Nobody dreams of the day when they can use a balance transfer credit card. Here’s why: if you find yourself considering this, it means that you have a balance on more than one credit card. And there’s a good chance that it also means you’re searching for a better way to manage it.
However, should you find yourself in need of a balance transfer credit card, there’s no point in avoiding it. It could be the perfect solution to the trouble you’re facing.
Here are some of the many ways you can benefit from a balance transfer credit card:
1. All Your Credit Card Debt Under One Roof
Are you tired of paying multiple credit card bills every month? Is this making it difficult for you to manage your balances in an efficient manner?
With a balance transfer credit card, you can bring all your credit card debt under one roof. In other words, you’ll only have one payment to make each month. This saves you time, increases efficiency, and gives you peace of mind. Not to mention the fact that it can help prevent a missed payment.
2. Introductory Zero Percent Interest Rate
Perhaps the biggest benefit of a balance transfer credit card is the zero percent introductory interest rate.
You won’t pay any interest on a carried balance for the term of the introductory offer. This is generally in the 12 to 18 month range.
With no interest accumulating during this time, you can make more progress on paying down your balance. You may even be able to eliminate it entirely.
3. Save Money With One Credit Card Payment
When you have multiple credit cards, you also have multiple credit card payments. And that means you’re also paying interest on every card.
With a balance transfer credit card, you eliminate this problem once and for all. You’re left with one credit card, so you’re only paying interest on that balance.
Also, if any of your credit cards have an annual fee, you can ditch this forever. That can save you anywhere from $100 and up every year.
Final Thoughts
These are just a few of the many ways you can benefit from a balance transfer credit card. If you think this is the right fit for you and your debt, compare several offers to ensure yourself of choosing the right one.
Do you have any experience using a balance transfer credit card? Were you happy with your decision? Is there anything you wish you would have done differently?
