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Unfortunately, the annual percentage rate on a balance transfer for life may not be as appealing as a 0% for a set number of months. In the long run though, if you have a high balance and plan to take more than a year to pay it off, you will save much more. Also, this type of offer will save you time and stress. You won't need to repeatedly transfer it to the best offer you can find. If you continue to apply for a credit card every few months, it can negatively impact your credit.
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How much can I save?
In the example below, the customer has a 0% on balance transfers for 6 months, with an annual percentage rate of 12.99% afterwards. The customer has transferred balances from other accounts totaling $10,000.00 and will be making a $150.00 payment a month. On the customers other account, the same amount has been transferred, with plans to also pay $150.00 a month. The only difference is that this balance transfer offer is at 4.99% until paid off.
See what you can save in just 1 year?! Imagine if these balance transfers were paid for in 3 or even 4 years. I hope you can see the great benefit of using a balance transfer for life credit card over a standard balance transfer offer for a set period of time. Keep in mind too, this example does not take into consideration new purchases, only payments and finance charges.
See how making new purchases could put you at a disadvantage.
So what credit cards are available?
Below you will find several credit cards to choose from that have a balance transfer for life offer. Banks even offer this balance transfer option on some business cards!
Personal Credit Cards
Blue Cash® from American Express®Blue from American Express®
Blue Sky from American Express®
Clear from American Express
Delta SkyMiles® Gold Credit Card
Union Plus® MasterCard®
As explained earlier, the best time to use a credit card offering a low rate balance transfer until paid off is when you don't think you can pay off your transferred balances in a years time. But what if you can pay them off in a year? It's probably best then to find a balance transfer option at zero percent for 12 months, that way you can maximize your savings in your specific situation. You'll definitely be able to find such an offer, it's one of the most popular these days.
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