Balance Transfer Credit Cards

Balance Transfer Credit Cards

How well are you utilizing the debt to save yourself money? Though literacy rates have increased dramatically over the years with the advancements in education, financial literacy is one of the lowest areas of expertise because the information is so rarely taught in schools. There are several ways for ordinary people to get ahead and save money with credit cards, and one way is to get a balance transfer credit card.

Balance transfer cards allow cards users such as yourself to move debt on a card with a higher interest rate to another credit card that has a lower rate. This type of finance is just that simple.

When applying for credit cards, you are aware that there are certain perks to having a particular card to make purchases, whether it be for the cashback rewards or the travel points, or even to build your credit, having cards can save you a great deal of money if used properly. In some cases, people can save hundreds if not even save thousands of dollars in interest payments that can be used to take a vacation or put away for a rainy day.
The caveat to this is that if you do not know the little tips and tricks to manage debt, the cards could cause more harm than good. At the end of the day, if you earn $100 in cashback points yet have a large balance on the account and owe $200 in interest payments, you actually ended up losing or owing $100 in interest payments on your credit card and we always want to be in profit at the end of the year in our cards. Besides that significant fact, by saving money on interest, we can pay off our debt significantly faster than if we are always playing ketchup on our bills.

Here are a few cards I would recommend.
The first card is the Discover it Balance Transfer card from Discover. This fantastic card has a $0 annual fee and offers a 0% interest on purchases within the first 6 months and a 0% interest rate on the Transfers for the first year and a half or 18 months. This card is highly recommended for those with proper credit. Always remember too that you should do your research on the cards that would best fit your situation. Do not go out and apply to many credit cards at one time and guess because this will cause your credit score to drop due to a large number of inquiries and this credit score will affect your interest rate.

Another great card to use would be the U.S. Bank Visa Platinum Card. This card also has a $0 annual fee and in the initial APR, 0% on both purchases and transfers for the first 20 billing cycles. This card is also recommended for those with proper credit.

Take the next few days to examine your finance and ask yourself if getting a transfer card is right for you and your situation. For help seek a financial advisor as well and always research and learn as much as you can about your finances.