Balance Transfers Using 0 Interest Credit Cards

Did you know that even in this crazy credit market, you can still borrow money interest free?

Many credit card companies are still offering offer 0 interest credit cards; and, receiving this type of loan easier if you have a good credit score. But, with the recent FICO 08 changes, even those with minor credit blemishes still may qualify.

So what steps do you need to take to receive this interest free loan?

How to Obtain a 0 Credit Card

If you already have a low interest credit card, the bank may send you additional balance transfer offers in the mail. Compare credit cards issued by your bank to others online. There are several sites that offer credit card help comparing interest free credit card offers.

Your bank may not provide the best credit card deals for you.

If you currently have a credit card with a certain bank, look for 0 APR balance transfer checks or other 0 balance transfer offers. If you do not have a credit card with a specific bank, you might still receive a balance transfer offer as an incentive to get you to open an account. If you receive one of these offers, be careful to apply for a credit card that offers the longest balance transfer period and the lowest balance transfer fees.

Note, that you may not receive offers like these in the mail if you have opted out on marketing materials. But, you can still search for an offer by visiting your bank’s website or by calling customer service. You can find attractive offers online.

How to Initiate a Balance Transfer

Once you have found the best credit card deals, you need to initiate the credit card balance transfer.

If you received an offer in the mail for a new credit card, fill out the provided form. You will need to provide the account number of the credit card you wish to pay off. Mail the form back to the bank in the provided envelope. Some banks provide an online form you may fill out instead.

If you receive a 0 APR balance transfer offer from a current credit card, checks will be attached. Use these checks to pay your other credit cards or merchandise.

How to Consolidate Credit Card Debt

When you find interest free credit cards, use them as an opportunity to consolidate credit card debt and pay down (or off) a higher interest credit card.

If you do not have excessive balances, you may be able to pay off all your credit card debt using this one 0 interest credit card. But, even if you’re only able to pay off part of your credit card debt, you will save money on interest and probably lower your monthly payments. The savings can add up quickly.

Additional Considerations For Interest Free Credit Cards

Consolidating your credit card debt can save you money and can reduce your monthly payment, but be sure to read the balance transfer terms and conditions very carefully.

All offers expire; some sooner than others.

If your offer is good for 12 months, you may want to consider paying it off within the 12 months unless you can transfer the outstanding balance to other low interest credit cards at the expiration of the balance transfer period.

Once the offer expires, the credit card company will charge you the regular interest rate. Sometimes this interest may be more than the credit cards you transferred it from.

Plan ahead to avoid financial problems in the future.

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Filed Under 0 APR Credit Cards, 0 credit cards, 0% interest credit cards, Credit Card Debt Consolidation, Credit Score, Debt Consolidation, FICO 08 | Leave a Comment

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