Most of the credit cards that offer 0% interest on balance transfers for 13-15 months or more have a fee attached to them of about 2-3%.  This really isn’t worth the fee when you consider that you’re only get a maximum of 3 extra months interest free.  This is because you can nearly always get 12 months at 0% interest on your balance transfers from other credit cards, without a fee.

It’s best to go with a 12 month credit card and then if your credit rating is secure enough, you can tart your balance over to yet another 12 months interest free credit card.  This way you can settle your balance without paying any interest (and more importantly no fee) for two years.  Now that has to sound tempting for some people.  How much could you get off your credit card balance in two years if you were not paying any interest at all?  A good lot i’ll bet!

There is one thing that gets to people these days and it has to be credit.  If you haven’t got any credit then you’re ruined and if you’ve got credit then unless you’re a millionare you’re bound to get into a little trouble with it.  The trick is to manage your credit card debit to begin with and prevent yourself from getting too much, but that’s not always easy; and what if you already have a large balance?

Well we’ll talk about what you do to prevent this happening on another occasion, but for now you need to know what to do with the balance you already have.  There is one simple way of reducing the stress and payments, and this is to simply transfer your balance to another credit card.  You’ve heard people talk about it and probably wondered exactly what it’s all about.  It’s as simple as applying for another credit card and letting the new one take on your balance and charge you 0% interest for several months.

The best ones to go for are those that give you interest free for the longest period of time and without a transfer fee.  The logic behind it is that you can then pay some of your credit card debt off before the interest makes it even bigger.

When you have a credit card you work up the balance of course, and if you’re sensible you’ll allow yourself plenty of room to pay off the balance at the end of each month.  But if you don’t manage that of course, you can always transfer the balance.  This is quite literally moving all that owe one credit card over to another credit card, and it’s as simple as that really.

What happens is that the interest you have been paying on your initial credit card stops being paid because you no longer owe them any money.  Essentially your new credit card pays your bill for you (buys your debt).  You will have chosen a credit card that offers you 0% interest on balance transfers hopefully, and this means exactly what it says, you pay nothing on what you owe.  However, this is usually only for a certain amount of time, and after this time has elapsed you will be liable to begin paying interest again, just the same as you did when you first got a credit card.

This is why you must always go for a 0% balance transfer credit card that doesn’t have a higher standard interest than the card you’re transferring you balance from.  Be careful!