0 Balance Transfer Credit Cards

Balance transfers can be a nicety on your credit card, if you know how to play the game. We will look at what a 0 balance transfer credit card is, who it is for, how it works, and features of the card in order to help you decide if it is something you wish to have. Should you decide that you are not looking for a balance transfer credit card after all you may wish to check out other sections of our site for 0 APR credit cards and other credit card offers that might suit you better.

What is the 0 Balance Transfer?

The 0 balance transfer means you have 0 per cent APR for a specific period of time. This time period can be 3 to 16 months. It will depend on the credit card provider. The typical time span is 12 months. During this period you will not be charged any interest; however, you are often charged between 1 and 3 per cent for the balance transfer. It is a standard fee that all cards charge. Certain cards may waive this fee in order to get you to choose their credit card over another.

How it works:

As mentioned you will be charged no interest with 0 balance transfer credit cards for a specific period of time, as long as you pay the card on time, with at least the minimum payment. If you make a late payment or miss a payment your deal will end and you will be charged an Annual Percentage Rate. This APR may be the awarded rate or it may be increased due to the default. Remember there will be a fee charged for the transfer, unless specifically stated that it is waived.

Who Are Balance Transfer Offers Designed for?

O balance transfer credit cards are meant for anyone who has a balance on one card and wishes to obtain an introductory deal. Keep in mind, with zero balance transfer credit cards they will only work if you can transfer the entire balance of one card onto the new card. If you are trying to consolidate two or three credit cards it may not work if you cannot get enough of a balance. Most credit card providers begin with a lower credit limit and then allow an increase after the first six months. However, you have to transfer the balance within the first 60 days with most balance transfer deals in order to get 0 per cent interest on the transfer.

Balance Transfer Features:

In addition to the 0 per cent for balance transfers, many of these cards have 0 % APR for a specific period of time for purchases. The purchase rate deal may be less than the balance transfer deal, which means you begin paying finance charges on the purchase amount before you pay interest on the balance transfer.

These cards can be rewards cards too. You may get special discounts, flight miles, football points, or other rewards with purchases depending on the 0 balance transfer credit card you choose.

When you apply for the credit card check the qualifications listed by the credit card provider. You should only apply for the one credit card you qualify for and have the best chance of winning.