How To Take Advantage of Credit Card 0 Balance Transfers

Using a credit card 0 balance transfer scheme allows you to pay off old credit card debts without spending money on interest. The deal, of course, is only temporary which means that you must be diligent in your repayment so that you get the full benefit of the transfer. If you do not pay the card in full before the low rate expires then you will have to pay interest on whatever remains.

Hopefully, that remainder will be zero or even nothing at all. As you choose your credit cards you should look for one that has the lowest interest rate for the longest period of time. This optimizes your window for repayment and saves you the most amount of money. If you are really good with money you could even profit from a scheme like this by placing your payments into an interest bearing account for the free period. Then, just before the free period runs out you turn the money in that account over as payment and you earn the interest. That however, is only for those who can be very careful with their money. If you are already in credit card debt chances are you do not fit that particular description.

Pros and Cons of credit card 0 balance transfer offers:

* Citibank Clear Platinum Card

o Pro – Credit card 0 balance transfer rate for six months.
o Pro – The interest rate for balance transfers reverts to a relatively low 11.49%.
o Pro – This is one of the few cards that also offers zero percent on purchases for six months.
o Con – The annual fee is steep at $49* per year.

* HSBC Credit Card<

o Pro – Zero percent interest rate on balance transfers for six months
o Pro – There is no annual fee
o Con – The purchase APR is 16.99 percent
* ANZ Low Rate MasterCard
o Pro – Zero percent interest for the first six months
o Pro – Low annual fee of $0
o Pro – Relatively low interest rate on purchases of 16.99 percent

* ANZ Balance Visa Card

o Pro – Zero percent balance transfer rate for six months
o Con – The annual fee is $79, slightly high.

* Citibank Gold Card

o Pro – Balance transfer rate is low at 2.9 percent for 12 months.
o Pro – The low rate for the balance transfer lasts for 12 months.
o Con – The purchase interest rate is 20.49 percent
o Con – With an annual fee of $149, it is on the high side.

* St George Vertigo MasterCard

o Pro – Again, a low balance transfer rate of 2.99 percent
o Pro – You have six months of the low balance transfer rate to repay the debt.
o Con – There is an annual fee of $55
o Con – The interest rate on purchases is 11.99 percent

Any credit card 0 balance transfer or low interest card is going to have pros and cons. To make a card work, you must decide which benefits will save you the most money and choose a card accordingly.

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