Balance transfer credit cards allow you to switch your credit card balance from your existing credit card to a new one with a lower rate of interest. The balance transfer credit card is the most popular type of credit card offer around.
This is because the average APR on credit cards is around 16%. Most balance transfer credit cards offer a special rate of interest on the credit card balance you transfer for a limited period of time.
The very best balance transfer credit cards charge 0% interest for as much as 16 months. Some very rare balance transfer credit cards allow you to pay 0% interest for the life of your balance transfer. In other words, you won’t pay a penny in interest on your transferred balance for the length of the special offer period.
These lower credit card interest costs are what make balance transfer credit cards so attractive if you have existing credit card balances on one or more credit cards. Most balance transfer credit card offers allow you to transfer over more than one credit card balance to your new card which means that you can close old credit cards and simply deal with one credit card payment a month.
Carrying out a balance transfer is very simple. Simply apply for one of our balance transfer credit cards and you will normally be asked how much you wish to transfer during the course of your application. If you are not then you will be able to organise the transfer after your balance transfer credit card application has been successful. Then simply enjoy paying no interest on your credit card while you pay off the balance.
NB: Don’t forget to close your old credit card account once your new balance transfer credit card is active.
