Credit Card Balance Transfers
About Balance Transfers
Many credit card providers offer a reduced rate of interest on balance transfers. If you want to reduce the cost of debt, it is possible to move your balance from one credit card company to another with a better rate.
What to look out for
Different credit card companies offer different schemes and promotions. When making an application for a credit card, look at the conditions placed on balance transfers. Some offer 0% interest on balance transfers for 6 months whilst others offer discounted rates on the life on the balance transfer (ie. until you pay off the amount you transferred).
As and when the offer expires or your balance transfer is paid off, you should be aware of the typical APR on the credit card. When applying for a credit card, make sure that you know when the special offer comes to an end and that you understand the normal terms and charges that will apply afterwards.
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