Balance Transfers Credit Cards: How To Maximize Your Savings
Using balance transfers credit cards, you can move funds from one of your accounts to another. The advantage of doing this is simple, especially when you qualify for credit lines that offer low interest or even 0 APR to you. There are several ways that you can save money by using a balance transfers credit card. Many people are qualified for these lines of credit. If you qualify, use them wisely to save money.
What Are Balance Transfers?
A balance transfer allows you to move money from one credit card to another. In essence, you will pay off the balance, or portion of the balance, from one credit card with the other. Balance transfer credit cards are cards that allow you to do this. Most often, they are done through electronic payments or sometimes with checks that are sent to cardholders. In some situations, when you apply for the balance transfers credit card, you can transfer the balance immediately at that time.
Why Bother With Balance Transfers?
One of the best reasons to use balance transfers credit cards is to save money by moving money from a high interest rate credit card to one with a lower rate. A lower rate, even just by a few percentage points, can save you a great deal of money, if the card balance is significant. For example, if you have one line of credit with a $5000 balance at 20 percent interest and move it to a balance transfer credit card with a 15 percent interest, you will save $250 on an annualized basis on that balance.
0 Percent APR Balance Transfers
Sometimes, the best way to use balance transfers credit cards is through an introductory offer. Some lenders offer 0 percent APR balance transfers for a limited time for new cardholders. This period may be for three to six months (sometimes as long as 15 months for the most credit-worthy applicants) where no interest is applied to any card balance that is transferred during the initial application process.
To use this type of balance transfers credit card wisely, first you will obviously want to transfer any high interest rate credit card balances to the 0 APR credit line. But here is the key to making this type of offer really pay off: make sure that you payoff the outstanding balance within the introductory period. That way, you do not have to pay ANY interest or finance charges for that period of time. The savings can be substantial. Be advised, however, that you have to make sure that you pay off the balance before the introductory period expires. Any balance that is not paid off prior to the introductory period ending will start incurring finance charges at the regular rate, which can typically be exorbitant at 17 or 18% and much higher.
Monitor Fees
With balance transfers credit cards, it is important to consider any fees that might be associated with the use of the card. Most credit cards offer balance transfers these days, but some of them do charge a considerable fee for doing so. If you decide to use a balance transfer credit card for an introductory period, be sure that there is no balance transfer fee, and that the introductory discount applies to balance transfers.
When you use them wisely balance transfers credit cards provide optimum benefits to cardholders. You can save a considerable amount of money with introductory offers through balance transfer credit card offers, which means that you could be saving a substantial amount right now.
Robert Alan is an editor for http://www.CreditCardAssist.com and frequently contributing writer on various credit card-related topics. Find more free information, tips and advice from Robert on credit cards balance transfers at http://www.creditcardassist.com/balancetransfer/creditcards.html
Related Articles:
Western Union
Western Union (NYSE: WU) is a financial services and communications company based in the United States. Its North American headquarters are in Englewood, Colorado, and its international marketing and commercial services headquarters are in Montvale, New Jersey. Until it discontinued the service, this company was the best known US company in the business of exchanging telegrams.
Western Union has a number of divisions, with products such as person-to-person money transfer, money orders, and commercial services. As of June 9, 2006, the company has 270,000 Western Union agent locations in over 200 countries and territories. Reported revenues top $3 billion annually.
Western Union scraps telegram service
STOP: After 155 years in the telegraph business, Western Union has cabled its final dispatch.
The service that in the mid-1800s displaced pony-borne messengers has itself been supplanted over the last half-century by cheap long- distance telephone service, faxes and e-mail. In a final bit of irony, Western Union informed customers last week in a message on its Web site.
"Effective January 27, 2006, Western Union will discontinue all Telegram and Commercial Messaging services," said the notice. "We regret any inconvenience this may cause you, and we thank you for your loyal patronage."
The terse notice, confirmed Wednesday by Victor Chayet, a spokesman for the Greenwood Village, Colo., unit of First Data Corp., was in keeping with t ...
Western Union- transfer funds online to anyone almost anywhere in the world.
Transfer funds online to anyone almost anywhere in the world. Money Gram Online Need To Send Money Now? Send Money Fast & Easy Online!
ACCION USA Competing for $50,000 Western Union Foundation Grant
Financial Support Crucial as Economic Crisis Challenges Entrepreneurs
Find Out How Money Transfer Services Work
The term money transfer service refers to the ability to transfer money from one person (or institution) to another.
Choose Between a Few Comparable Options Before You Make a Money Transfer to India
Making a money transfer to India is a common necessity, which is why it is important to know the many methods available. If you need to send money back home to family, you will be glad to know that many companies and banks alike offer free or inexpensive options. Consider the methods available before choosing one, comparing requirements, fees, and speed of transfer.
Money Transfers With a Prepaid Debit Card
What was once a time-consuming and expensive process has now become effortless and routine for many immigrants who send money home to their loved ones in other countries. Instead of leaving home, going to a money transfer agent or obtaining a money order, standing in line, and paying expensive fees, people can transfer money to their friends and family quickly and inexpensively.
Outlook good for UK second home seekers in Spain
Post Office Overseas Property Money Transfer provides competitive exchange rates for mortgages
Millions dream of buying a second home abroad
The Post Office Overseas Property Money Transfer service helps take the stress out of sending money abroad
Scotiabank Perú and N-Via Sign Agreement to Offer Mobile Money Transfers in Perú
Business cable: Scotiabank Perú and N-Via USA Inc., a company specializing in financial services and money transfer, including prepaid debit cards, bill payment, mobile payments and mobile to mobile transfers, announced today an agreement to provide mobile payment services, with cash out options through Scotiabank Peru more than 400 service outlets in 27 cities across Peru.
The agreement between N-Via and Scotiabank will enable both companies to enhance their complementary services.
Make a Money Transfer to Canada Using One of Three Methods
Whether you are originally from Canada and have relatives still in the country or just have friends vacationing there, you could have occasion to make a money transfer to Canada at some point. If you have never done so, researching all your options is a good idea. Choose the method that is least expensive and easiest for both you and your recipient. Just remember that the exchange rate from U.S. dollars to Canadian dollars is 1.15, so when you send a dollar, your relative will actually receive $1.15, which is convenient for them.
Sending Money Transfers With No Fees
Present day technology has presented us with various methods to transfer money in any part of the world. Speedy remittance is one of the features of these methods of money transfer. Using online money transfer methods you can transfer money at your convenience regardless of your schedules. You can send your money by online money orders, which is one of the most popular ways to remit money to different parts of the world. Money order online could be expensive if you are using it to transfer small amount of money. You should consider various factors such as the exchange rate, bank account availability, destination etc. before you opt for money order online. Whether you wire your money to Peru, Vietnam or any other country o ...
Send Western Union Money Worldwide - Anytime!
For those who are really bankrupt and in urgent need of some emergency funds, getting funds through Western Union is one of the best things that one can do today. A quick way to get cash especially for times when you are most in need, a western union money transfer can really be a lifesaver in a number of cases. This is a fact, as I had to use it before. The first time that I got a Western Union money wire was several years ago. Six years ago to be precise. I was far-off, on vacation in England. I was staying there for 2 months and backpacking across the country.
ATMCASH.com Launches New Online and Over the Phone Money Transfer Service
ATMCASH.com lets customers simply and safely send money 24 hours a day, 7 days week to more than 150 countries worldwide using a re-loadable prepaid card.
Wire Transfers: The Easiest Way To Send Money
In the past, if you wanted to send money electronically through a wire transfer you only had a few options available to you. You could go to your local bank to conduct the transfer, or you could use the services of a company such as Western Union.