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So, you have a credit card with a balance, and you find that you are paying a good bit of interest every month. What are your options? Well, you can take the easy do-nothing approach and keep the balance with that card and continue paying that interest rate. That is the easiest option.

You can look around and see what kind of balance transfer card offers exist and see about applying for a new credit card and transferring your balance to a card with a lower interest rate. You can find deals for 0% APR balance transfer for up to 21 months, or you can find something like 4.99% for a longer period of time (compare offers and apply online- must have good credit). Which option is better for you depends on your own personal situation and preference.

Whatever circumstances you currently are facing or may be facing down the road, here at BestPrepaidDebitCards.com, we would like to help. Take a look at our balance transfer card information below to see if one of the cards listed can help you in your interest savings goals.

If you have Good or Excellent credit and would like to view some ad additional cards, please click on the link above or below. If you are looking to build your credit, take a look at our Best Secured Credit Building Cards page.

Consumer Tips on How to Save Money with a 0% Balance Transfer

How do you choose the right balance transfer card? If you want to really hammer down on your credit card balance in the short term and save your hard-earned money from interest payments, you may want to look at the 0% APR balance transfer options. If you have a longer term horizon and want to keep your interest rate fixed at a low rate, you may find a card with 4.99% for 48 months may be more to your liking.

Each person shopping for a card has their own unique wants and needs in a credit card. We hope to help point you in the right direction and help you find the best credit card to transfer your current balance(s) over and begin paying them down while reducing your interest payment.

General Tips on What to Look For in Your Next Credit Card:

Here are some other items to look for that may be important in your selection of a credit card that best fits your needs (whether a balance transfer offer or not).

Annual Fee:

 Does the card have an annual fee? If so, is it held back for a while, or is it refunded if a certain spending threshold has been met? Or, it’s even better if there is “No Annual Fee” (but still has the other features and rewards you are looking for, of course.)

Most cards do not carry an annual fee. Typically, cards with certain rewards such as airline miles or special concierge features may carry an annual fee. Look for some great reward cards, if you are in the market for an airline miles card or another type of reward card

Interest Rate:

What is the annual APR of the card? The lower the better if you carry a balance. Usually, the higher your credit score, the better APR you may qualify for. This can help substantially if you are carrying balances on credit cards and in large loans such as mortgages.

Rewards:

There are cards for all of those different savings or rewards plans. There are some great travel cards out there that will help you save on planned vacations. The cash back cards can offer you a return over time that can really pay off the more you use your card. Watch out for special deals in areas that you can get bonus % cash back for certain spending categories such as cash, groceries and restaurants.

What types of penalties and fees are there on the card?

This could be something to look into. Although not much fun, it never hurts to look at the fine print. We do try to take some of that off your plate via our editorial reviews and star ratings. If you want to look at the detailed fees and features, check out the card’s “Terms & Conditions” page; it will typically show the most current data on fees, interest rates and penalties.

Each person shopping for a card has their own unique wants and needs in a credit card. We hope to help point you in the right direction and help you find the best credit card for your needs. Whether it is a balance transfer card or a rewards card or another type of card, we would like to be a part of your research process through this site

How do you define a credit card balance transfer?

Most everyone in today’s world carries some sort of credit card debt.  And with all of this debt piling up, the credit card companies have figured out a way to “win your debt over to them”.  What we mean by this is credit card companies will offer you 0% Interest APR for so many months in order to Transfer your Debt Balance over to their card.  In other words, a credit card balance transfer is the transfer of outstanding debt on a credit card account to an account held by another credit card company.

Example of how it can be smart to transfer a card balance 

Lets say you currently have $10,000 in debt on a credit card.  And your current interest rate is 18% APR.  If you paid the minimum monthly payment of $50 for 18 months your total interest charges would be close to $3,000.  Now paying this additional interest would not be something I would be happy about.  Luckily there is something smart you can do about it.

So you see a commercial or an advertisement of 0% APR Balance Transfer for 18 Months (Promotional Period).  Now is your opportunity to stop getting charged interest on the $10,000 in debt you currently have.  Go to the company or their website and open an account for the 0% APR Balance Transfer Card they advertised about.  There you will be able to open the account and transfer your outstanding balance of $10,000 to the new card with 0% APR for 18 Months.

At this point you have transferred $10,000 worth of debt that you could have been paying close to $3,000 of interest on over the next 18 months to a new card with 0% Interest APR.  This saves you from paying the roughly $3,000 in interest on your old card that you could have been paying if you would have left your debt where it was. 

But instead for the next 18 months you get to pay off the $10,000 in debt without accruing interest.  Although most of these types of Balance Transfer Offers come with Transfer Fees.  So be cognizant of what you are signing yourself up for.

Summary: Is it Smart to Do a Balance Transfer?

With the amount of debt piling up today, balance transfer credit cards can be a good way to relieve you from interest payments temporarily.  With the proper money management skills and being diligent about paying off debt we find most balance transfer to be a smart way to manage your debt.

Just remember balance transfers can be good if you properly manage your debt.  We recommend comparing offers online before you apply. These offers can help you pay your debt down gradually or pay your debt off completely.  However, do NOT use these to acquire more debt that you will not be able to pay off!

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Consumer Comments about Whether it’s Smart to Transfer a Balance:

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