Balance Transfer Credit Card Strategies

To get the most out of balance transfer credit card strategies here is something you might want to put into practice today. 

When credit card companies issue cards 0 April, and you balance that balance (which were previously cost you money in interest) is now interest free (for a while). But all the repayments you make to your new card only serve to pay off 0 April portion of the debt. If you actually use the new card for purchases or to get cash, which will attract interest and the portion is not paid by your monthly installments. This is a sneaky way for banks to make more money by just letting you reduce debt 0 interest, not the 15% interest debt or whatever it is - you find it in fine print. 

There are two ways to avoid this problem. The first is not to make any purchase goods or withdraw cash at all with the card when you've made the balance transfer. You must treat this card solely as a map for the handling of your uploaded balance - you literally do not use it for something else. This can be difficult even because it means you can not actually use the card when you want and you have been accustomed to! 

An alternative approach would be to use two cards. One would be the card with 0 transfer rate in April and the second would be another card with a 0 APR or low APR, or even a rewards program. It would work like this: 

1st First select your zero-percent card and make sure that there are no hidden charges or annual fees on your interest-free credit cards. 

2nd Transfer your old balance to this new card and try to pay as much of this balance off per month, as you can. Remember that balance is now attracting some interest for the number of months as stated by the author of this special card - but it is not yet borne fruit! If you can not pay the entire balance, you can always balance again to another card when the time comes (in late April period 0), remember to transfer your balance as the time approaches. 

3rd Find another credit card that you can use in the normal way of shopping, etc. You can even have a card with a cashback rewards system of some sort. You certainly want a card with a low rate in April or even a 0 April rate on purchases and cash. 

By doing this, you have established a good debt management program for yourself. You have taken a large sum of money, moved it to a 0 short in April, and set up a repayment plan. You also have another card, which means you will be able to continue as normal. Do remember though that you need to stick to the repayment plan you have decided is best for you.