Balance transfer

A balance transfer means transfer balances from your credit card is another credit card. This is usually used by most people because of very low interest.

Certain things to consider for a balance transfer with 0% rate:

- the interest rate
- fees, terms, and conditions
- fine print
- understand all
- check the introductory rate will end

Apply a balance transfer can save you money. Move all your card balances to the new credit card bearing low rate of interest. Some credit cards offer cash back, points or rewards when you make purchases using your new credit card.

You can make a balance transfer with your bank cards, personal loans, gasoline cards, charge cards, and department store cards.

Also close your old credit card. Once you sign up for a balance transfer, continue paying your debt while the balance is still pending. Call your old credit card issuer once the balance transfer is confirmed, and make sure that you get a 0 balance from your old company. And close your account.

Don't just make minimum payments. Pay more money each month until your balance reaches zero. Make extra payments, and remember to never be late in making any payments. Use your card intelligently.

Be aware of the fees being charged for late payments, cash advance fees, flat fees, and fees for balance transfer, and fees charged if you exceed the credit limit.

Keep track to minimize your debt. If you constantly make unnecessary purchases, your debt is sure to grow rapidly. Be responsible in any action that you undertake, and think of its consequences.