unexpected expenses. The best offers will include the 0% interest on the cash advance (at least during a promotional period) but be sure to read the fine print carefully to make sure.

Stop Paying High Interest. If you've got a number of credit cards with varying interest rates, you're paying more on interest than you are paying toward the actual amount you owe. Simply transfer each of your higher interest credit card balances to your new card and pay them off without interest.

Pay Over Time. Using someone else’s money has been a staple of the credit industry for years. You make a purchase want or need now, and transfer it to a 0% balance transfer credit card later to pay it off without getting hit with interest charges. This makes your purchase the same as paying with cash.

The benefit the most from a 0% balance transfer credit card you need to read and understand all of the terms and conditions before you apply and use the card. Make sure you know exactly when the no interest promotion ends, and be sure to pay your balances off within that period to avoid all interest.

The tough economic times has resulted in many credit card companies to scale back on the number of no interest balance transfer promotions they offer. Even as early as a year ago, anyone with a reasonable credit score could find and qualify for a 0% balance transfer credit card, but as the credit market tightens, so do the number of no interest offers.
Where as previously people could find balance transfer offers at zero interest for the life of the balance; now you may have to settle for twelve months – or even six months. Balance transfer fees have been increased as well - once a maximum of $75, they are now reaching twice that amount depending on how much money you transfer. In addition, it's becoming increasingly difficult to qualify for a no interest balance transfer credit card if you have less than perfect credit.

Despite the challenges of approval and the decreased benefits of balance transfer offers, it is worth seeking out these cards as they still can save you significant money by transferring balances that currently have much higher interest rates attached to them. The average family carries a credit card balance of $8,000, and at 13% interest you can save in excess of $900 if you are able to take advantage of a no interest balance transfer offer and pay the balance off within the time period. With higher interest credit cards you can save even more – and all savings are welcomed in a time like this.

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