No Interest Balance Transfer

Having a no interest balance transfer offer means you can start repaying your old debts without incurring any additional interest. The best offers are those that give you no interest for “the life of the balance”, but these are also the most rare and difficult to qualify for. If you're unable to get this type of balance transfer offer, you should focus on getting a twelve month, no interest balance transfer credit card offer. This will give you twelve months to focus your efforts on repaying the debt that you transfer to the new card, and hopefully get it paid off within that time period. Doing so will eliminate any additional interest or fees from accumulating on that old debt; and save you money over the long-term.

It's true that you may have to evaluate several credit cards before you find one with a no interest balance transfer offer, but the time you spend looking is well worth it when you can save a few hundred dollars in interest. If the only one you can find and qualify for is a balance transfer offer of six months; it will still save you money – just be careful to check into the details of the interest rate when the promotional offer ends. You want it to be the same or lower than the current interest rate you are paying if you feel you will not be able to pay the balance off in full during the no interest promotional period.

The most important thing you need to be careful of when using a no interest balance transfer offer, however, is to stop using credit cards until you've paid off the transferred balances. It's very tempting to use the credit cards that no longer have balances on them, which means you are simply moving money in order to make room for creating additional debt- and that completely defeats the purpose of using a no interest balance transfer credit card!

Debbie Dragon is a writer for Creditorweb.com, where she writes about credit cards, including rewards programs, balance transfer offers, and business credit cards.