Sunday, January 9, 2011

Balance Transfer Credit Cards with Zero Percent Interest Rates

The rapid increase of interest rates in Australia just made it more painstaking to look for a reasonable balance transfer from a credit card. More credit card providers are on the rise. Hence, offers become more competitive each time. Having said this, the process of selecting the right card remains highly important.

The Advantages of Having Your Own Balance Transfer Credit Card

There are banks that offer interest rates that can be as low as zero percent. You should consider taking a look at these offers and see if they are the solutions that you have been searching for. Many people can benefit from a balance transfer card because not only does it allow you to pay incurred debts with lower interest rates. You are also able to pay outstanding balances much faster and more easily than usual.

Interest rates are surprisingly high, most of the time. Just take a look at your current credit card statement and notice how much interests are charged onto your monthly balance. If you find these charges unreasonable or quite heavy for your pocket to handle, you always have the option to avail the benefits of a balance transfer credit card.

Zero Percent Interest Rate

The beauty of having a zero percent balance transfer card is you do not have to worry about paying for interests that add onto your debt per month, because there will be none.

Whenever you have high interest rates, you can always transfer the balances to from your current credit card to a new card with lesser charges. Thus, there will be no need to pay rates that are as high as it should be.

However, keep in mind that zero percent balance transfers are usually valid for a certain period only. As an introductory offer, most banks make this offer valid for six months. That same card will then charge you with a higher interest rate after the offer has expired.

It is just a matter of handling your funds responsibly. If you shop wisely and do not make purchases upon impulse prior to having a zero percent card, then you are likely to find a card that can still provide reasonable interest rates even after the introductory period comes to an end.

Allot some time to check if you are charged with a balance transfer fee. See to it that the amount being charged to you is correct. It is a percentage of your money transfers from the old card to the new card that can be added onto your current debt.

Another important factor to look at when searching for a good balance transfer credit card is the annual fee. There are banks that offer zero percent interest rates. However, there are also some that may impose high fees per annum as a strategy to gain more revenue for their companies.
With all these in mind, always check your options when it comes to choosing a zero percent balance transfer card. Understanding what you are applying for can help you save a lot of money, and pay for debts much faster than usual.

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