When you use an interest only card to pay off your balance every month, you have nothing left to show for it, does it? So yes, it is better to pay only the minimum required payment. But do you really have to pay this amount every month if you have a zero APR balance transfer offer? It may seem like you are only paying interest for the part of the balance you owe. But you can actually save a lot of money by transferring your credit card balances to an interest free introductory offer card.
Credit cards with 0 APR offer a 0% interest rate on purchases for up to twelve months. This sounds good, right? You will still be paying interest, but it will not be at an astronomical rate. And even if you find yourself in the position where you just cannot pay off your balance, you can still benefit from transferring your credit card balances to an 0 APR card, allowing you to pay it down more quickly and in full.
How do you find yourself in a situation where you cannot pay off your credit card balance? Have you maxed out your credit cards or used your credit cards to take advantage of special offers? Perhaps you have fallen ill and missed a few payments already. Whatever the reason, you do not have to stay in this situation. You can transfer your credit card balances to an 0 APR offer card and reduce your current interest expense while you work to restore your credit score.
The 0 APR offer on many cards is only for a limited time. They are only offered during the promotional period, so it is in your best interest to start making payments now to minimize the amount of time you are out of debt. After all, you will still owe interest on that balance even after your introductory period is over. Why pay the interest on the credit card at all when you can pay it off once the 0 APR term has expired? If you are falling behind on your monthly payments already, consider what your options are if you cannot continue making your minimum payments.
0 APR balance transfers are easy to find online. There are even websites that will provide you with a detailed explanation of how this works and what you need to do to qualify. These offers can help you get back on your financial track while also saving you money in the long run.
One option is to transfer your high interest balances to a lower interest card that has a 0% interest rate. If you can find one that offers a 0% interest rate on purchases and balance transfers, it is well worth it. Even just a few percent can save you a lot of money over the course of the year. If you don't have to make any payments at all, you don't have to worry about making payments every month. The best part is that these 0 APR balance transfers will remain available to you until the full interest charge is eliminated. This means you will never pay any interest on them again!
Another option is to transfer your balance from high-rate credit cards that carry a large balance to low-rate cards that carry a smaller balance. When you make an offer to transfer your balances, be sure to include any applicable fees that could increase your costs significantly. Also be sure to find out if there are any annual fees associated with transferring your balances. If you want to avoid fees, you should transfer your balances to zero rate credit cards. You can use these to re-establish your credit rating and rebuild your credit history. A 0 APR card may be exactly what you need to get your financial life back on track and regain control of your finances.
Credit card offers can help you get the money you need for many reasons. If you are struggling with debt and are finding it difficult to keep up with your monthly bills, an introductory offer on a credit card may be exactly what you need to get your financial life back on track. If you have a large balance on one card and are looking to transfer the balance to a lower interest rate card, an introductory offer on a credit card may be exactly what you need to get you to that point. Make sure you read all of the terms and conditions for any credit card offer that interests you before you agree to the transfer of your balance or purchase any items.